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Google’s demand for TPU power supplies has surged, emphasizing core targets: 【Zhongfu Circuit】 & 【New Ray Energy】!# Google TPU power supply adopts a multi-level power conversion: TPU uses a “primary power supply → secondary power supply → tertiary power supply” three-level architecture, with single-chip power consumption increasing from 75W in v1 to 400-1000W in v7. The power demand for AI servers has grown from 3-5.5kW to 8-12kW single-phase and 22kW three-phase, requiring tertiary power module efficiency to exceed 98.5%.# The value of Google TPU secondary + tertiary power supplies: each TPU requires 20-40 tertiary power modules converting 12V to 1V, with the value of secondary + tertiary power supplies per card approaching 1000+ yuan. Google’s shipment volume of 5 million units in 2026 corresponds to a value of over 5 billion yuan.Core targets:# 【New Ray Energy】: Successfully entered the Google TPU (V7) power supply chain, with a unit price 20% lower than Taiwanese competitors, providing significant cost advantages. They supply secondary and tertiary power modules for Google TPU and are one of the few domestic power suppliers certified by Google. The power modules developed in collaboration with ADI have entered the mass production phase for Google TPU servers, with overall intended orders exceeding 500 million USD, expected to contribute considerable revenue in 2025-2026.# 【Zhongfu Circuit】: Collaborating with New Ray Energy to confirm entry into the Google tertiary and secondary power PCB supply chain. Zhongfu Circuit supplies PCBs, ADI supplies chips, and Placo New Materials supplies inductors, while New Ray Energy provides module assembly.Analysis of Google PCB supply chain and technical requirements (2025-2026)From Wei Zhuo Ming Cheng’s Snowball column1. Core products and PCB demandTPU chip hardware solutionsV7/V8 hardware architecture:Single card mode: Each PCB integrates 8 CPUs without acceleration cards, directly carrying TPU chips.Cluster mode: A single board integrates 4 GPU/TPU modules connected via optical modules, with a complete cluster consisting of 64 boards.Optical module configuration: The V7 solution configures 18 optical modules per PCB, supporting a transmission rate of 224Gbps (lower than NVIDIA’s solution).Chip iteration and shipment volumeIronwood TPU: The seventh-generation TPU chip, with performance improved by 4-10 times compared to previous generations, is expected to enter mass production in Q4 2025, with an estimated shipment volume of 3.5 million units in 2026 (including transitional model V6P).PCB demand: Based on one PCB per chip, demand will exceed 1 million pieces in 2026, with the V7 series accounting for about 90%. 2. PCB technical specifications and supply chainKey materials and processesCopper-clad laminate (CCL): Currently using M8 grade (supplied by Panasonic), with plans to upgrade to M9 (better high-frequency and high-speed characteristics) by 2026.PCB layers: The main version of V7 is a 36-layer board (16+2+18 design), while the V7P version is a 44-layer board (16+2+26 design), with unit prices of 15,000 and 25,000 yuan respectively.HDI technology: Not widely adopted in V7, but V8 may introduce it to enhance density, with a target transmission rate of 300Gbps.Core suppliersOverseas manufacturers: Taiwan’s Jinxiang Electric (HDI leader), TTM (high-layer boards), South Korea’s ISU (optical module support).Mainland manufacturers:Huadian Co.: Core supplier of TPU PCBs, holding 30% of Google’s share, leading the production of 30-40 layer boards.Shennan Circuit: Supplies V7 44-layer boards, having passed Google’s tests and possessing mass production capabilities.Shenghong Technology: Main supplier for V6/V7, undertaking a large share of V7P orders, with a potential revenue increase of about 1.6 billion yuan in 2026. 3. Market trends and growth driversDemand explosion pointAI computing power demand: Google plans to build a 9,216 chip cluster by 2026, with PCB usage exceeding 2 million pieces per cluster, driving a surge in demand for high-end boards.Supply chain shift: Google is evaluating mainland manufacturers like Shenghong Technology in 2025, planning to increase the localization ratio of its supply chain from 5% to 20% (target for 2026).Technical upgrade challengesThermal bottlenecks: PCBs with more than 40 layers need optimized thermal design, with domestic manufacturers Huadian and Shennan already laying out liquid cooling solutions.Material localization: M9 copper-clad laminates rely on imports, with Shengyi Technology and Huazheng New Materials accelerating the development of alternatives.Google’s new generation TPU (sun fish/zebra fish) has confirmed the upgrade from M8 material (EM892K2) to M9 material (EM896K2), with resin value increasing by 2-3 times. Its new generation CCL’s main supplier has shifted from Panasonic to Taiguang.# Dongcai Technology is the core supplier of Taiguang’s high-speed hydrocarbon + PPO resin, benefiting significantly from this material upgrade by Google, expected to bring revenue increments of 300-500 million and 1 billion in high-speed resin in 2026/2027 respectively.
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