As investment in artificial intelligence (AI) servers grows, the valuations of printed circuit board (PCB) makers, key component suppliers, are being reassessed. High-performance AI servers require not only graphics processing units (GPUs) but also high-density, high-layer boards that connect them and keep them running reliably. One company drawing attention in this market is China's Victory Giant.
Victory Giant manufactures high-density interconnect (HDI) boards and high-layer count (HLC) boards. It built its technological capabilities in the gaming graphics card PCB market in the past and has now secured a key position in Nvidia's AI server supply chain. Centered on its plant in Huizhou, China, the company has established production bases in Thailand and Vietnam, raising its overseas revenue share to 76.8% as of 2025.
The investment case lies in its standing within the Nvidia and Google supply chains. Victory Giant is a partner that conducts early sampling and testing during the development stage of Rubin and Rubin Ultra, Nvidia's next-generation AI server platforms. The company, which has raised its share since the Hopper series, is estimated to have lifted its market share in HDI and HLC boards for mainboards and switchboards on the Blackwell (GB200) platform to around 50-60%. It has also established itself as a major supplier in Google's tensor processing unit (TPU) supply chain, with the potential for earnings contribution to begin in earnest from this year.
The higher the specifications of AI servers, the greater the value of the boards. The PCB value per server rack has risen from about $2,500 for the H100 system to around $20,000 for the GB200. Some forecasts suggest that the Rubin and Rubin Ultra systems, set to ship in the second half of next year, could push PCB value per rack up to as much as $100,000 or more with the addition of midplanes and backplanes. The share of PCBs in server costs has also risen from 2-3% for general servers to 7-8% for AI servers.
The technology gap is also a basis for improved profitability. High-performance PCBs are difficult to yield due to the complexity of forming fine circuits and stacking multiple layers. Victory Giant raised its yield to over 80% in a short period and preemptively secured technology for ultra-high-layer boards of 78 or more layers for Rubin Ultra. The share of AI and high-performance computing (HPC) revenue is expected to expand to 65-75% in 2026-2027. Its dual listing in Hong Kong is another factor for reassessment, with the 23.1 billion Hong Kong dollars raised in April this year to be invested in next-generation AI PCB facilities. If growing demand for AI server boards combines with the scarcity of Hong Kong H-shares, further valuation reassessment could follow.
