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Supply chain check update: Nvidia and WUS Printed Circuit have begun testing next-gen CCL material M10, which could trigger the next upgrade cycle in PCB materials for future AI servers. Key points: 1. The program suggests WUS has an early lead in PCB development for Nvidia’s next-gen rack Kyber and the new Rubin Ultra / Feynman platforms. This could support the company’s future growth momentum. 2. Sampling began in 1Q26, with preliminary test results expected in 2Q26. 3. M10's target applications include orthogonal backplanes (midplanes) designed to replace the current cartridge architecture, as well as switch blade motherboards for the Rubin Ultra / Feynman platform. 4. Unlike M9, where only Elite Material Co. was qualified, M10 testing currently involves three CCL suppliers. In addition to EMC, one Chinese vendor and one Taiwanese vendor have been added, potentially improving Nvidia’s CCL supply-chain management flexibility. 5. If testing proceeds smoothly, M10 CCL and PCB mass production could begin in 2H27. 6. From a manufacturability and commercialization perspective, the quartz cloth used in M10 may be replaced with Low Dk-2 Glass. 7. WUS is also the primary supplier of 52-layer PCBs for Nvidia’s ultra-low-latency LPU/LPX inference racks, which are expected to enter mass production in 4Q26–1Q27. With strengths in both high-layer PCB manufacturing and advanced materials development, the company appears well positioned to benefit from Nvidia’s upcoming AI server architectures.