Tianfeng's Guo Mingqi: NVIDIA's next-generation Rubin platform has started new material testing, and the PCB upgrade cycle is approaching
According to Guo Mingqi from Tianfeng International, NVIDIA has initiated testing for the next-generation M10 copper-clad laminate, targeting applications that include the Rubin Ultra and Feynman platform's orthogonal backplane and switch blade motherboard, with mass production expected in the second half of 2027. This M10 testing has expanded to three suppliers, adding two Chinese manufacturers, which is expected to improve supply chain resilience
NVIDIA's new generation AI server platform's supply chain layout 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 Tianfeng International Securities analyst Guo Mingqi, NVIDIA has started testing the next generation of copper-clad laminate (CCL) material M10 with PCB manufacturers, targeting applications including the orthogonal backplane and switch blade motherboard for the Rubin Ultra and Feynman platforms.
If the testing progresses smoothly, M10 CCL and PCB are expected to enter mass production in the second half of 2027.
This M10 testing also introduces two CCL suppliers, breaking the previous generation M9 material's single supply pattern from Taiwan's Elite Material, which may enhance NVIDIA's flexibility in CCL supply chain management.
M10 Testing Initiated
According to Guo Mingqi's supply chain survey, NVIDIA and Huadao Technology Co., Ltd. have officially begun testing M10 CCL materials. Sampling work started in the first quarter of 2026, with preliminary test results expected in the second quarter of 2026.
The target application scenarios for M10 mainly include two types: one is the orthogonal backplane (mid-plane) designed to replace the existing slot-based architecture, and the other is the switch blade motherboard for the Rubin Ultra and Feynman platforms.
Both application types are at the core of NVIDIA's next generation AI server architecture, with significantly higher performance requirements for PCB materials compared to existing solutions.
Guo Mingqi believes that the progress of the above tests indicates that Huadao Technology Co., Ltd. has achieved a leading position in the PCB development for the Kyber rack and Rubin Ultra, Feynman platforms, which will help support the company's future growth momentum.
Changes in Supplier Landscape
The M10 testing has seen significant changes in the supplier structure. In the previous generation M9 material testing, only Taiwan's Elite Material passed the qualification certification.
In the M10 phase, NVIDIA has expanded the testing scope to three suppliers, adding two Chinese manufacturers in addition to Elite Material.
The introduction of supplier diversification means that NVIDIA's bargaining power and supply chain resilience in high-end CCL procurement are expected to improve, while also creating a more direct competitive situation among related suppliers.
In terms of the technological evolution of the materials themselves, Guo Mingqi pointed out that from the perspective of manufacturability and commercialization, the quartz fabric used in M10 may be replaced by Low Dk-2 glass fiber, which could further impact the material cost structure and supplier qualifications.
If the M10 testing proceeds as scheduled, the mass production timeline is set for the second half of 2027, which will initiate a new round of large-scale procurement cycles for AI server PCB materials, and related supply chain manufacturers are expected to welcome a performance catalyst window.
