印刷电路板几乎位于每个芯片的下面,，几乎是每个电子产品的必需品。它们构成了蓬勃发展的人工智能市场,的一个安静但至关重要的部分，并且对美国,来说是一个日益严重的问题，因为几乎所有Nvidia的AI电路板,和其他,都是在中国制造的。
Printed circuit boards sit underneath almost every chip, a necessity in nearly every electronic. They make up a quiet but crucial piece of the booming artificial intelligence market, and represent a growing problem for the U.S., because nearly all AI circuit boards, for Nvidia and others, are made in China.
电路板为攻击者提供了各种潜入恶意组件的机会。这种脆弱性引起了严重的国家安全担忧，以至于美国国防部要求大部分采购来自数量不断减少的国内工厂。
Circuit boards present all sorts of opportunities for adversaries to sneak through malicious components. That vulnerability has created national security concerns so significant that the U.S. Defense Department is requiring most of its purchases to come from the dwindling number of domestic factories.
"Chips, substrates, PCBs represent multiple avenues of attack for a potential malicious actor," said Mike Cadenazzi, U.S. assistant secretary of war for industrial base policy, in an interview with CNBC.最坏的情况, 他说, PCB 受损可能意味着"导弹在飞行中出现故障。"
"Chips, substrates, PCBs represent multiple avenues of attack for a potential malicious actor," said Mike Cadenazzi, U.S. assistant secretary of war for industrial base policy, in an interview with CNBC. Worst case scenario, he said, a compromised PCB could mean a "missile malfunctions in flight."
Some 30% of the world的 supply of printed circuit boards, or PCBs, used to come from the U.S. That number has dropped to just 4%, according to the Printed Circuit Board Association of America, or PCBAA.国内产能'无法跟上中国,国家资助的制造商的步伐，中国的材料和劳动力成本也较低。 PCBAA 执行董事 David Schild 表示，现在 10 个 PCB 中有 6 个是在中国大陆制造,，他称这是一种 " 有风险的依赖。"
Some 30% of the world的 supply of printed circuit boards, or PCBs, used to come from the U.S. That number has dropped to just 4%, according to the Printed Circuit Board Association of America, or PCBAA. Domestic capacity can't keep up with state-sponsored manufacturers in China, where material and labor costs are also lower. PCBAA executive director David Schild said six of 10 PCBs are now made in mainland China, which he described as a "risky dependency."
Former U.S. deputy under secretary of defense Al Shaffer, who helped make technology acquisition decisions in the Obama administration and in President Donald Trump的 first term, says PCBs are the "easiest place to disrupt an electronics chain" because of the ability to hide things in substrates and layers.
美国政府目前正在考虑提供补贴，以促进国内 PCB 制造,，国会两院立法者将出台涉及建造和购买美国产品的经济激励措施的立法。这些努力恰逢美国和中国在争夺人工智能霸主地位的斗争中紧张局势不断加剧。 4 月,，特朗普政府指责中国实体发动"工业规模的活动" 窃取美国人工智能系统,，并表示将探索追究外国行为者责任的方法。
The U.S. government is now weighing subsidies to boost domestic PCB manufacturing, with lawmakers in both chambers of congress introducing legislation involving financial incentives for building and buying American. Those efforts coincide with rising tensions between the U.S. and China in their battle for AI supremacy. In April, the Trump administration accused Chinese entities of waging "industrial-scale campaigns" to rip off U.S. AI systems, and said it will explore ways to hold foreign actors accountable.
But national security isn't the only concern. There also just isn't enough supply to meet AI and defense demand.
TTM Technologies and Sanmina are the only two public companies that make PCBs in the U.S. They're experiencing soaring growth, alongside the rest of the AI hardware trade. TTM shares are up almost 500% in the past year, while Sanmina的 stock has more than tripled.
在中东和乌克兰持续不断的战争中，这些公司正在努力满足军事需求。伊朗战争还导致一些关键原材料的供应无法流出该地区。 Nvidia 在中国的供应商 Victory Giant, 全球最大的 PCB 制造商之一, 在 4 月份警告称，中东冲突可能会推高关键成分铜和树脂的价格。
The companies are struggling to keep up with military demand amid ongoing wars in the Middle East and Ukraine. The Iran War has also kept the supply of some key raw materials from getting out of the region. Nvidia supplier Victory Giant in China, one of the world的 largest PCB makers, warned in April that the Middle East conflict could push up prices of key ingredients copper and resin.
据路透社援引高盛的一份报告，PCB 价格从 3 月到 4 月, 上涨了 40%。 TTM 在 5 月份向 CNBC 表示，它正在将价格提高 5% 至 25%。
PCB prices rose by up to 40% from March to April, according to a Goldman Sachs note cited by Reuters. TTM told CNBC in May that it的 increasing prices by between 5% and 25%.
"我们正在与人工智能需求竞争," TTM的 Cathie Gridley, 执行副总裁, 在接受 CNBC 采访时表示。 "商业方面愿意支付更高的价格来获得该容量,，因此这确实推动了价格的全面上涨。"
"We are competing with the AI demand," TTM的 Cathie Gridley, an executive vice president, told CNBC in an interview. "The commercial side is willing to pay a much higher price to get access to that capacity, and so what that does is that really drives prices up across the board."
