Yesterday, the teardown diagram of the VR200NVL72 by Morgan Stanley analysts went viral. Many people mistakenly thought it represented the cost structure of the VR200, claiming the total material cost was $7.8 million—this is a misunderstanding. After all, $7.8 million is the actual factory price of a single cabinet from ODM manufacturers like Foxconn (it doesn’t mean the total cost is $7.8 million). So, it’s more appropriate to call this diagram the value distribution of NVIDIA’s VR200 cabinet. Of course, this value distribution roughly corresponds to the material cost distribution. What can we learn from this diagram and the comparison with the previous generation GB300? 1. The value proportion of memory has significantly increased. Memory only accounted for 5%-10% of the BOM (Bill of Materials) cost for the GB200 NVL72 rack. But for the VR200, the proportion has skyrocketed to 26%. Simply put, the Rubin series uses more HBM. 2. PCB (Printed Circuit Board) value proportion increased by 233%. MLCC (Multilayer Ceramic Capacitor) value proportion increased by 182%. ABF substrate value proportion increased by 82%. Power supply value proportion increased by 32%. Cooling value proportion also increased by 12%. Additionally, Morgan Stanley analysts mentioned a procurement method called SOCAMM (Small Outline Compressed Attached Memory Module) in their report. In the baseline scenario, NVIDIA handles the procurement of SOCAMM and resells it with a 70% gross margin, making the rack price around $7.8 million. However, if hyperscale cloud providers (like Microsoft, Google, Amazon, etc.) choose to procure SOCAMM directly, bypassing NVIDIA’s markup, the rack price could drop to around $6.7 million. Apart from memory, connectivity, PCB/ABF/MLCC, and other key components, another noteworthy aspect is NVIDIA’s push for 800V HVDC. The Vera Rubin platform comes standard with a 110kW power module, but at least one U.S. cloud service provider has already adopted an HVDC (High Voltage Direct Current) standalone power rack on the Vera Rubin platform. Analysts predict that 800V DC will see large-scale adoption in the Rubin Ultra platform, expected to launch in the second half of 2027. Delta Electronics has already partnered with at least three U.S. cloud service providers to advance the deployment of the HVDC platform, with initial rollouts expected to begin in the second half of 2026. The key links in the 800V HVDC industry chain are also worth paying attention to.