analysis2026-09-21 · updated 2026-09-24· GridToChip · 1 min read · part-of-the-day

Part of the day: High-layer-count PCBs

Assembled by the nightly build from this catalog’s own entry for High-layer-count PCBs (4.05, Layer 4 — Servers, racks & integration). The tables below are rebuilt every night; first published 2026-09-21, refreshed 2026-09-24.

The bare printed circuit boards themselves — high-density interconnect, backdrilled, 20 to 40 copper layers — that GPU and switch trays are built on.

This is the physical board substrate beneath the baseboards and switch trays (4.03, 4.04): a laminate stack of 20 to 40 signal and power layers, built with HDI microvias and backdrilling to keep high-speed signal integrity across the board. It sits downstream of the laminate and copper-foil suppliers (4.06) and upstream of everything that gets populated onto it. AI boards push layer count and manufacturing precision well past a standard server motherboard because scale-up interconnect, high pin-count sockets and dense power delivery all need more routing layers and tighter tolerances than a general-purpose board. That raises both the capital intensity of the fabrication step and the qualification burden, since a board with dozens of layers has far more opportunities for a manufacturing defect to show up only under load. For investors, this is a capacity-constrained, capital-heavy tier of the supply chain: the fabricators that can reliably hit the highest layer counts at volume are a shorter list than the board designers who spec them, and that gap tends to widen, not narrow, with each new rack generation.

AI delta: AI boards need far more routing layers and tighter fabrication tolerances than a standard server motherboard, because dense scale-up interconnect and high-pin-count sockets have to be routed across the same board.

Who makes it

High-layer-count PCBs (4.05 — full page)
CompanyRoleOwnershipTickerPrice1dConfidenceNote
AT&SmanufacturerpublicATS.VI139 EUR-2.5%disclosed · source
Compeqmanufacturerpublic2313.TW225 TWD-6.5%inferred
Dongshanmanufacturerpublic002384.SZ114 CNY+0.6%inferred
Gold Circuit GCEmanufacturerpublic2368.TW1115 TWD-7.1%inferred
Ibidenmanufacturerpublic4062.T8512 JPY-1.0%inferred
ISU Petasysmanufacturerpublic007660.KS87000 KRW-3.7%inferred
Kingboardmanufacturerpublic0148.HK46.30 HKD+2.9%inferred
Nan Ya PCBmanufacturerpublic8046.TW1265 TWD-5.2%inferred
Shennanmanufacturerpublic002916.SZ283 CNY-0.5%inferred
Tripodmanufacturerpublic3044.TW556 TWD-4.1%inferred
TTMmanufacturerpublicTTMI80.11 USD+7.6%inferred
Unimicronmanufacturerpublic3037.TW1085 TWD-1.4%inferred
Victory Giantmanufacturerpublic300476.SZ183 CNY+2.9%inferred
WUSmanufacturerpublic002463.SZ107 CNY+0.1%inferred
Zhen Dingmanufacturerpublic4958.TW567 TWD-2.1%inferred
Competing on High-layer-count PCBs:AT&S disclosed, Compeq inferred, Dongshan inferred, Gold Circuit GCE inferred, Ibiden inferred, ISU Petasys inferred, Kingboard inferred, Nan Ya PCB inferred, Shennan inferred, Tripod inferred, TTM inferred, Unimicron inferred, Victory Giant inferred, WUS inferred, Zhen Ding inferred

The full entry — sub-categories, news, videos and sources — lives on the High-layer-count PCBs page.

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