報告_SemiAnalysis_NvidiaCCL供應鏈洗牌_20260703

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原始內容

senianalysis

Juy 2, 202

Nvidiaʼs CCL Suppy Chain Shake Up

2 minutes

By and Tony Chien Wega Chu

Executive Summaries

• EMC 28.TT is set to take the eading CCL suppier position at Nvidia, driven by a shift of product and aggressive capacity expansion strategy for 2027/2028.
• There wi be a massive gap between EMC and the remaining CCL vendors. EMC wi hod 050% more of Nvidiaʼs CCL procurement vaue than Doosan 000150.KS.
• Nan Ya Pastic 10.TT coud be a potentia second source CCL suppier for NVLink  Switch Rosaind) and CX (Orchid .

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EMC Overtake Doosan in 2H2

There wi be a significant shift in Nvidiaʼs CCL Copper Cad Laminate) suppier andscape in terms of share of vaue. Over the past 12 months June 2025May 202, Doosan Corporation Eectro-Materias 000150.KS hed the top position among Nvidiaʼs CCL vendors. However, this is set to change significanty starting in June 202.

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To understand the big shift, it is important to understand which suppier within the Nvidia suppy chain is responsibe for which board. n GB00, Doosan is suppying the Bianca board, and Eite Materia Co 28.TW is suppying the NVSwitch Rosaind) board. For VR NVL72, Doosan is suppying the Strata board, and EMC is suppying the CX (Orchid), Buefied-, Midpane, and NVSwitch Rosaind) boards.

Source: SemiAnaysis VR NVL72 BoM Mode

n this bar chart, we compare the tota CCL doar content per rack of GB00 and VR NVL72. We aso identified the contribution from each different board as we as the responsibe suppier. The vaue captured by EMC is identified by bue bocks, and the vaue captured by Doosan is identified by green bocks. For GB00, the green bock is bigger than the bue bocks by

x, meaning that Doosanʼs content is  times higher than that of EMC. However, this changes with VR NVL72, where the bue bocks in aggregate are bigger than the green bocks by 1.51x. t is evident that EMCʼs content has overtaken that of Doosan in VR NVL72.

Given EMCʼs product and content grow significanty faster than Doosanʼs across the GB00 to VR NVL72 generation, EMC is set to overtake Doosan as Nvidiaʼs top CCL vendor starting June 202, as the ramp of Rubin.

EMC Wi Doube Capacity by 2028

Capacity is another driver behind this shift. Nvidia heaviy favors vendors wiing to aggressivey expand their manufacturing footprint to meet surging future demand, and EMC has positioned itsef accordingy. The companyʼs monthy capacity is projected to grow 5%, from .15 miion sheets/month in 202 to a target of .5 miion sheets/month by the end of 2027.

n ate May 202, EMCʼs board approved the acquisition of new and in Kunshan and Zhongshan, China, expected to add another 1.8 miion sheets/month of capacity in the second haf of 2028. Together, these expansions mean that EMCʼs tota capacity wi effectivey doube by 2028.

As a bonus, EMC is aso entering the high-end A substrate CCL market, with new 00k sheets/month of dedicated capacity in Taiwan coming onine in Q2, fu conversion coud bring tota A substrate CCL capacity to 1mn sheets/month. The move positions EMC to capture share amid an industrywide suppy shortage, with an initia focus on customers in Taiwan and mainand China.

• 9:30 PM

Nvidia's CCL Supply Chain Shake Up - SemiAnalysis

Source: EMC, SemiAnaysis

Nvidia NVSwitch and CX New Payer  Nan Ya Pastics Corporation

Nvidia continues to seek suppiers capabe of keeping pace with its surging demand, and Nan Ya Pastics Corporation has emerged as a highy notabe new entrant. Besides positive progress with the samping of their M10 grade CCL for the Kyber Midpane, Nanyaʼs M7 and M8 materias have passed Nvidiaʼs eectrica and reiabiity testing and added to Nvidiaʼs approved materia ist.

We beieve there is a great chance for Nvidia to use Nanyaʼs CCL on NVLink Switch Rosaind) and CX Orchid  as second source besides EMC, and we beieve this wi highy benefit Nanyaʼs utra-ow oss product, incuding NPG1HK2 and NPG1K.

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