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TTMI

2 min read

TTMI — TTM Technologies

TL;DR

TTM Technologies is a leading PCB manufacturer benefiting from AI infrastructure buildout, particularly in high-density interconnect (HDI) boards for robotics and data center applications. Key catalysts include Amazon’s Vulcan robotics deployment and Google’s TPU expansion, both driving demand for advanced PCBs. Near-term upside stems from industrial automation and AI accelerator supply chains.

Business

TTM manufactures printed circuit boards (PCBs) and radio frequency components for aerospace/defense, automotive, and technology sectors. Their high-density interconnect (HDI) boards are critical for AI hardware, robotics, and advanced networking equipment. The company operates automated production facilities like its 750k sq ft Penang plant optimized for complex PCB fabrication.

Thesis

  • Robotics PCB demand: Amazon’s Vulcan robots (5,000+ units planned) require dense interconnect boards for sensor integration and motion control systems1.
  • AI accelerator exposure: Supplier for Google’s TPU boards which are transitioning to 1.6T optical modules, requiring advanced PCB designs2.
  • Aerospace backlog: $1.55B defense/aerospace backlog provides stability amid cyclical tech demand1.
  • Automation advantage: Automated Penang facility positions TTMI for high-margin HDI production as AI hardware complexity increases1.

Risks

  • Customer concentration: Reliance on few large hyperscaler/defense contracts.
  • PCB pricing pressure: Competition from Asian manufacturers like Unimicron.
  • Capacity constraints: May limit ability to capture upside from robotics/AI demand spikes.

Recent catalysts

  • 2025-11-27 — Citrini Research highlights TTMI as key PCB supplier for Google TPUs transitioning to 1.6T optical modules2.
  • 2025-07-10 — Citrini notes TTMI’s role in robotics PCBs for Amazon Vulcan and industrial automation1.

Second-order reads

  • 2025-07-10 — Citrini Robotics Update — Amazon Vulcan deployment requires dense PCBs for sensor integration → positive for TTMI’s HDI capabilities1.
  • 2025-11-27 — Citrini Carving Up the TPU — Google’s TPU V7 ramp driving 1.6T optical module demand → upside for TTMI’s high-layer count boards2.

Valuation & positioning

Trading at ~12x forward P/E (below semi-cap peers). Market underappreciates:

  1. Robotics as incremental PCB demand driver
  2. TPU vs GPU board design differences favoring TTMI’s HDI expertise

Sources

UNIM LITE COHR — PCB/optics supply chain peers

Footnotes

  1. Citrini Research — Robotics Update — 2025-07-10 ↩ ↩2 ↩3 ↩4 ↩5

  2. Citrini Research — Carving Up the TPU — 2025-11-27 ↩ ↩2 ↩3

Graph View

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