🧠 Food for thought

Implications, context, and why it matters.

From Nvidia supplier to a leading AI and high-performance computing PCB maker

• Victory Giant grew fast after becoming a supplier to Nvidia, the US chip leader 1.
• Victory Giant joined Nvidia’s H-series AI accelerator supply chain in 2023. Nvidia moved it up to tier one in 2024 1. The company said it held a 13.8% global share in AI and high-performance computing printed circuit boards (PCBs) in the first half of 2025, up from 1.7% in full-year 2024 2.
• Selling more higher-margin products lifted High Density Interconnect (HDI) revenue 388.2% year on year in 2025. Gross margin climbed to 35.2% from 22.7% in 2024 2.

IPO funds within the US-China tech supply chain

• In Hong Kong, the retail portion of the initial public offering (IPO) was oversubscribed about 431 times. The company plans to use the funds to expand AI-related circuit board output 1.
• Victory Giant said 74% of the proceeds would go to more production in mainland China 3. The deal includes an option that could raise the offering to as much as US$2.6 billion 4.
• Using most of the IPO proceeds for mainland China capacity expansion fits Beijing’s push to strengthen domestic technology manufacturing amid US export controls 5.