Open source securities: GB300 uses a new architecture, new material, PTFE application trends are gradually emerging

The Zhitong Finance App learned that Open Source Securities released a research report saying that the GB200 was delayed due to problems such as overheating of the rack and the failure of the interconnection between the chips. GB300 is likely to adopt new solutions and new materials in the architecture design, and PTFE has become a problem in the GB200 in an important direction. Compared with GB200, the TDP of GB300 has increased from 1.2KW to 1.4KW, which requires higher cooling requirements. At the same time, the electrical performance of the PCB board is more stringent at high transmission rates. PTFE materials were previously used in high-end communication fields, such as 5G antennas, millimeter wave radars, etc., and their excellent characteristics make them likely to be used in next-generation AI server PCBs by mixing pressure (necessary signal layers use PTFE materials, other layers use traditional high-speed materials).

The main views of Open Source Securities are as follows:

Conjecture: GB200 delivery was delayed due to problems such as overheating of the rack and faulty interconnection between the chips. GB300 is likely to use new solutions and materials in the architecture design. PTFE is an important direction. The GB200 cabinet contains 18 computer trays and 9 switch trays, and the connections between the trays use a large number of high-speed copper cables. According to the “Information” report quoted by Asahi Big Data, the first batch of racks equipped with Blackwell chips overheated, and the connection between the chips failed, further causing delays in the delivery of the GB200 cabinet.

GB300 change conjecture: GB200 problems need to be optimized on GB300 and next-generation Rubin, and the design architecture changed to solve problems such as high power consumption, high cooling requirements, and poor connectivity. Compared with GB200, the TDP of GB300 has increased from 1.2KW to 1.4KW, which requires higher cooling requirements. At the same time, the electrical performance of the PCB board is more stringent at high transmission rates. PTFE materials were previously used in high-end communication fields, such as 5G antennas, millimeter wave radars, etc., and their excellent characteristics make them likely to be used in next-generation AI server PCBs by mixing pressure (necessary signal layers use PTFE materials, other layers use traditional high-speed materials).

PTFE has excellent electrical properties and can guarantee the lowest loss at high transmission rates, but it is difficult to process in the PCB process, and there may be low yield problems in the batch supply stage. It has excellent performance: PTFE is the material with the best dielectric properties among known materials. Its dielectric constant is about 2.1, the dielectric loss is less than 5 x 10-4, and is extremely affected by frequency and temperature. Currently, commonly used high-speed PCB sheets such as PPO have a dielectric constant of about 2.45, and the dielectric constant of epoxy resins is about 3.6 , the dielectric loss is approximately 0.025. PTFE can guarantee minimal loss under high speed transmission conditions. In addition, PTFE materials also have characteristics such as thermal stability and good lubricity.

Processing is difficult: Due to its thermal stability, PTFE materials have a higher processing temperature than traditional materials; due to the good lubricity of PTFE, material modification is required during processing to enhance adhesion to materials such as copper foil; in addition, during processing, problems such as plate warping, bursting, protruding glass fiber holes in PTFE holes, and poor metallization of PTFE holes are likely to occur, which in turn affects the yield of finished PCB products. Previously, PTFE materials were used in 5G antennas and millimeter wave radars with a low number of layers, while PCBs in high-speed environments were high-layer products, which were more difficult to process, so material manufacturers and PCB factories needed to explore the processing process together.

Investment advice

It is recommended that manufacturers with PTFE processing experience and Nvidia's industrial chain require manufacturers with previous processing experience or leading technical strength in the communications field due to the difficulty of PTFE processing. At the same time, they also need to consider industrial chain issues. PCB beneficiaries: Jingwang Electronics (603228.SH), Shanghai Electric Power Co., Ltd. (002463.SZ), Fangzheng Technology (600601.SH), etc.; CCL beneficiaries: Shengyi Technology (600183.SH), etc.

Risk Alerts

The pace of application of PTFE materials falls short of expectations; PTFE processing is difficult, which in turn affects yield.