HBM4 Costs Double to $31–32/GB, But Nvidia Maintains 75–80% Margins on Rubin GPU

NVDA-5.04%
According to Citrini analyst Jukan and Fubon Securities on July 28, Nvidia can sustain 75–80% gross margins even as HBM4 costs surge from $17–18/GB (HBM3e) to $31–32/GB in 2026, pushing Rubin GPU prices to approximately $78,000–$80,000. Custom ASIC HBM costs could reach $35–36/GB, implying costs will roughly double by 2027. Despite elevated memory component expenses, Nvidia's pricing power and cost-pass-through capabilities remain intact, reinforcing its competitive moat in the AI accelerator market.
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