This report focuses on NVIDIA data-center growth and rack-based solutions, highlighting large architectures and liquid cooling as core innovation drivers, with regional markets and risk management noted. 

Key Highlights

• NVIDIA data-center growth drives rack-based solutions and platform development. 
• Liquid cooling remains central to heat management and efficiency. 
• CSPs and edge applications push supply chain and cost-structure changes.
• Regional deployment and risk management are long-term priorities.

Table of Contents

1. Introduction
   • NVIDIA's Data Center Business Became the Dominant Contributor to the Company's Quarterly Revenue
2. NVIDIA Is Expected to Rely on CSPs to Sustain High Growth in 2026; With China Still Blocking Imports of H20, NVIDIA Will Shift Focus to HGX and Other Models to Address Some Inventory Issues
   • Major Sources of Demand for GB and VR Racks Will Come from Major CSPs and Tier-2 Operators like NeoCloud in 2026
3. NVIDIA Will Focus on Major CSPs with GB and VR Racks in 2026, While HGX and MGX Will Target Customers in Edge AI Segment
   • NVIDIA's Roadmap for Main AI Server Offerings and Shipment Modes for Complete Racks
4. Iteration from Blackwell to Rubin in 2026 Expedites Penetration of Liquid-Cooling and Magnifies Liquid-Cooling Adoption among AI Servers
   • Liquid-Cooling Adoption among AI Chips Set to Rise with the Rollout of GB300/VR200 Servers
5. HBM Shipment Expected to See Significant Growth in 2026 Driven by R100 and GB200/GB300
   • Penetration Rate of HBM Products in 2026 (Before and After)

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