Wistron, a leading AI server assembler, reported its FY25 financial results. Gross margin (GM) for FY25 and 4Q25 came in at 6.1% and 5.6%, respectively, both below street consensus of 6.5% and 6.8%.1. These results validate my earlier view on the structural impact of AI server design trends on assembler profitability. GM was also pressured by the product transition (GB200 NVL72 → GB300 NVL72).2. 2026 assembly GM positives to watch: 1) ~200% YoY shipment growth for the GB NVL72 series in 1H26, where scale sh ...