[GF Hong Kong: AI Server PCB TAM Doubles in One Year to $29 Billion, Upstream Material Bottlenecks Persist Through 2027] According to Deep Tide TechFlow, citing research from Tide Research, GF Securities (Hong Kong) released a report on August 10 predicting that the AI server PCB TAM will expand from approximately $13 billion in 2026 to $29 billion in 2027. NVIDIA Vera Rubin is expected to ship around 10,000 cabinets by the end of this year and approximately 80,000 cabinets by 2027, with the value of single GPU PCBs increasing from $400 to $750. Google TPU v8t/v8i is set to ramp up production in Q4 2026, with an estimated 120,000 cabinets in 2027, and the PCB unit value ranging from $800 to $1,000. The upstream E-glass supply gap is approximately 15%, while the HVLP4 copper foil shortage is at least 400 tons per month. Equipment orders have already been scheduled through 2028, and capacity bottlenecks are expected to persist until the end of 2027. GF Hong Kong has initiated coverage of Kingboard Development with a "Buy" rating and a target price of NT$480, citing optimism about its HVLP4 copper foil scarcity premium. Additionally, GF maintains "Buy" ratings for Zhen Ding (target price NT$729), Taiflex (NT$6,538), and Kingboard Laminates (HK$60.8). Zhen Ding is expected to benefit from NVIDIA's market share growth and the ABF substrate cycle, Taiflex leads the AI CCL market, and Kingboard is poised to gain from the price hike cycles of E-glass and FR-4. GF believes companies with scarce production capacity and technological barriers will continue to hold pricing power.