Nantero Electronics (2316) breaks through 100 yuan! Benefiting from Shuangdian, Nvidia LPU, Rubin, and Feynman supply chain themes

Nanza Electronics (2316), a well-established PCB manufacturer, saw its stock price surge strongly on the 16th, temporarily rising over 9.96% intraday. The final closing price increased by NT$9.1 to NT$100.5, breaking the NT$100 mark. The market generally believes that this upward movement is related to Nanza’s investment in Shanghai Electric (Huadian), which is deeply collaborating with NVIDIA. According to Shanghai Electric’s Q3 2025 financial report, Nanza still holds an 11.26% stake in Shanghai Electric.

Renowned analyst Guo Mingchi’s latest investigation indicates that NVIDIA has partnered with Shanghai Electric to develop the next-generation copper-clad laminate (CCL) material M10. They are also involved in PCB design for Kyber cabinets and Rubin Ultra / Feynman platforms, and Shanghai Electric is a major supplier for LPU / LPX cabinets.

Nvidia tests next-generation CCL material M10, AI server PCBs to enter new cycle

According to Guo Mingchi’s latest supply chain research, NVIDIA has begun testing the next-generation copper-clad laminate (CCL) material M10 with Chinese PCB manufacturer Shanghai Electric. This move could trigger a new upgrade cycle for AI server PCB materials. The testing plan started sampling and prototyping in the first quarter of 2026, with preliminary results expected in the second quarter. If progress is smooth, related M10 CCL and PCB products could enter mass production as early as the second half of 2027.

Guo Mingchi pointed out that M10 material will mainly be used in NVIDIA’s future AI server architecture, including orthogonal backplanes to replace existing cartridge structures, as well as new Rubin Ultra / Feynman platform switch blade motherboards.

Next-generation AI cabinet architecture Kyber, three companies competing

Compared to the previous M9, which was certified only by Taiwan’s Guangdian, three suppliers are now participating in the M10 testing phase, including Guangdian, a Chinese manufacturer, and a Taiwanese company, giving NVIDIA greater flexibility in CCL supply chain management. Additionally, M10 currently uses Quartz Cloth material but may switch to Low Dk-2 in the future to enhance mass production and commercialization feasibility.

Shanghai Electric deeply involved in Nvidia Rubin and Feynman cabinet development

Guo Mingchi noted that Shanghai Electric currently holds a leading position in the development of Nvidia AI server PCBs. They are involved in the design of Kyber cabinets and Rubin Ultra / Feynman platform PCBs, and are also the main supplier of 52-layer PCBs for Nvidia’s ultra-low latency inference servers LPU / LPX cabinets. These products are expected to enter mass production from Q4 2026 to Q1 2027.

With strong capabilities in high-layer PCB manufacturing and advanced material development, Shanghai Electric is regarded as a key supply chain partner for Nvidia’s AI server architecture upgrades.

Nanza Electronics benefits from investment through Shanghai Electric

Shanghai Electric was established through investment from Nanza Electronics. According to Shanghai Electric’s Q3 2025 financial report, Nanza holds an 11.26% stake via Wus Group Holdings. As Shanghai Electric benefits from AI server demand, Nanza is also seen as a beneficiary by the market.

In recent years, Nanza has actively promoted transformation in its core business. Market sources indicate that the company has divested part of its holdings in Shanghai Electric to raise funds and invested these funds into expanding its own operations. In 2025, Nanza’s capital expenditure doubled significantly, mainly upgrading its Taiwanese plants’ advanced processes and positioning itself in AI server-related PCB markets.

This article, “Nanza Electronics (2316) Breaks the NT$100 Barrier! Benefiting from Shanghai Electric, NVIDIA LPU, Rubin, Feynman Supply Chain Topics,” first appeared on Chain News ABMedia.