Nvidia(US:NVDA)2025-10-14 14:44Summary of NVIDIA VR200 NVL144 CPX Rack Design Changes and Beneficiaries Company and Industry - Company: NVIDIA (NVDA US) - Industry: Semiconductor and PCB (Printed Circuit Board) Design Key Points and Arguments Introduction of VR200 NVL144 CPX Rack - NVIDIA has launched the VR200 NVL144 CPX rack, generating significant interest among investors [1] - The new rack features PCB design changes aimed at optimizing performance and cost [1] Processing Stages of Large Language Models - The processing of large language models is divided into prefill and decode stages, each with distinct load characteristics [2] - The prefill stage is compute-bound, while the decode stage is memory-bound, leading to performance degradation when run concurrently [2] Design Changes in the VR200 NVL144 CPX Rack - The rack maintains the traditional design of 18 compute trays and 9 switch trays but incorporates changes to the Oberon architecture [5] - Each compute tray includes 2 Vera CPUs, 4 Rubin GPUs, 8 Rubin CPX GPUs, and 8 CX9 NICs [5] - The Rubin CPX uses GDDR7 memory instead of HBM, focusing on optimizing prefill scenarios [2][7] PCB Value Increase - The PCB value in the VR200 NVL144 CPX rack has nearly tripled compared to the GB200/300 generation, with an estimated total PCB value of over $3000 per compute tray [19] - The Bianca board in the VR200 has seen a 30% increase in value compared to previous generations [18] Cooling Solutions - The power of Rubin GPGPU has increased from 1800W to 2300–2500W, necessitating the adoption of Micro-Channel Lid (MCL) for improved cooling efficiency [23][24] - MCL is supplied exclusively by Taiwan's Jentech, making it a key beneficiary of the power increase [25] Memory Module Changes - NVIDIA is switching from LPDDR5X memory to SOCAMM, which offers higher flexibility and maintainability [26][29] - This change benefits suppliers of memory module peripheral chips, such as Rambus, as SOCAMM modules require additional components [29] Supply and Demand for HVLP4 Copper Foil - Demand for HVLP4 copper foil is expected to exceed supply, with NVIDIA's VR200 racks and AWS Tranium 3 racks fully adopting HVLP4 [31][33] - By 2027, total demand for HVLP4 is projected to be 15,000 tons, while supply is estimated at 13,000 tons, resulting in a 10% supply shortage [33] MEC as a Hidden Beneficiary - MEC, a Japanese company specializing in surface treatment chemicals, is positioned to benefit from the increased demand for HVLP4 copper foil due to its CZ series products [35][36] - MEC's revenue from the adoption of its products in AI server PCBs could increase significantly, contributing to 50% of its total revenue by 2027 [48] Other Important Points - The PCB design changes include a midplane to replace overpass cables, enhancing connectivity within the compute tray [12][15] - The NVSwitch tray boards have also seen a value increase, with a new design that includes more layers and higher-grade materials [20] - The transition to SOCAMM memory modules is NVIDIA's second attempt, raising concerns about potential warpage issues [29] This summary encapsulates the critical developments and implications of NVIDIA's new VR200 NVL144 CPX rack, highlighting the potential beneficiaries and market dynamics within the semiconductor and PCB industries.