Nvidia earnings set to beat again on AI rack boom

Nvidia’s AI rack surge is triggering a deep-stack technical cascade: Blackwell’s ramp intensifies demand for CoWoS packaging and forces co-evolution in power delivery, liquid cooling, and optical interconnects. This creates a new triad—compute, thermal, power—as the de facto entry barrier. Export controls from the U.S. and localization mandates under the EU Chips Act are inflating global supply chain redundancy costs by 15–20%. AMD will counter by accelerating MI300X deployments tied to TSMC’s 3DFabric capacity, while Intel leverages Gaudi 3 and next-gen Xeon CPUs to target price-sensitive non-U.S. markets. Over the next 18 months, AI servers will shift from GPU-centric to heterogeneous architectures. If Rubin hits volume on schedule, it will slam the window shut on rivals. This is no longer a chip race—it’s a full-stack efficiency war.