Citigroup Raises China AI-PCB Forecast to 562B Yuan by 2028, Predicts Google TPU to Surpass Nvidia

According to Citigroup's June 21 report released on June 23, the bank raised its China AI-PCB market forecast, estimating total addressable market at 152 billion yuan in 2026, 307 billion yuan in 2027, and 562 billion yuan in 2028, representing year-over-year growth of 86%, 102%, and 83% respectively.

Citigroup projects Google TPU-related PCB purchases could reach $16 billion by 2028, potentially surpassing Nvidia GPU-related PCB demand. The bank also raised target prices for Shanghai Pudong Electronics from 119 yuan to 189 yuan and Shengda Technology from 415 yuan to 456 yuan, citing strong capacity in data center and AI server PCB production.