Oracle's demand for GB Rack surges; production complexity slows early shipments; NVIDIA H20 faces geopolitical challenges but retains growth potential.

Key Highlights

• Oracle significantly increases GB Rack demand, mainly through Foxconn collaboration
• Complex assembly slows shipments in early months, expecting major output later
• GB200 remains main model; GB300 gradually expands and will replace GB200
• New VR200 system under design, mass production expected later
• NVIDIA H20 impacted by US-China tensions but retains AI ecosystem benefits
• Future of H20 depends on geopolitical negotiations and local ASIC development progress.

Table of Contents

1. Introduction
   • NVIDIA's Data Center Business Sees Significant Growth in FY2Q26
2. Increased Volume Anticipated for GB Racks in the Second Half of 2025, Driven by Major North American CSP Demand
   • Projection on Shipment Ratio of GB Racks to Major Clients
3. H20 May be Prone to Risks of Reduction from Fluctuating Status of Geopolitics but Would Facilitate Growth Opportunities of RTX PRO 6000
4. Demand for NVIDIA’s AI Solutions Expected to Continue Growing in 2026, With Strong Forecast for CoWoS Technologies
   • Projection on TSMC's and NVIDIA's Respective CoWoS Demand Volumes in 2026
5. NVIDIA’s Rack Solutions, Including GB and VR Series, Are Expected to Drive Growth of Liquid Cooling Supply Chain in 2025-2026
   • Projected Increase in Liquid Cooling Adoption for AI Chips as Shipments Rise for GB and VR Series Racks
6. Blackwell Chips Are Primary Demand Driver in HBM Market, and Release of GB300 Has Led to Significant Demand Growth for HBM3e 12-hi
   • Distribution of HBM Shipments by Product Type, 2025-2026

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