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Engineering Update

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TheValueist

TheValueist

@TheValueist

22 Nov 2025

$NVDA At a high level: NVIDIA has not published a bill‑of‑materials for the Vera Rubin Ultra NVL576 (“Kyber rack”). What is public is: •The platform architecture (Rubin GPU, Vera CPU, BlueField‑4, ConnectX‑9, NVLink7 Kyber). •The MGX rack standard and 800V HVDC power architecture, which NVIDIA explicitly says are reused for GB200/GB300 NVL72 and future Vera Rubin NVL144 / NVL576 systems. •NVIDIA’s own lists of rack / power / cooling / connector ecosystem partners and MGX / NVL72 reference designs, which name the vendors building the racks, manifolds, busbars, PSUs, quick‑disconnects, etc. So the lists below are all vendors that NVIDIA itself has publicly tied to MGX / GB200‑/GB300‑/Vera‑/Rubin‑class racks and the 800V AI‑factory architecture. These are the realistic “long list” of companies whose hardware ends up in NVL576‑class racks, even though any given rack an end‑customer buys may use a subset of them. I’ll flag a few times that a company is an ecosystem partner (likely / optional) vs. direct platform silicon. ⸻ CORE PLATFORM OWNER •NVIDIA Corp (NVDA) – United States •Designs and sells the Rubin Ultra GPUs, Vera CPUs, BlueField‑4 DPUs, ConnectX‑9 NICs, NVLink7 / NVSwitch chips, Spectrum‑X Ethernet switches, silicon‑photonics processor and Kyber rack architecture that make up the NVL576. •Owns the MGX rack standard and the 800V HVDC “AI factory” reference architecture that underpins future Vera Rubin NVL144/576 racks. ⸻ FOUNDRY & ADVANCED LOGIC PACKAGING These are the fabs actually making Rubin / Vera / networking silicon. •Taiwan Semiconductor Manufacturing Co (TSMC; TSM / 2330.TW) – Taiwan •Foundry for Rubin GPUs, Vera CPUs and companion chips (NVLink144, CX9 SuperNIC, Spectrum‑X switch, silicon‑photonics processor), all reported as “in fab at TSMC.” •Provides advanced packaging (CoWoS‑class) for GPU HBM packages. (Other OSAT/packaging houses may be involved, but NVIDIA has not publicly named them for Rubin; I’d treat ASE/Amkor/etc. as possibilities, not confirmed.) ⸻ HBM & OTHER MEMORY SUPPLIERS Rubin Ultra GPUs move to HBM4, with NVIDIA sampling all three big DRAM vendors. •SK hynix (000660.KS) – South Korea •First public HBM4 supplier for Rubin; TechRadar reports SK hynix finalized HBM4 design “for NVIDIA’s next‑gen Rubin processors” and will be first to volume. •Samsung Electronics (005930.KS) – South Korea •Sampling HBM4 to NVIDIA alongside SK hynix and Micron; expected secondary source as capacity tightens. •Micron Technology (MU) – United States •Also sampling HBM4 to NVIDIA Rubin per industry reports. •Standard DRAM / LPDDR for Vera CPUs and BlueField DPUs will similarly be sourced from SK hynix, Samsung, Micron – NVIDIA does not lock these to a single vendor. ⸻ SERVER / SYSTEM OEM & ODM (MGX / RUBIN / KYBER RACKS) These companies build the complete servers and racks that implement NVIDIA’s MGX Rubin designs (Vera Rubin NVL144 today, Rubin NVL576 tomorrow). Major MGX / Blackwell / Vera system partners •ASRock Rack (3515.TW) – Taiwan – MGX server OEM. •ASUS (2357.TW) – Taiwan – shows GB200 NVL72 & MGX chassis; will extend to Rubin MGX. •Dell Technologies (DELL) – United States – MGX/Blackwell server OEM. •GIGABYTE Technology (2376.TW) – Taiwan – MGX servers for Blackwell/Vera. •Hewlett Packard Enterprise (HPE) – United States – Blackwell/MGX server partner. •Hyve (TD SYNNEX; SNX) – United States – white‑box MGX platform builder. •Inventec (2356.TW) – Taiwan – ODM for MGX servers. •MSI (2377.TW) – Taiwan – MGX server OEM. •Pegatron (4938.TW) – Taiwan – MGX ODM/OEM. •Quanta Cloud Technology (QCT, part of Quanta Computer 2382.TW) – Taiwan – MGX & rack‑scale systems. •Super Micro Computer (SMCI) – United States – leading MGX/Blackwell rack and “AI factory” OEM. •Wiwynn (6669.TW) – Taiwan – hyperscale server/rack ODM for MGX. Rack & cabinet specialists reusing MGX for NVL576 •Chenbro – Taiwan (private) •Designs MGX 1U/2U/4U chassis and full GB200 NVL72 racks, with blind‑mate liquid cooling and CRPS PSU support. •Yuans Technology – China (private) •Cabinet manufacturer; offers MGX racks and Open Rack V3 NVIDIA MGX rack variants. •Rittal – Germany (private) •Launched MGX‑architecture racks with 1,400A busbar support specifically for NVIDIA AI clusters; targeted at NVL72/GB300 and forward‑compatible with Vera/Rubin footprints. •Cheval Group – Taiwan (private) •Builds Open Rack v3 NVIDIA MGX racks for GB200 NVL72 per OCP marketplace; the mechanical envelope is reused for Rubin NVL144/576. •TransPak – United States (private) •Manufactures MGX GB200/GB300 rack crates (shipping / integration enclosures) for NVIDIA racks. ⸻ NETWORKING SILICON & ADAPTERS (INSIDE THE RACK) Everything here is NVIDIA silicon, fabbed at TSMC. •NVIDIA (NVDA) – United States •ConnectX‑9 SuperNIC / NIC: 800G NIC / SuperNIC used on each Rubin compute blade; 576 NIC ports per Kyber rack. •BlueField‑4 DPU: integrates ConnectX‑9 networking with DPU offload; present per compute blade. •NVLink7 / NVSwitch144: switch ASICs providing the 144‑port NVLink7 fabric inside each pod. •Spectrum‑X Ethernet switch silicon: 800G class Ethernet used for rack‑to‑rack and storage networking in Vera/Rubin AI factories. •Silicon‑photonics processor (for CPO / co‑packaged optics in Rubin NVL144 and beyond). (External optics / transceivers beyond the rack are typically CSP‑selected; NVIDIA has not tied NVL576 to specific optics vendors yet.) ⸻ 800V HVDC POWER – SILICON PROVIDERS These companies supply the power ICs (GaN, SiC, control, etc.) used in 800V→rack power conversion and local VRMs, per NVIDIA’s HVDC AI‑factory alliance. •Analog Devices (ADI) – United States – high‑performance power management ICs, sensing, and isolated gate drivers for 800V DC systems. •Infineon Technologies (IFX.DE) – Germany – SiC MOSFETs, gate drivers, and power modules for HVDC AI servers. •Innoscience Technology (2577.HK) – China – GaN power devices for high‑efficiency DC‑DC conversion in MGX/800V architectures. •Monolithic Power Systems (MPWR) – United States – controllers and power stages for board‑level VRMs. •Navitas Semiconductor (NVTS) – U.S.-listed (HQ Ireland) – GaN devices for high‑density AC‑DC / DC‑DC modules. •onsemi (ON) – United States – SiC diodes/MOSFETs and drivers for rectifiers/inverters in 800V power shelves. •Renesas Electronics (6723.T) – Japan – controllers, MCUs and power devices for server PSUs. •ROHM (6963.T) – Japan – SiC power devices and drivers. •STMicroelectronics (STM) – Switzerland – power MOSFETs, SiC, and controllers for HVDC conversion. •Texas Instruments (TXN) – United States – DC/DC controllers, gate drivers, current