Victory Giant’s $2.6bn IPO and Cerebras’s $510m Filing Intensify Nvidia Competition
Victory Giant Technology Huizhou Co., a PCB supplier for Nvidia, surged 50% in its HK debut after a $2.6bn IPO, underlining strong AI hardware demand. NVIDIA’s software partnership with SUSE, Cerebras’s $510m IPO filing and Anthropic’s $5bn Amazon-backed deal for Trainium chips intensify competitive pressure on Nvidia’s 37x P/E valuation.
1. Victory Giant’s $2.6bn PCB Supplier IPO
Victory Giant Technology Huizhou Co., which supplies high-density PCBs for Nvidia’s AI servers, raised $2.6 billion in Hong Kong—the largest listing in seven months—surging 50% to HK$315.00 from a HK$209.88 issue price, backed by 37 cornerstone investors and signaling robust PCB demand tied to AI growth.
2. SUSE AI Factory Partnership with Nvidia
SUSE unveiled its AI Factory software stack built on Nvidia AI technology, offering pre-validated deployment blueprints, zero-trust security and simplified workflows across data centers and edge environments, with a preview at SUSECON and general availability slated later in 2026.
3. Rival Chipmakers Intensify Competition
Cerebras Systems filed for a $510 million Nasdaq IPO after reporting $510 million revenue in 2025 (up 76% YoY), while Anthropic secured a $5 billion Amazon investment and committed $100 billion in AWS compute spend on Trainium accelerators—moves that threaten to siphon AI workload demand from Nvidia GPUs.
4. Valuation Pressures from Growth Limits
Nvidia trades at a 37x trailing P/E and a 21x forward P/E on a $4.3 trillion market cap, implying near-term profit expectations of $200 billion; concerns over finite market growth, margin pressure from emerging rivals and hardware commoditization could constrain its multiple expansion.