PCB Equipment Series 10: Emphasizing Investment Opportunities in PCB Consumables and Equipment with the New Rubin CPX Solution

(This article is organized by AI for reference only, please delete if infringing)

1. Overview of NVIDIA’s Rubin CPX New Solution

1. Positioning: A new solution positioned between the original Rubin and Rubin Ultra, officially named Rubin NV144 CPX.

2. Configuration: Each cabinet integrates 36 CPUs + 144 GPUs, with an additional 144 CPX dedicated inference chips.

3. Function Optimization: The inference tasks are divided into context processing and generation phases, handled respectively by the original GPUs and the new CPX chips, significantly improving computational efficiency.

4. Performance Improvement: When processing long context inference tasks, performance is improved by approximately 650% (6.5 times) compared to the GB300 NVLink solution.

2. Structural Changes and PCB Increment

1. New Structures:

• 8 trays added at the bottom, and 8 CPX chips added at the top.

• New orthogonal midboard, used to connect the upper and lower trays, replacing the original copper cables.

• New CPX chip carrier PCB.

Changes in Connection Methods:

• All copper cables inside the trays are eliminated, replaced by PCB connections.

• The number of connection points increases from 252 per tray to 396 per tray.

Heat Dissipation and Power:

• Power density increases from 190kW to 370kW, promoting the application of liquid cooling solutions.

• High density and high power impose higher requirements on heat dissipation, power supply, and connections.

3. Impact on the PCB Supply Chain

1. Increased PCB Usage:

• Each tray adds 2 PCBs (midboard + CPX carrier board).

• The midboard is a high-layer board with over 40 layers, and the CPX carrier board is preliminarily judged to be an HDI board.

Material Upgrades:

• The midboard requires high-speed materials (such as FR-4 materials), promoting PCB material upgrades.

• The exchange tray has confirmed the use of FR-4 materials, while the calculation tray is not yet clear.

Increased Process Difficulty:

• The number of PCB layers evolves from 20-30 layers to 70-100 layers.

• Drilling requires segmented drilling (one hole divided into 3-5 segments), and multilayer boards need to be processed in sections.

4. Impact on Equipment and Consumables

1. Drill Bits (Consumables):

• Increased Usage: Due to the increase in layers and material upgrades (the drilling lifespan of FR-4 materials is <200 holes, only half of that of traditional materials), the required number of drill bits for the same number of boards will doubles.

• Price Elasticity: The proportion of high-end materials increases, driving up the unit price of drill bits.

Equipment Side:

• Mechanical Drilling: Directly benefits from the demand for midboards (high-layer boards).

• Laser Drilling: Potentially benefits from CPX carrier boards (if confirmed as HDI) and orthogonal backplane solutions.

• Ultra-fast Laser Drilling: If the orthogonal backplane is realized, it will become a forward-looking direction.

5. Progress and Catalysis of Orthogonal Backplane

1. Verification Progress:

• The first round of verification has been completed, with suppliers including Dongshan Precision, Shenghong Technology, TTM, etc.

• By late September 2025, the second round of verification will begin, with technical confirmation expected by the end of the month.

Technical Trends:

• The number of PCB layers is developing towards 70-100 layers, significantly increasing the requirements for equipment, materials, and processes.

Impact:

• If the backplane solution is realized, it will promote the development of PCB high-layer, high-density, high-performance, leading to significant increases in equipment and consumables.

6. Investment Directions and Recommended Targets

1. Core Beneficiary Links:

• Drill Bits: Dingtai High-Tech (leader)

• Mechanical Drilling Equipment: Leading manufacturers

• Laser Drilling Equipment: Han’s Laser, Dier Laser

• Exposure Equipment: Chipbond (global leader)

Diffusion Directions to Watch:

• Dongwei Technology, Han’s Laser, Kaige Precision Machinery, Jintuo Co., Tianzhun Technology, etc.

Catalytic Timing:

• Verification results and technical confirmation of the orthogonal backplane in late September 2025.

• Rubin CPX cabinets are expected to ship in the second half of 2026.

7. Conclusion: Investment Logic

1. Volume Increase: Increased PCB usage + doubled drill bit consumption.

2. Price Increase: Material upgrades + process complexity driving up unit prices.

3. Technical Upgrades: Continuous evolution in high-layer boards, HDI, orthogonal backplanes, etc.

4. Target Layout: Prioritize layout in drill bits, drilling equipment, and laser equipment leaders, while also focusing on diffusion targets and periodic rebound opportunities.