In an effort to solve the capacity problem and assist the U.S. in its effort to catch China, TTM is rapidly expanding its domestic footprint with a new factory in Syracuse, New York, where production will start soon, and an even bigger plant in Wisconsin also getting off the ground this year.当'恢复运行后, TTM 将在亚洲拥有 7 家工厂,，其中最大的工厂位于中国,，美国共有 18 家工厂。
In an effort to solve the capacity problem and assist the U.S. in its effort to catch China, TTM is rapidly expanding its domestic footprint with a new factory in Syracuse, New York, where production will start soon, and an even bigger plant in Wisconsin also getting off the ground this year. When they're up and running, TTM will have seven factories in Asia, with its biggest still in China, and a total of 18 in the U.S.
'芯片不'浮动'
'Chips don't float'
CNBC toured TTM的 original and most advanced U.S. facility, in Santa Ana, California, to see how PCBs are made and find out how the U.S. is trying to catch up with China.
TTM 没有 透露其客户,，但首席执行官埃德温·罗克斯 (Edwin Roks) 告诉 CNBC，该公司正在为人工智能领域的 " 大佬" 提供服务。该类别将包括像 Nvidia, Google 和 Apple, 这样的公司，因为无论是的 微型 AirPod 还是 2 吨重的 Nvidia Vera Rubin 服务器机架,，没有任何芯片可以在不连接到基板或 PCB 的情况下在系统中运行。
TTM doesn't disclose its customers, but CEO Edwin Roks told CNBC the company is supplying "the big guys" in AI. That category would include companies like Nvidia, Google and Apple, because whether it的 a tiny AirPod or a 2-ton Nvidia Vera Rubin server rack, no chip can operate in a system without being connected to a substrate or PCB.
根据电子研究公司 Prismark Partners 的数据，全球 PCB 行业预计今年将增长 12.5%,，达到近 $,960 亿,，到本十年末将扩大到 $123 亿,。
The global PCB industry is projected to grow 12.5% this year, reaching nearly $96 billion, and expanding to $123 billion by the end of the decade, according to electronics research firm Prismark Partners.
根据 TTM，电路板可由 1 层到 140 层组成，价格范围从个位数到 $100,000,。
Circuit boards can be made up of anywhere from one to 140 layers and can range in price from the single digits up to $100,000, according to TTM.
"Moore的 定律即将结束," Roks 说, 指的是 20 世纪 60 年代的一项观察，晶体管的数量大约每两年就会增加一倍 — 提供更多的计算能力，同时降低成本。 "您无法再增加这些芯片的复杂性,，因此您需要将这些芯片,与我们所做的'结合起来。"
"Moore的 Law is getting to an end," Roks said, referring to an observation from the 1960s that the number of transistors would double roughly every two years — delivering more computing power while lowering costs. "You cannot increase the complexity of these chips any more, so you need to combine these chips, and that的 what we do."
负责 TTM的 航空航天和国防业务的 Gridely, 表示，PCB 至关重要，因为如果没有 PCB，芯片技术就无法 到达设备。
Gridely, who oversees TTM的 aerospace and defense business, said PCBs are essential because chip technology can't reach devices without them.
"Chips don't float," Gridely 说道。 "它们必须安装在板上才能使整个封装成功工作。"
"Chips don't float," Gridely said. "They have to mount on a board in order for that entire package to work successfully."
当晶圆从工厂生产线下来并被封装成更大的芯片,（例如 Nvidia的 图形处理单元,）时，这些芯片需要连接到电路板上的 印有每个芯片所在位置的地图。
After a wafer comes off the factory line and gets packaged into larger chips, like Nvidia的 graphics processing units, those need to be attached to a circuit board that的 printed with a map of where each one goes.
"裸板" 是通过将许多层压在一起形成一块面板, 制成的，这些层是由越来越稀缺的材料（如铜和树脂,）以及贵金属（如金, 钯和浸锡）制成的。
That "bare board" is created by pressing many layers together into one panel, and the layers are made with increasingly scarce materials like copper and resin, and precious metals like gold, palladium and immersion tin.
"有很多供应商，但我们可能只有一种供应来源,，例如美国的铜箔," Gridley 说。 "如果该供应商发生任何事情,，整个行业就会陷入瘫痪。"
"There are a number of suppliers where we may only have one source of supply, like copper foil, in the United States," Gridley said. "And if anything were to happen to that one supplier, it would cripple the industry."
更多层意味着有更多空间来创建电信号通过, 传输的密集路径，因此多个芯片可以相互通信并将信号发送到更广泛的系统。芯片和电路在单独的组装过程中添加,，每个部件都粘合到树脂基板上或使用焊球熔化到 PCB 上的焊盘上。
More layers means more room for creating dense pathways that electrical signals travel through, so multiple chips can communicate with each other and send signals out to the broader system. Chips and circuitry are added in a separate assembly process, with each item bonded to a resin substrate or melted onto pads on the PCB using solder balls.
