LivingByTheMoment !

* Nvidia Bull🐂🚀(NVDA 85% CHAT 15%)
* Masters in Quantitative Economics (AI)
* Job : Infra Investment
* Happy Dad of 2 kids / Family 👶🏻👫👶🏻

[LivingByTheMoment ! @LivingByMoment]

@BruceWayneKorea 마법의 선반영입니다 ㅋㅋ

[郭明錤｜Ming-Chi Kuo @mingchikuo]

我最新的產業調查顯示，Nvidia 開始測試以碳氫樹脂（hydrocarbon resin，HC）為主的無布 CCL，取代先前測試的 PTFE 無布 CCL，並搭配 HC 無布 PP，評估能否滿足預計於 2H27 量產的 Rubin Ultra NVL576（8 機櫃互連方案）之 switch tray PCB 需求。

在提升 PCB 生產性的目標下，HC 無布 CCL 的初步測試結果符合 switch tray 的高頻電性要求（表現不及原 PTFE 方案，但優於 M9 等級方案，甚至優於 M10 的帳面規格）。上述測試不代表最終定案，但顯示 Nvidia 仍在滿足電性要求的前提下，尋求更好的 PCB 製造良率與生產效率。

1. 重點解讀與分析：

(1) 先前測試 NVL576 switch tray 的組合，是 PTFE 無布 CCL 搭配 HC 無布 PP。近期的新一輪測試，則是以 HC 無布 CCL 替代原本的 PTFE 無布 CCL，HC 無布 PP 仍使用相同料號。

(2) 生益科技是目前 NVL576 switch tray 材料測試的領先供應商。相關材料包括 SG5300N（PTFE 無布 CCL）、SG1030N（HC 無布 CCL），以及 SIF09（HC 無布 PP）。

(3) 將 PTFE 無布 CCL 改為 HC 無布 CCL，主要是評估在改善 PCB 的製造良率與生產效率的目標下，同時滿足高頻電性要求。

(4) 為進一步優化 PCB 可製造性，後續也可能測試將 HC 無布 PP 換成 HC 有布 PP。導入 HC 有布 PP 的挑戰在於，能否仍達到訊號完整性與 0.4 dB/in 的損耗要求。

(5) 值得注意的是，SG1030N 與 SIF09 雖以 HC 為主要材料，但配方中仍含少量 PTFE。因此，這次測試並非完全去 PTFE 化，而是調整材料主體與組合，以兼顧高頻電性與 PCB 可製造性。

2. 結論：

(1) PTFE 導入高階 PCB 材料（CCL 與 PP）的長期趨勢明確，但未來兩年的出貨成長節奏仍有變數。關鍵在於：NVL576 switch tray PCB 的最終材料方案、NVL576 的採用比重，以及採用正交背板的 Kyber-like 機櫃設計之研發進展。

(2) HC 在高階 CCL／PP 的應用持續擴大。短期成長動能除了 NVL576 switch tray，還包括自 4Q26 開始放量的 M9 等級材料，以及後續的 M10。

(3) 預期未來規格定案與開始量產後，生益科技將加速導入中國的 HC 供應商（如既有的東材與聖泉，潛在供應商呈和等），有助於供應缺口改善與優化成本結構。

[LivingByTheMoment ! @LivingByMoment]

@MrMarket89 Bullish👍👍

[LivingByTheMoment ! @LivingByMoment]

@sonsarang3814 만약에 사실이라면 대단한 투자자인데…200억인데 아마존 100억은 좀 의나하네요..200억 정도면 지키는게
더 중요할텐데..단일 종목이 포트 50% ㄷㄷ..

