Citi Research highlights Elite Material Co. (EMC) as a key beneficiary of Nvidia's Rubin platform and aggressive AI ASIC ramps from AWS, Google (for TPU), and Meta. EMC is expected to supply M9 CCL with Q glass for Nvidia's Rubin midplane in 2026, and M8+ grade CCL for Rubin's switch boards. For AWS Trainium 3, EMC is projected to secure 80% market share with shipments starting in late 2025 and mass production in Q2 2026. EMC anticipates over 50% market share in TPU in 2026-2027 due to capacity expansion and will be the sole supplier for Meta's M8+ projects from Q2 2026. The report also notes a shift to M8/M9 CCL and HVLP4 copper foil, along with price hikes for CCL products due to rising raw material costs, which should improve EMC's gross margin.