NVIDIA ($NVDA) Rubin Ultra GPUs will increase heat spreader content by 4x to 5x over standard Rubin lids by shifting to a three-piece removable design, J.P. Morgan projects. The architecture combines a stiffener, temporary lid, and multiple screws during advanced packaging and testing. ODMs then remove the lid to place liquid cold plates directly over TIM1.5 interfaces. Trial production begins in small volumes in 4Q26 for Rubin GPUs before entering full mass production in 1Q-2Q27 for Rubin Ultra. Jentech leads supply but faces valuation risk at ~50x forward P/E if initial adoption remains restricted to trial volumes rather than immediate fleetwide conversion. Investors should monitor trial yield rates and packaging pass rates throughout 2026. #AIChips# #NVIDIA# Report date: 2026-09-30 · JPM