“Blackwell GPU architecture entering volume ramp. Each GB200 GPU uses 192 GB of HBM3E — 2.4× the HBM content of H100. Data Center revenue $39.1B (+73% Y/Y), almost entirely driven by Blackwell. NVIDIA stated demand "far exceeds supply" and CoWoS advanced packaging remains the primary constraint on shipment volume.”

“NVIDIA has reserved ~60% of TSMC CoWoS capacity through 2027, gating the entire AI chip industry. CEO Jensen Huang described CoWoS as "the most constrained part of the supply chain." Every competing AI chip maker — AMD, Broadcom custom ASICs, hyperscaler silicon — competes for the remaining 40%. NVIDIA's packaging lock is structurally equivalent to a supply chain moat.”

“NVL72 rack (72× GB200 GPUs) draws 120kW requiring direct liquid cooling. NVIDIA partnering with Vertiv, Schneider Electric, and Coolit for certified liquid cooling solutions. Liquid-cooled NVL72 deployments now the majority of new hyperscaler AI cluster orders. NVIDIA's rack-scale architecture is single-handedly driving the liquid cooling industry transition.”

“NVIDIA Grace CPU (ARM-based) gaining traction in Grace-Hopper Superchip deployments. Each GH200 pairs Grace CPU + H100 GPU on one module via NVLink-C2C. Grace CPU capturing AI server orchestration workloads — a beachhead in the data center CPU market Intel and AMD had previously owned entirely.”

“NVIDIA committed $4B to Lumentum and Coherent for EML laser supply, plus investments in Ayar Labs and Scintil Photonics for CPO. The move secures optical interconnect supply for NVLink and InfiniBand fabric through 2027+ while simultaneously betting on CPO replacing pluggable transceivers by 2029. Rivals building AI clusters cannot secure EML supply.”