[LivingByTheMoment ! @LivingByMoment]

Yes, and maybe the physical buildout is in the early stages but the valuations already been baked in early on. Holding on to Nvidia during this year was like a torture. Its dumbfounding I was doing masters AI/econmetrics masters in 2023 and i did not think about investing in Nvidia back then.😭 periphery AI trades such as Lumentum, Bloom went up 20x in 2-3 years. I missed all of them as I though these were dangerously speculative trades. Market is much more volatile than the past and making such outsized returns will probably be more difficult. Good luck with your investment journey👍

[LivingByTheMoment ! @LivingByMoment]

There is uncertainty yes, and AI buildout is unchartered territory. But as computing costs (TCO/Watt) go down 1/5~1/10th per year, buildout is going to continue. Its not blindly following Jenson’s guidance but using it as a broad guidance for long term while checking every day developments and forecast revisions. I just wish I had invested in the theme sooner.

[LivingByTheMoment ! @LivingByMoment]

@StockSavvyShay With pervasive penetration of Musespark like agents, the TAM is beyond just enterprise. The forecast will probably keep growing as months go by.

[Shay Boloor @StockSavvyShay]

Goldman says 2027 hyperscaler capex estimates have jumped 66% since the start of 2026 to $1.89T.

• $GOOGL $253B → $507B (+100%)
• $AMZN $301B → $505B (+68%)
• $MSFT $227B → $373B (+64%)
• $META $230B → $333B (+45%)
• $ORCL $126B → $174B (+38%)

Really interesting seeing cloud backed capex ramp the fastest while nearly $1T a year is now flowing into AI picks and shovels even with the 10-year above 5%.

[LivingByTheMoment ! @LivingByMoment]

@Sandeman52 I hope I get there someday..congrata for making it! Half of 61.6% would still do fine..👍👍

[Wall St Engine @wallstengine]

$NVDA & $AMD ARE LOBBYING THE TRUMP ADMINISTRATION TO PUSH BACK ON NEW CHINA CHIP CURBS - POLITICO

Nvidia and AMD have reportedly stepped up outreach to the White House and Commerce Department, asking the administration to pressure Congress to drop or soften proposed restrictions on AI chip exports to China that could be added to the annual defense bill.

A major target is the bipartisan AI OVERWATCH Act, which would tighten oversight and licensing requirements for exports of advanced AI chips to China and other countries of concern.

The companies are also seeking changes to the Chip Security Act, which would require tracking of where certain advanced chips ultimately end up.

[LivingByTheMoment ! @LivingByMoment]

@lucifer5670 @MrMarket89 Shortcut 찾다가 나락행이군요 ㄷㄷ 다들 사회적으로 선망받는 자리에 있을텐데 전략기획부서 있는 분들 소속 대기업에서 정보 유출로 피소도 가능하겠네요 ㄷㄷ

[LivingByTheMoment ! @LivingByMoment]

@babyfolio @TheBigBerbowski Nicely written. Thanks for article.

[LivingByTheMoment ! @LivingByMoment]

@Robert_E_Kelly Wow I recall your interview! Time flies. Your kids are not teenagers!!

[LivingByTheMoment ! @LivingByMoment]

@ReturnDriver 단장님 17년 동안 CAGR 40% 시면 진짜 대단하시네요! 그정도 반만 되도 SPMO 등 수익율 높은 ETF 수준이네요!

[LivingByTheMoment ! @LivingByMoment]

@ReturnDriver 아하..어쩐지..위탁금이 늘어난 효과군요 몰랐습니다 ㅋㅋ 어쩐지 255배 인가 기사가 일부러 자극적인 제목으로 이목을 이끈거군요..그래도 3년이라는 티림푸레임이 짧지만 연 40%도 아주 준수하네요 반복 가능하다면!

[Kyle Reidhead | Milk Road @KyleReidhead]

$NVDA just got a Bank of America price target raise to $320

The note keeps Buy and lifts its 2030 AI data center systems TAM to about $1.7 trillion from $1.4 trillion

BofA just stretched Nvidia's AI buildout runway further

[LivingByTheMoment ! @LivingByMoment]

@Barchart I bought it for a second 😭😭

[LivingByTheMoment ! @LivingByMoment]

@AIStockSavvy 👍👍👍👍