$NVDA Rubin is driving a major hardware content upgrade across the AI server supply chain, according to Morgan Stanley’s latest Taiwan supply-chain analysis


The biggest beneficiaries are:
1. PCBs
PCB content value is expected to rise 233% versus GB300
Morgan Stanley estimates Rubin PCB content at around $117,000 per rack, compared with roughly $35,000 for GB300
2. Passive components
Passive component content value is expected to rise 182%, mainly due to higher computing density, power density, and system complexity
For MLCCs specifically, Morgan Stanley estimates VR200 architecture content value at around $4,300, versus roughly $1,500 for GB300
3. Other components
ABF substrates are expected to rise 82%, power supplies 32%, and thermal modules 12%
The report also says Rubin rack ODM added value should increase 35% to 40%, driven by more compute boards, trays, switch boards, cooling modules, rack-level assembly, and testing work
This explains why Taiwan stocks exposed to ABF substrates and passive components surged, including Unimicron ( Kinsus ( Yageo ( and Walsin Technology (
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