sensing, and protection ICs for the 800V architecture. ⸻ RACK POWER MODULES & DATA‑CENTER POWER SYSTEMS These companies build 33 kW MGX power shelves, busbars, and room‑level power systems for GB200/GB300/Vera/Rubin racks under NVIDIA’s 800V architecture and OCP reference designs. Rack‑level power shelves / modules •Delta Electronics (2308.TW) – Taiwan •Provides Power shelf modules, CDUs, and MGX racks (1,400A busbar 44RU manifold) for NVIDIA GB200/GB300 and MGX platforms; listed as module manufacturer in NVIDIA’s HVDC alliance. •Flex Ltd / Flex Power Modules (FLEX) – Singapore/US •33kW MGX power shelves and DC‑DC modules for GB300/800V racks; named HVDC partner and in NVL72 component lists. •Lite‑On Technology (2301.TW) – Taiwan •Builds full rack power shelves (MGX-1ULWN2), integrated cabinet power management and liquid cooling for GB200, GB300, and “next‑generation Rubin systems”. •Shenzhen Megmeet Electrical (002851.SZ) – China •33kW power shelf modules for NVIDIA GB300 / MGX as per component vendor lists; also in NVIDIA’s HVDC module supplier shortlist. •Lead Wealth – China (wholly‑owned BYD Electronic, 0285.HK) •Listed by NVIDIA as a power system component supplier and by Citi as a key 800V architecture partner for Vera Rubin AI servers. •BizLink Holding (3665.TW) – Taiwan •Develops 800V power connectors, cables, and rack busbars specifically for the NVIDIA 800V architecture (AC/DC PDU, 800V busbar, liquid‑cooled busbar on power and compute racks). •JPC Connectivity (6197.TW) – Taiwan •MGX busbar series, busbar clip connectors, rack busbars and high‑speed cables, marketed explicitly as “MGX busbar” and “MGX high‑speed cable”. Data‑center‑level power systems •Vertiv Holdings (VRT) – United States •Co‑authors the GB200 NVL72 reference architecture with NVIDIA and supplies CDUs, power distribution and prefabricated AI hall designs; expected to replicate with Vera/Rubin racks. •Eaton (ETN) – Ireland/US – Power distribution, UPS, and switchgear partner in the 800V HVDC alliance. •Schneider Electric (SU.PA) – France •800V power systems and, via its acquisition/partnership with Motivair, integrated liquid cooling. ⸻ LIQUID COOLING – COLD PLATES, MANIFOLDS, CDUs, QUICK‑DISCONNECTS NVIDIA has shown a common MGX 44RU manifold / cold‑plate ecosystem reused from GB200 NVL72 into Vera Rubin racks. Cold plates & manifolds •Asia Vital Components – AVC (3017.TW) – Taiwan •TrendForce calls out AVC as a leading cold‑plate vendor for NVIDIA GB200 racks; NVIDIA lists AVC among the 40 DCI partners for Blackwell/MGX racks. •Auras Technology (3324.TWO) – Taiwan •Supplies cold plates and manifolds for GB200 racks; appears in both TrendForce and NVIDIA DCI partner list. •Cooler Master – Taiwan (private) •Provides cold plates and MGX 44RU manifolds for NVL72; STH notes Cooler Master manifolds in ASUS GB200 NVL72 reference racks. •Pinda (Pinda Technology) – Taiwan (private) •One of eight NVIDIA MGX 44RU manifold vendors displayed at GTC 2025. •Foxconn / Hon Hai Precision (2317.TW) – Taiwan •Manifold vendor and chassis integrator for MGX racks; large thermal module supplier as well as system ODM. •Lite‑On Technology (2301.TW) – Taiwan •Manufactures manifolds and integrated liquid‑cooled cabinet solutions for GB200/GB300 and Rubin systems. •Lead Wealth (BYD Electronic subsidiary; 0285.HK) – China •Listed both as a manifold supplier and as power‑system