Executive Summary NVIDIA’s Rubin platform may look like a routine GPU upgrade, but its impact extends far beyond chip performance. By redesigning the internal architecture of AI servers, with a larger motherboard, liquid cooling as a core feature, and a modular dual-layer PCBA, Rubin fundamentally reshapes the value distribution within the supply chain. PCB and materials suppliers gain new momentum from increased complexity and higher technical requirements. Liquid cooling vendors and metal processing partners become