NVDA H100 vs H200 ASP Delta: Gross Margin Expansion Is Real

H200 ASPs are running 35-40% above H100 at equivalent capacity configurations. NVDA's wafer costs from TSMC are incrementally higher but not proportionally so. The ASP expansion on Blackwell architecture is flowing directly to gross margins. My model has NVDA GM at 78% for FY2025, vs Street consensus at 74.5%.