AI TRENDS | Citrini Analyst Jukan: HVLP4 Copper Foil May Become Key AI PCB Supply Constraint

A Citrini analyst said expanding AI infrastructure demand is increasing orders for high-end printed circuit boards (PCBs), creating a new bottleneck in the upstream copper-clad laminate (CCL) supply chain, with HVLP4 copper foil expected to become a key constraint starting in the second half of the year. According to Odaily, the analyst, identified as jukan, wrote on X that the constraint follows earlier tightness in T-glass fiberglass cloth. Industry sources said NVIDIA and its major customers have again become directly involved in coordinating material supplies to keep next-generation AI server mass production and shipment plans on track. The sources said NVIDIA-led customers are bypassing CCL manufacturers to engage directly with upstream material suppliers, managing fiberglass cloth and copper foil themselves, providing suppliers with clearer order visibility, and shifting to a direct consignment model to lock in key material capacity more than a year in advance. The report said the supply-demand gap is expected to exceed 40% in 2026 and remain at 25% in 2027. As major AI servers and high-speed computing platforms migrate from HVLP2/HVLP3 to HVLP4, demand for HVLP4 copper foil is rising, with a 1,500-ton supply shortfall expected in 2026. It added that Mitsui Mining & Smelting and Co-Tech are expanding capacity, but the HVLP4 gap is expected to widen to 2,500 tons in 2027.