In 2025, the AI server market is experiencing rapid growth, and behind this technological feast, a key “unsung hero” is emerging—the AI server PCB (Printed Circuit Board). As the “nerve center” connecting core components like GPUs and CPUs, the technical level of PCBs directly determines the performance ceiling of computing systems. Recently, we engaged in in-depth discussions with industry experts to reveal the latest landscape and competitive details of the Chinese AI server PCB market.
AI Servers: The “Dual Challenge” of High-Multilayer Boards and HDI
In AI servers, the value and technical barriers of PCBs have reached unprecedented heights. Experts point out that this is mainly due to two core technologies: high-multilayer boards and HDI (High-Density Interconnect boards).
High-Multilayer Boards: Primarily used in backplanes and other areas with high data transmission volumes but relatively lower requirements for signal integrity. Its technical barrier lies in the complex process flow and yield control.
HDI: Used in core positions like GPU motherboards, where transmission speed and signal integrity requirements are extremely high. The process flow for HDI involves over 140 steps, making it highly technically challenging and the core of high-end AI server PCBs.
It is precisely the technical stratification of these two types of boards that forms the “Chuhe-Han Boundary” of the Chinese PCB supply chain. Currently, the AI server PCB market has formed two distinct camps, with suppliers each locking in top clients and establishing formidable barriers.
1. NVIDIA Camp: Shenghong’s “Exclusive Leadership”
In NVIDIA’s AI server PCB supply chain, Shenghong is undoubtedly the “absolute king” among domestic manufacturers. Experts indicate that if only the share of Chinese suppliers is considered, all other manufacturers combined account for less than “a fraction of Shenghong’s share.” Its leading advantage mainly stems from:
Technological Generational Gap: Shenghong adopts a strategy of “mature generation, commercial generation, planning generation,” with its technology roadmap perfectly aligned with NVIDIA. While other manufacturers are still catching up in the 6-layer HDI field, Shenghong’s latest 10-layer 30-layer products are already in the R&D stage for the next-generation GB300 series, leading by a whole generation and a half or even two generations.
Deep Binding: Shenghong has deeply engaged in the development of NVIDIA’s new products (such as H100) through a collaborative research model, securing its product selection position ahead of time. This allows it to achieve “exclusive supply” in the short term upon product launch, ensuring early high margins.
Rapid Expansion: Shenghong quickly acquired production lines in Thailand through mergers and acquisitions, addressing many issues related to equipment, yield, and personnel that come with building new factories, thus rapidly meeting NVIDIA’s capacity demands.
Experts emphasize that NVIDIA’s certification barriers are extremely stringent. The entire certification cycle for a new product from prototyping to small-batch trial production lasts 9-12 months. This has built a solid moat for Shenghong, making it difficult for newcomers to shake its position in the short term.
2. Huawei Camp: Shennan’s “Strategic Core”
In Huawei’s AI server supply chain, the structure is even more stable. Shennan, as Huawei’s long-term strategic partner, occupies an absolute majority. Its advantages include:
Path Dependence: Shennan has been collaborating with Huawei since the 2000s, accumulating deep technical expertise in the communications field and successfully transferring it to the AI server domain.
Joint Creation: Shennan and Huawei co-develop, continuously iterating on high-multilayer board technology to meet the needs of Huawei’s Ascend series AI servers. Although Huawei’s solutions also utilize some HDI, they primarily leverage high-multilayer boards to optimize costs.
Core Supplier: Shennan is Huawei’s main supplier of high-multilayer and HDI boards. Additionally, Huidian and Pengding also supply, forming a supplier hierarchy of Shennan, Huidian, and Pengding.
3. “Versatile” Huidian and “New Force” Pengding
Huidian: With its technical accumulation in the communications field, Huidian is the only manufacturer that has entered both NVIDIA and Microsoft’s North American client supply chains and Huawei’s supply chain for high-multilayer boards. However, it still lags behind Shenghong in HDI technology. Experts reveal that Huidian’s factory in Thailand has encountered some challenges in ramping up capacity, including equipment introduction, yield ramp-up, and personnel management, leading to less than smooth progress.
Pengding: As a PCB giant in the consumer electronics (such as Apple) sector, Pengding has substantial capacity and technical reserves. Although its current shipment volume in AI servers is small, its upcoming factory in Thailand and existing technical reserves indicate that it will become a significant new force in the future.
Experts conclude that the AI server PCB field has formed a highly concentrated competitive landscape. HDI Shenghong leads the domestic market by a wide margin, deeply bound to NVIDIA. Huidian and Shennan, as the second tier, are striving to catch up but still face technological generational gaps. In high-multilayer boards, manufacturers like Shennan, Huidian, and Pengding are in the first tier, maintaining their lead through deep binding with top clients.