该过程需要长达六个月, 的时间，并且需要大量的电力和水。到 2024 年，全球, TTM 使用的电力相当于 70,000 个家庭, 的电力和 21 亿加仑的水。该公司表示， 现在的目标是使用 60% 可再生能源并回收 35% 所用的水。
The process takes up to six months, and requires a lot of power and water. Globally, TTM used as much power as 70,000 homes, and 2.1 billion gallons of water in 2024. The company says it的 now aiming to use 60% renewable energy and recycle 35% of the water used.
Nearly three-quarters of PCBs made at TTM的 biggest standalone China plant end up in data centers.然而，TTM 加利福尼亚工厂的, 71% 最终用于航空航天和国防产品。从明年开始，根据新立法，国防电子产品将必须来自美国。
Nearly three-quarters of PCBs made at TTM的 biggest standalone China plant end up in data centers. However, at TTM的 California plant, 71% end up in aerospace and defense products. Defense electronics will be legally required to come from the U.S. under new legislation starting next year.
两党参议员还在 5 月, 提出了保护电路板和基板法案，为选择美国制造电路板的公司提供 25% 的税收抵免。众议院的一项配套法案呼吁为美国制造商提供 2430 亿美元的拨款。这两项法案目前正在考虑,，作为美国政府努力的一部分，以帮助为受到北京大量补贴的中国公司提供公平的竞争环境。
Senators from both parties also introduced the Protecting Circuit Boards and Substrates Act in May, which offers a 25% tax credit to companies that choose American-made circuit boards. A companion bill in the House calls for $3 billion in grants for U.S. manufacturers. Both bills are currently under consideration, as part of an effort by the U.S. government to help level the playing field against Chinese companies that are heavily subsidized by Beijing.
"我们的一些对手拥有非常复杂的攻击模式," DOD的 Cadenazzi 说道。 He gave examples of how certain mechanisms could be introduced to "siphon off data" back to China, decrease performance of the system, or interfere with weapons.
"Some of our adversaries have very sophisticated modes of attack," said DOD的 Cadenazzi. He gave examples of how certain mechanisms could be introduced to "siphon off data" back to China, decrease performance of the system, or interfere with weapons.
"一个特定的代码被启用，然后突然, PCB,与芯片,结合起来做出决定，实际上破坏了弹药的引导，它落在了错误的位置,"他说。
"A particular code is enabled and then all of a sudden, the PCB, in combination with the chip, make a decision to actually disrupt the guidance of the munition and it lands in the wrong location," he said.
Roks 将这种可能性描述为"非常可怕,"，并表示'这就是为什么"它必须在美国，而且很快就必须在欧洲。"
Roks described the possibilities as "very scary," and said that的 why "it has to be in the U.S. and soon it has to be in Europe."
Nvidia 及其组装合作伙伴通过使用 X 射线和支持 AI 的图像检测工具对所有 PCB, 进行物理检查以查找异常情况来降低风险。英伟达拒绝对此事发表评论。
Nvidia and its assembly partners mitigate risk by physically inspecting all PCBs, using X-rays and AI-enabled image detection tools to look for anomalies. Nvidia declined to comment for this story.
'需要用铅笔写出这些数字'
'The numbers need to pencil out'
将生产转移到美国需要投资,，而科技巨头'需要向华尔街证明，从长远来看，这是一项有利可图的举措。
Shifting production to the U.S. requires investment, and tech的 megacaps need to prove to Wall Street that it的 a profitable move in the long run.
PCBAA的 Schild 表示，许多高管" 表示风险是他们成本分析的一部分," 并表示他们认为需要多元化。
The PCBAA的 Schild said many executives "indicate that risk is a part of their cost analysis," and say they see the need to diversify.
"但是,当然需要用铅笔写出,"他说的数字。 PCBAA 表示，电路板工厂的建设成本在 242.5 亿%至 244 亿%之间。
"But of course, the numbers need to pencil out," he said. The PCBAA says circuit board factories cost between $250 million to $400 million to build.
除了 TTM的国内开发, Sanmina, 还在其位于加州, 以及中国和新加坡的两个制造基地进行扩张。
In addition to TTM的 domestic development, Sanmina, is expanding at its two manufacturing sites in California, as well as in China and Singapore.
还有 越来越多的初创公司正在尝试能够提供帮助的创新。 Quilter, 由 SpaceX 前员工, 创建，使用 AI 设计日益复杂的电路板。 Itera 正在制造 "fluid" 电路板，可以快速重新布线，以减少对大量新板的需求。
There的 also a growing list of startups trying out innovations that could help. Quilter, founded by a former SpaceX employee, uses AI to design increasingly complex circuit boards. And Itera is making a "fluid" circuit board that can be rapidly rewired to reduce the need for so many new boards.
"我们能做的最好的事情就是发展一个强大的国内 PCB 行业，开始与竞争对手的补贴价格竞争，并为这些公司提供选择，以更有弹性的方式从值得信赖的合作伙伴那里购买," Cadenazzi 说。
"The best thing we can do is develop a robust domestic PCB industry that starts to be competitive against subsidized pricing from our competitors and provides options for these firms to buy domestically in a more resilient way from trusted partners," Cadenazzi said.
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