HBM Made Millionaires. Could PCBs and Capacitors Be Next?
The Hidden AI Boom No One’s Talking About: Why PCBs and Capacitors Are Quietly Printing Money
NVIDIA’s latest AI server racks now cost nearly twice as much as before. Everyone’s focused on GPUs and HBM memory. But here’s what shocked the market: two of the biggest cost explosions are hiding in the most boring, unsexy corners of the supply chain — printed circuit boards (PCBs) and MLCCs (multi-layer ceramic capacitors)$Murata Manufacturing Inc.(MRAAY)$ .
Most investors have never even heard of them. Yet these two “invisible” parts are exploding in value. And while the crowd chases the next memory stock, two specialist companies have already stealthily hit all-time highs.
Their names? TTM Technologies (TTMI) and Vishay Intertechnology (VSH).
If you missed the early runs in NVIDIA, Micron, or HBM, this might be your second chance at the next under-the-radar AI infrastructure wave.
Why the “Boring” Stuff Suddenly Matters
Think of AI progress like swapping a family sedan engine for a Formula 1 race car. You can’t just drop in the new engine — the entire car has to upgrade. Tires, brakes, cooling, wiring… everything.
Same with AI servers. From A100 → H100 → B100 → Rubin, GPUs keep getting insanely more powerful. That means massive increases in data traffic, power consumption, and complexity. The circuit board is the “highway” carrying insane data volumes between chips. Capacitors are the “shock absorbers” that stabilize voltage and filter noise. Without them, even the best GPU fails.
Morgan Stanley estimates the PCB content in NVIDIA’s next-gen Ruby rack is up over 200% in value. That’s not incremental. That’s structural.
TTM Technologies (TTMI) – The Nervous System of AI Servers
TTMI isn’t a flashy name, and that’s exactly why it’s interesting. They make high-end printed circuit boards — the literal backbone that connects everything in advanced servers, networking gear, aerospace, and defense systems.
AI servers now demand more layers, higher density, lower signal loss, and extreme reliability.
TTMI sits in the high-end segment where competition is brutal and barriers are sky-high (especially for defense/aerospace certifications that take years).
Customer mix is a huge strength: AI is the growth rocket, but defense, aviation, and networking provide a rock-solid base. Less cyclical whiplash than pure AI plays.
This isn’t just an AI story. It’s AI + U.S. manufacturing reshoring + defense modernization. Multiple mega-trends at once.
Vishay (VSH) – The Tiny Parts That Hold Everything Together
Vishay is the old-school electronic components giant. Capacitors, resistors, MOSFETs, diodes — the fundamental building blocks inside power systems, servers, cars, and factories.
While Japanese and Korean giants dominate broad MLCCs, Vishay wins on:
One-stop shopping — customers love buying a full suite of components from one stable supplier.
U.S.-based supply chain advantage in a world obsessed with resilience, especially for data centers, defense, and critical infrastructure.
Exploding demand in AI power delivery (higher power = way more passive components).
AI is the fastest-growing piece, but automotive electronics, industrial automation, and power management give it long-term staying power.
Why This Feels Like HBM Two Years Ago
Two years ago, almost nobody understood HBM. Now it’s mainstream and the biggest profits have already been made.
Circuit boards and capacitors are in that same “early cognition gap” phase. Institutions are quietly accumulating. Retail? Still clueless. That asymmetry is where the best opportunities live.
Realistic Expectations (No Hype)
These aren’t going to 10x like memory stocks during a perfect supply/demand explosion. They’re component businesses — strong but not insane pricing power.
Realistic case: 2–3x over a few years if AI server ramps continue and the market starts assigning them proper “AI infrastructure” multiples.
The real edge is timing. This cycle could move faster than HBM because the entire AI supply chain is now heavily researched. Once consensus hits, money can flood in quickly. But if expectations run too far ahead of actual shipments (especially Ruby ramp), volatility will spike.
The Bottom Line
The memory boom story isn’t over — but a new chapter is opening.
AI isn’t just about bigger GPUs anymore. It’s forcing a complete overhaul of the entire server “body.” The nervous system (PCBs) and stabilizers (capacitors) are upgrading fast, and very few people are paying attention.
TTMI and VSH are two of the cleanest, most under-appreciated ways to play it — with real U.S. supply chain and multi-trend exposure.
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Modify on 2026-06-07 10:01
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