The architecture of the GB200PCB sector has brought about some important updates, and these updates have had a significant impact on the value of the entire PCB industry.
First, the use of PCBs in the GB200 structure is expected to increase significantly. In a rack configuration with 72 GPUs, each rack contains multiple basic components. The computertree structure is the core part. Each tree contains two PCB units, and each unit contains two GPUs and one CPU. Furthermore, NVIDIA SwitchTree acts as an intermediary for information exchange between GPUs, and InfiniBand (IB) switches for network connections, these are all key areas of PCB applications.
In the GB200 architecture, industry experts determine the corresponding PCB specifications and value amounts by analyzing the bandwidth on each board. For example, a PCB carrying a GPU and CPU has a bandwidth of approximately 900GB per second, requiring the use of a high-density interconnect (HDI) process. The bandwidth of the switch PCB is about 57.6TB. It is calculated that one rack contains two IBSwitches.
The main PCB components of a rack include 36 PCB units, each with a bandwidth of 0.9 TB. The price is about 20,000 yuan per square meter, and the value is 72,000 yuan. The unit price of NVLinkSwitch's PCB is about 60,000 yuan per square meter, and the value is over 100,000 yuan. The total value of each two IBSwitches is $18,000.
The promotion of the GB200 architecture will have a positive impact on PCB manufacturers.
As the GB200 architecture enhances the connectivity layer between GPUs, the number of switch ASICs has increased, thereby increasing the value of PCBs. The PCB value corresponding to a single GPU is about 30,000 yuan, which is a 150% increase compared to the HH100 SuperPod.
This means that mainstream PCB manufacturers are worth looking forward to in the future and will benefit from the promotion of the GB200 architecture and the improvement of corresponding product specifications.
The increase in the value of PCBs in the GB200 architecture is mainly affected by the increase in switch ASIC bandwidth.
As the bandwidth increases, the performance requirements for PCBs also increase accordingly, thus driving up the value of PCBs. Furthermore, since the GB200 architecture enhances the connectivity layer between GPUs, the number of switch ASICs has increased, which is an important factor in increasing the value of PCBs.
GB100's PCB suppliers mainly continue to utilize the previous H100 supply chain. The PCB supplier of GB200 is currently not fully determined, but mainstream manufacturers, especially switch suppliers such as Shanghai Electric Power, should have greater opportunities for growth.
PCB sector related concept enterprises:
Jiantao Laminate (01888): Jiantao Laminate issued a price increase letter on March 19, stating that due to the sharp rise in copper prices and due to cost pressure, the company increased the price of all materials by 10 yuan/sheet, and the price increase is expected to be 5%-10%. According to industry sources, the recent rise in copper prices is one of the main reasons why copper-clad plates open this round of price increases. Furthermore, many interviewees revealed that compared to last year's sluggish market, downstream demand for copper clad plates has gradually improved, but it is still difficult to determine when the actual inflection point will arrive. The net profit of Jiantao Laminate in the second half of last year increased 15% to HK$485 million compared to the first half of the year, slightly higher than the SWP guidelines. The company's copper clad plate (CCL) sales recovered in the second half of last year, but the average price of the product continued to fall, which continued to affect gross profit margin. In the end, gross margin remained the same as in the first half of the year. The agency expects that Jiantao laminated boards will gradually recover this year, and any prudent government policy on the replacement of electronic products/equipment may bring room for improvement in predictions.