Summary of Robust VR200 Outlook 
📈NVL72 rack TAM: 73k / 96k in 2026E/2027E • Vera Rubin ramping with 85%+ first-pass yield; further acceleration expected in 1Q27
• 2026E: 67k GB200/GB300 + 6k VR200
• 2027E: VR200 + initial VR300 (Ultra) drive most of the growth (86k units)
• SpaceX set to be largest VR200 buyer in 2027E (20k racks on 30k+ demand / ~10GW)
• Major 6 neoclouds (SpaceX + CoreWeave + tier-2s) to take 19k/34k racks (27%/35% of industry)
• CoreWeave near-term funding risk viewed as manageable Vendor dynamics
• Hon Hai winning bigger SpaceX allocation (model 40-45%) + share gains at Google/Meta
• Pegatron limited; DELL/Wistron face share pressure Recommendations
• Hon Hai (2317 TT) Buy – rising SpaceX + CSP share
 #VR200# #NVL72# #AIServer# #Neocloud# #HonHai# #Lenovo#