HHaelangdal·Founder AnalystMay 23, 202622 min readVera Rubin, VR200, BOM, HBM4, LPDDR5X, Memory Supercycle, AI Data Center, NVIDIA, SK Hynix, Samsung Electronics, Substrate, MLCC, PCB, ABF
1. The BOM Revision — What Changed
Start with the new data exactly as Morgan Stanley estimated it (April 2026).
<Chart 1> NVL72 rack BOM comparison — GB300 vs VR200
Item-by-item change
GPU rose from $2,520,000 to $3,960,000 — a 57% increase, about $55,000 per GPU. It remains the most expensive single line item. But its share of the rack fell from 63.1% to 50.7%.
Memory is the lead story of this revision. From $373,939 to $2,001,600 — +435%. Of the $3.8M total rack increase, memory accounted for $1.63M, or 43% — more than the GPU's $1.44M increase.
Networking also surged. NVLink Switch +122%, other networking +121%. PCB +233%, MLCC +182%, substrate +82%. As electrical complexity exploded, substrate and passive component costs jumped together.
CPU was flat at $180,000. Cooling rose only 12% and power 32%. These are the items whose shares shrank.
<Chart 2> VR200 cost change rate by item
Total and shares
VR200 NVL72 rack total: $7,803,148 — a 95% increase from GB300's $3,994,551. Effectively doubled.
The share structure shifted. GPU 50.7%, memory 25.6%, others 8.0%, networking 9.2%, CPU 2.3%, remainder 4.2%. GPU sits just above half; memory occupies a quarter.
<Chart 3> BOM share change — memory from 9.4% to 25.6%
The rack price doubled, but within it the space memory takes has widened 2.7x.