NVIDIA's "Blackwell Ultra" server racks are undoubtedly powerful, but they demand significant system cooling. NVIDIA promotes the GB300 NVL72 as the top configuration: these liquid-cooled racks, built with Grace Blackwell Ultra Superchips, achieve exascale-class dense FP4 performance and offer substantial improvements in throughput-per-megawatt compared to previous HGX platforms. However, this extreme performance mandates massive cooling systems, which can cost around $50,000. According to a valuation model from investment bank Morgan Stanley, NVIDIA is spending nearly $50,000 on cooling for the 72-GPU configuration within its Oberon rack. With each chip rated at 1,400 W TDP, traditional air-based cooling solutions are not feasible.

Considering that there are 72 GPUs rated up to 1,400 W, that is over 100 kW from GPUs alone. Add 32 "Grace" CPUs that are powering the system, and you have more than a 100 kW of heat at the peak load. Morgan Stanley models the rack as containing 18 compute trays (each consuming roughly 6.6 kW but needing cooling for about 6.2 kW) alongside nine switch trays. The firm values the cooling components for a single compute tray at about $2,260, which multiplies to roughly $40,680 across the rack. Switch-tray cooling adds about $1,020 per tray, or $9,180 total. High-performance cold plates are singled out as the most expensive parts in the BOM, with per-unit prices in the low hundreds.