Tianfeng Guo Mingchi: Nvidia's next-generation Rubin platform initiates new material testing, PCB upgrade cycle approaching

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The supply chain layout for Nvidia's next-generation AI server platform is accelerating, and the outline of a new round of PCB material upgrade cycle is gradually becoming clear.

According to the latest supply chain survey by TF International Securities analyst Ming-Chi Kuo, Nvidia has begun testing next-generation copper-clad laminate (CCL) material M10 with PCB manufacturers, targeting applications including the orthogonal backplane and switching blade motherboard for the Rubin Ultra and Feynman platforms.

If the tests progress smoothly, M10 CCL and PCBs are expected to enter mass production in the second half of 2027.

This M10 test introduces two CCL suppliers, breaking the single-supplier model of the previous generation M9 material by Elite Material, which may increase the flexibility of Nvidia's CCL supply chain management.

M10 Test Initiated

According to Ming-Chi Kuo’s supply chain investigation, Nvidia and Shudian Holdings have officially started testing of M10 CCL material. Sampling work will begin in the first quarter of 2026, with preliminary test results expected in the second quarter of 2026.

The main target application scenarios for M10 include two categories: first, orthogonal backplanes (midplane) designed to replace existing slot architectures; second, switching blade motherboards for the Rubin Ultra and Feynman platforms.

These two applications are at the core of Nvidia’s next-generation AI server architecture and require significantly improved PCB material performance compared to existing solutions.

Kuo believes that the above testing progress shows that Shudian Holdings has achieved a leading position in the PCB development for the Kyber rack, Rubin Ultra, and Feynman platforms, which will help support the company's future growth momentum.

Changes in Supplier Landscape

There are significant changes in the supplier structure for the M10 test. For the previous generation M9 material test, only Elite Material passed the qualification as a single CCL supplier.

For M10, Nvidia has expanded the testing scope to three suppliers, adding two Chinese manufacturers in addition to Elite Material.

The introduction of supplier diversification means Nvidia’s bargaining power and supply chain resilience in high-end CCL procurement are expected to improve, and it also creates more direct competition among the relevant suppliers.

Regarding the technical evolution of the material itself, Kuo points out that from a manufacturability and commercialization perspective, the quartz fabric used in M10 may be replaced by Low Dk-2 glass fiber. This change may further affect the material cost structure and supplier qualification.

If the M10 test progresses as scheduled, mass production is locked in for the second half of 2027, which will mark the beginning of a new large-scale procurement cycle for AI server PCB materials, and related supply chain manufacturers are expected to see a performance catalyst window.

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