UBS Bullish on AI PCB Cycle: Q-glass on Hold, M9/PTFE Hybrid Emerges

zephyr_z9 · x · 2026-08-11

UBS remains bullish on the PCB/CCL supply chain. Supply chain checks reveal that Q-glass is currently on hold after failed sampling, while an M9/PTFE hybrid has emerged as the more feasible solution.

To enhance structural integrity, the new material embeds silica in PTFE. Shengyi is the main supplier, and Taiflex is currently in qualification. Additionally, 800G/1.6T optical modules and custom ASICs are becoming key near-term PCB drivers, reducing dependence on Nvidia alone.

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