Demand leg
Memory cost leg
Full cycle
How HBM memory cost flow-through compresses Nvidia gross margin
Rack-scale demand
Blackwell Ultra · Vera Rubin
Data-center revenue
grows with racks
HBM / memory cost
procurement volume
Cost of sales
memory flows through
AI server price
ASP uplift
margin floor
Q2 FY27
Q4 FY27
FY28
growth is real — but priced through margin