Chinese PCB maker Victory Giant surges ~57% in its Hong Kong trading debut after raising ~$2.6B in its IPO, the largest in the city so far this year (Eunice Xu/South China Morning Post)
THE SO WHAT
A $2.6B IPO and 57% pop for Victory Giant—an Nvidia supplier—shows public markets are now pricing upstream AI infrastructure, not just the headline chip designers. If your supply chain touches GPUs, boards, or power, you’re no longer a boring component vendor—you’re part of the AI leverage trade and will be treated accordingly.
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