SemiAnalysis: NVIDIA Delays or Adjustments to Multiple AI Rack-Scale Architectures, Limiting Rubin Ultra's Expansion Path
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Is the PCB becoming a key bottleneck? Industry insiders reveal: Manufacturing processes face challenges, Nvidia's Kyber rack may experience delays.
According to Mars Finance, semiconductor industry research firm SemiAnalysis published a series of articles on social media this morning Beijing time, indicating that Nvidia's Kyber NVL144 rack architecture may face delays. The firm stated, "Just three months after Jensen Huang showcased the Kyber NVL144 at GTC, the product has suffered a major setback and has been delayed by more than 12 months, postponed to 2028." Regarding the reason for the delay, the firm attributed it to "the significant challenges still facing the manufacturing process of the PCB midplane." SemiAnalysis pointed out, "Nvidia currently lacks a proven solution to extend the scaling domain of Rubin Ultra, leaving room for competitors such as AMD MI500X or TPUv8i Broadfly to surpass Rubin Ultra in scaling capabilities." (Cailian Press)
SemiAnalysis: Nvidia's system memory spending is projected to exceed 40% by 2027.
Odaily Odaily reports that SemiAnalysis, in a post on its X platform, stated that the proportion of memory in Hyperscaler capital expenditures has sparked considerable discussion, especially after MU released its financial report last week. Some market participants were surprised by the level this proportion might reach next year. SemiAnalysis released its initial view in late February, and many clients disputed its 30% figure. In May, after pricing increases exceeded expectations, SemiAnalysis responded that, after combining DRAM, NAND, and HBM, memory spending in Nvidia systems would exceed 30% by the end of 2026 and surpass 40% in 2027. SemiAnalysis expects this dynamic to become more clear in the coming months.
SemiAnalysis: Bullish on Nvidia's second-half performance; Rubin ramp-up will drive data center business growth.
BlockBeats reported on June 30th that SemiAnalysis, an independent research firm specializing in semiconductors and AI, predicts significant growth for Nvidia in the second half of this year. According to SemiAnalysis' Accelerator Model, Nvidia's data center computing (DC) revenue in the second half of fiscal year 2027 (2H FY2027) is expected to be 20% higher than market consensus. The Rubin platform, previously delayed due to HBM4-related issues, is now expected to see large-scale production in the second half of this year as these issues are resolved and front-end wafer supply capabilities improve. Unlike some sell-side analysts who tend to set conservative earnings forecasts that allow for "exceeding expectations," SemiAnalysis' forecast is based on in-depth research covering the entire supply chain, including but not limited to materials, wafer manufacturing, components, server manufacturers, as well as the latest developments from hyperscalers and cutting-edge AI labs. Insights about NVIDIA, as well as AI chip companies such as Broadcom, AMD, MediaTek, and Marvell, are all integrated into their Accelerator Model and HBM Model.
Nvidia-backed Nscale secures $900 million in revolving credit to accelerate its global AI data center expansion.
Mars Finance reports that Nscale, a UK-based AI infrastructure startup backed by Nvidia, announced on Tuesday that it has secured a $900 million revolving credit facility to accelerate its data center construction in Europe, the US, and the Asia-Pacific region. The company completed a $2 billion funding round earlier this year, valuing the company at $14.6 billion. (Cailian Press)
Nvidia responds to reports of "product delays": Product roadmap remains unaffected
Odaily Odaily reports that Nvidia has responded to and denied market reports of product delays, stating that its product roadmap has not been affected. (Jinshi)
NVIDIA's core energy ecosystem partners stated: "The 800V rollout is progressing normally."
According to Mars Finance, AI servers are becoming increasingly power-hungry, forcing data center power supply methods to a critical juncture. 800V high-voltage direct current (HVDC), originally considered a key component of Nvidia's next-generation AI data center solution, has recently been embroiled in controversy regarding "mass production delays": are cloud vendors unwilling to pay, or has the pace been misjudged? Sources from Nvidia's core energy ecosystem partners, such as Delta and ABB, indicate that the 800V solution is still progressing normally. However, the speed of this power supply revolution may not be determined by Nvidia alone, but by the entire still-developing energy infrastructure industry chain. Morgan Stanley stated that Nvidia clearly stated at the GTC Taipei conference that 800VDC development is progressing normally, and the corresponding power supply racks are expected to be ready for mass production in the third quarter of 2026. Furthermore, core supplier Delta Electronics is also expected to begin initial small-batch deliveries of 800V independent power supply racks to leading North American cloud vendors in the fourth quarter of 2026. (21st Century Business Herald)