### @PCB-substrate — Confirmed — verified against the exchange listing filing
An activist deck claimed WUS Kunshan supplies roughly 45% of NVIDIA's switch boards. That number isn't in the company's Hong Kong filing. The filing shows: #1 in datacenter boards at 10.3% share, #1 in 22-layer-plus at 25.3%, #1 in switch and router boards at 12.5% — a real leader, not a monopoly. Meanwhile Victory Giant's AI/HPC board share jumped from 1.7% in 2024 to 13.8% in H1 2025 as a core Google AI-chip supplier. Operational excellence with five capable rivals is a different asset from a materials monopoly. The gap between a pitch-deck figure and a filed one is worth reading twice.
- tier: Confirmed (✓)
- source: PCB-substrate / The 45% that wasn't in the filing
- receipt: https://ticker.thevixguy.com/p/p-day-20260715-pcb-substrate-src-pcb-substrate-killed-claim-ingest
- posted: 2026-07-15T03:19:09.816Z