component vendor for NVIDIA’s 800V AI server architecture; tied directly to Vera Rubin program. •Delta Electronics (2308.TW) – Taiwan •Supplies manifolds and coolant distribution units (CDUs) for GB200 cabinets; also builds complete MGX racks. •Vertiv (VRT) – United States •CDUs and room‑scale liquid cooling; noted by TrendForce as key CDU supplier for GB200 cabinets and co‑designer of NVIDIA’s 7MW NVL72 data‑center reference. •Beehe – China (private) •Provides cold plates and in‑rack L2A CDUs explicitly marketed for NVIDIA MGX / GB200 servers (6–24kW units, EIA/ORv3 form factors). •CoolIT Systems – Canada (private) •Direct‑to‑chip liquid cooling vendor listed among NVIDIA Blackwell / MGX DCI partners. •Motivair (part of Schneider Electric; private) – United States •Provides CDUs up to 2.3MW and rear‑door heat exchangers used with NVIDIA GPU clusters; NVIDIA‑aligned AI‑factory cooling specialist. Quick‑disconnects & liquid connectors •Envicool (Shenzhen Envicool Technology, 002837.SZ) – China •NVIDIA MGX ecosystem partner; produces MGX NVQD/UQD quick‑disconnects and other AI liquid‑cooling connectors. •Boyd Corporation – United States (private) •Identified by TrendForce as major QD and liquid‑cooling component supplier for NVIDIA AI racks; DCI partner list includes Boyd. •ZJK Industrial Co., Ltd. (ZJK) – China •Publicly traded; launched liquid‑cooled quick connectors showcased at COMPUTEX 2025 alongside NVIDIA MGX ecosystem. •CPC – Colder Products Company (private, US) •TrendForce notes CPC as a leading quick‑disconnect supplier for NVIDIA GB200 cabinets. •Parker Hannifin (PH) – United States •Industrial QD and coupling supplier on NVIDIA’s DCI partner list and TrendForce’s GB200 QD vendor set. •Danfoss – Denmark (private) •Provides liquid QDs and valves; cited in TrendForce analysis and NVIDIA DCI list. •Stäubli International – Switzerland (private) •High‑reliability QDs for data‑center liquid cooling; also on NVIDIA’s DCI list. ⸻ CONNECTORS, BUSBARS, MECHANICALS & FANS (RACK / MIDPLANE / CABLE) These are the companies NVIDIA explicitly lists as “Data Center Infrastructure (DCI) partners building on the Blackwell platform” for racks, busbars, connectors, slides, fans, etc. Connectors & cabling •Amphenol (APH) – United States – high‑speed and power connectors; backplane / mezzanine / IO connectors for MGX trays and racks. •TE Connectivity (TEL) – Switzerland – ORv3 BB1000 power connectors, PCIe Gen7 interconnects and MGX busbar connectors; listed in OCP products and NVIDIA’s DCI roster. •Molex – United States (private, Koch Industries) – backplane and high‑speed cabling for MGX/NVLink; mentioned alongside TE/Amphenol in MGX connector coverage. •BizLink Holding (3665.TW) – Taiwan – busbar connectors, power whips, DACs, optics, and 800V rack cabling for NVIDIA MGX / 800V AI infrastructure. •JPC Connectivity (6197.TW) – Taiwan – MGX busbar connectors, MCIO/PCIe Gen6/Gen7 high‑speed cables. •Luxshare Precision Industry (002475.SZ) – China – cable assemblies and connector systems; NVIDIA DCI partner for cabling and possibly CPO‑related assemblies. •LOTES (3533.TW) – Taiwan – board‑to‑board and socket connectors for server motherboards and GPU boards. •Interplex – Singapore (private) – custom busbars and mechanical interconnects for racks and servers. Rails, mechanics, sheet metal •King Slide Works (2059.TW) – Taiwan – server slide