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Goldman Sachs confirms industry transition to M9 copper clad laminate specifications
Saturday, February 14, 2026 at 07:34 AM
Goldman Sachs reports that the industry trend toward M9 grade copper clad laminate (CCL) specifications remains steady, driven by the technical requirements of advanced semiconductor packaging and high-speed PCB manufacturing.
Context
Goldman Sachs has initiated a "supercycle" call for the PCB and CCL sectors, predicting the global AI server market for these components will grow by 113% and 142% respectively in 2026. This explosive growth is driven by the transition from traditional copper cables to high-layer count printed circuit boards in next-generation architectures like NVIDIA’s VR200/300 racks. Analysts have aggressively raised the 2027 total addressable market projections to $26.6 billion for AI PCBs and $18.3 billion for CCLs, citing higher material grades and a sharp increase in value per unit.
Supply chain allocation is tightening as technical barriers rise; Goldman Sachs expects yield rates to drop to 65% in 2026, favoring established leaders. In the AWS supply chain, Elite Material (EMC) and Tripod Technology (TUC) are projected to dominate CCL allocation with 70% and 30% shares respectively, while Gold Circuit Electronics (GCE) is positioned for a 70% PCB share. Other top picks include Shenghong Technology, Wus Printed Circuit, and Nan Ya PCB, which are set to benefit from surging demand for 800G and 1.6T high-speed connections.
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