[Hotspot] Global PCB output value grows steadily, and AI capital expenditure heats up the underlying material track

On July 8, the PCB concept was hot. According to Prismark statistics, the global PCB output value is expected to grow to US$94.7 billion in 2029. The CAGR from 2024 to 2029 will reach 5.2%; the PCB output value of the Chinese market will reach US$49.7 billion in 2029.

In addition, in 2025, the capital expenditure of cloud factories such as Microsoft and Google will increase by more than 30% year-on-year. The capital expenditure of China's Alibaba and Tencent is expected to exceed 120 billion/80 billion yuan, and the demand for AI infrastructure will drive the accelerated expansion of the production capacity of underlying materials such as PCB.

The AI-driven technological innovation upcycle will last longer and generate greater market demand. China's PCB industry continues to upgrade and expand mid-to-high-end production capacity and deploy overseas production capacity, and its performance release is sustainable.

The overall demand for downstream electronics is currently showing a recovery trend, coupled with the continued upward momentum in innovative fields represented by AI and high-speed communications, which together support the growth in overall PCB demand. With the iteration of AI hardware performance, PCB will be further upgraded to higher specifications in terms of product technology and materials. Relying on its early technological accumulation and improved product competitiveness, Bicheng Technology has gradually improved its industry position in the high-end market, and its AI PCB supply share has continued to increase. Bicheng is expected to achieve rapid development by seizing the opportunities of AI development.

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