rails and cable management arms for MGX racks. •Cheng Fwa Industrial – Taiwan (public, ticker not widely traded) – precision metal parts and server slide rails for IT industry; listed as DCI partner. •Yuans Technology – China (private) – cabinet/rack structure manufacturing, including MGX rack variants. •Rittal – Germany (private) – MGX‑compatible racks with integrated 1,400A busbars and rear‑crossmember flexibility. •Chenbro – Taiwan (private) – MGX 1U/2U/4U chassis and NVL72 racks with blind‑mate manifolds and PSUs. •Kingslide, Chengfwa, Repon (private, Taiwan) – Repon is another slide‑rail vendor on DCI list, supplying rack slide‑outs. Fans & motors •Sanyo Denki (6516.T) – Japan – high‑reliability fans and power supplies; called out in press as a beneficiary of AI‑data‑center cooling demand and listed in NVIDIA DCI partner roster. •Nidec Corp (6594.T) – Japan – fans and motors for AI data‑center cooling; also highlighted as an “unlikely AI‑boom winner” in cooling and power delivery. •Sunonwealth Electric Machine (2421.TW) – Taiwan – DC brushless fans and blowers for servers; DCI partner (SUNON) for MGX and AI racks. ⸻ “AI FACTORY” INFRASTRUCTURE & COOLING INTEGRATORS These are broader data‑center infrastructure specialists NVIDIA highlights in its DCI and AI‑factory announcements. Their components and systems will surround any NVL576 deployment even if not inside the rack: •Vertiv (VRT) – US – turnkey power/cooling blocks & CDUs for 7MW GB200 clusters; likely to design Vera/Rubin prefabs too. •Schneider Electric (SU.PA) – France – electrical distribution Motivair liquid‑cooling portfolio, tied to NVIDIA’s AI‑factory “DSX” blueprints. •Eaton (ETN) – Ireland/US – room‑scale power distribution and UPS in the 800V ecosystem. •Motivair (private, US; now “Motivair by Schneider”) – CDUs and rear‑door exchangers for NVIDIA GPU racks. ⸻ HOW TO USE THIS AS A DILIGENCE UNIVERSE 1.“Core NVL576 silicon stack” (NVIDIA TSMC HBM vendors) •High direct leverage to Rubin/Vera volume. 2.“Rack‑scale plumbing” (power modules, manifolds, busbars, QDs, racks) •Names like Delta, Lite‑On, BizLink, JPC, Vertiv, AVC, Auras, Cooler Master, Envicool, BYD/Lead Wealth, ZJK, Pinda, Foxconn, Chenbro, Rittal, Yuans, King Slide, Cheng Fwa, Sanyo Denki, Nidec, Sunon are effectively the “steel, copper and plumbing” layer of Rubin NVL144/576. 3.“Power‑silicon layer” (ADI, Infineon, Innoscience, MPS, Navitas, onsemi, Renesas, ROHM, STMicro, TI, Megmeet, Flex, Eaton, Schneider) •Beneficiaries of the 800V shift and of GPU‑rack power density. 4.“Server OEM / ODM” (Supermicro, Dell, HPE, Quanta/QCT, Wiwynn, Inventec, Pegatron, ASUS, ASRock Rack, Gigabyte, MSI, Hyve) •Where the “full rack” NVL576 systems and derivative designs actually get assembled and sold.

TheValueist

@TheValueist

22 Nov 2025

Here's my controversial deep thought for today, given the high interest in the diagrams and images I shared of the Kyber rack: The sales going forward of the $NVDA GB300 Oberon NVL72 rack are meaningless to equity investors. The need for compute is scaling so quickly, and the models are evolving so rapidly, the only thing equity investors should focus on is the deployment of the Rubin Ultra Kyber NVL576 rack and how fast and at what volume it can be installed in the numerous data centers currently or projected to be built.

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