Flash | 09 Oct 2026 17:06:13 ET │ 15 pages China CCL Sector Our Thoughts on Recent US Restrictions Against China on 3.2T and Defense PCB CITI'S TAKE Within AI-infra hardware, China holds a dominant ~75% share of global CCL supply, according to Prismark (Fig 2). Amid reports of 3.2T transceivers requiring 65% local content BOM (SCMP, 10/9/26) and the US defense ban on Chinese PCBs (Inside Defense, 7/2/26), the US is imposing tighter restrictions on strategic industries like AI-infra and defense to decouple f ...