Don’t just focus on memory! AI infrastructure is igniting a supercycle in PCB and CCL. Goldman Sachs: PCB and CCL are entering a supercycle.

2026/01/23

Commercial Times

January 22, 2026

by Chen Yanqi

Following the memory supercycle, PCBs and CCLs have also become the focus of market attention. A recent Goldman Sachs report points out that with the accelerated expansion of AI infrastructure, the demand for "higher speed" and "larger scale" in AI servers is driving these two industries into a "supercycle," and predicts that the PCB and CCL markets will grow by 113% and 142% respectively in 2026.

Goldman Sachs analyzes that the explosive growth of PCBs and CCLs mainly stems from two major trends. First, the significant increase in computing power density of AI servers has spurred demand for high-speed connections such as 800G and 1.6T, directly increasing the number of layers and material grades in PCBs and CCLs, resulting in a significant increase in the value per unit. Second, in the internal architecture of AI servers, for ease of assembly and signal transmission quality, PCB backplanes and midplanes are gradually replacing traditional copper cable connections, which also brings unexpected incremental space to the industry. According to Goldman Sachs' projections, the growth rate of the PCB and CCL markets will be astonishing. The global AI server PCB market is expected to explode from $3.1 billion in 2024 to $27.1 billion in 2027, with annual growth rates of 113% and 117% in 2026 and 2027, respectively.

CCL, positioned upstream in the industry chain and playing a key material role, is experiencing even more rapid growth. Goldman Sachs predicts that the global AI server CCL market will surge from $1.5 billion in 2024 to $18.7 billion in 2027. Notably, CCL is projected to see explosive annual growth rates of 142% and 222% in 2026 and 2027, respectively, surpassing even the growth rates of the highly sought-after optical transceiver modules (107%/48%) and AI training servers (57%/37%).

In response to market concerns that "AI infrastructure has passed its early stages and competition may intensify," Goldman Sachs explicitly refuted these concerns in its report. Goldman Sachs analyst Allen Chang pointed out that AI server technology iterates extremely rapidly. With the architecture shifting to M9-grade materials and higher-layer board designs, not only is massive R&D investment required, but also high capital expenditure barriers, effectively creating a formidable moat for the industry. Against this backdrop, leading manufacturers with technological and production capacity advantages are more likely to maintain a healthy competitive environment and continue to secure orders from key customers.

Overall, Goldman Sachs believes that with the continued advancement of AI infrastructure, the dual effects of technological upgrades and large-scale production will bring a rare boom cycle to the PCB and CCL industries, with investment value highly concentrated in leading companies possessing high technological barriers and production capacity advantages.

【Disclaimer】
The content of this article only represents the author's personal views and has nothing to do with Creating.
The content, text description and originality have not been verified by this site. This site does not make any guarantee or commitment to this article and all or part of the content, authenticity, completeness, and timeliness. It is for readers' reference only. Please verify the relevant content yourself.

Creating Nano Technologies, Inc.
59 Alley 21 Lane 279, Chung Cheng Road, Yung Kang City, Tainan, TAIWAN
TEL:886-6-2323927 FAX:886-6-2013306 URL: http://www.creating-nanotech.com

BACK TO LIST