According to an interview with an AI server OEM expert cited by P Equity Research, the manufacturer's GB300 NVL72 capacity was approximately 700 racks in the third quarter, with about 600 racks actually delivered, of which about 90% went to cloud service providers. In contrast, the order intentions of emerging computing power leasing provider Neocloud increased by less than 50% quarter-on-quarter in the third quarter, with only 30%-40% ultimately converting into formal purchase orders, indicating that computing power leasing providers relying on external financing for expansion have relatively weak order fulfillment capabilities. Affected by grid access and HBM4 yield rates, the expert predicts that the ramp-up of Vera Rubin racks at his factory will be delayed until the first quarter of 2027. At the same time, AI demand is squeezing memory capacity, with DRAM spot prices rising to about four times compared to the second quarter of 2025, and memory accounting for 35%-38% of PC bill of materials costs, up from 18%-20%, putting pressure on consumer electronics in terms of both cost and shipments.
