Nvidia Grabs Most Profit on USD3.3M AI Server, UN Report Finds
AI production stretches across continents, but profits pool at the most lucrative links in the supply chain, held by companies that control technology design and intellectual property (IP), UNCTAD said.
The stakes are large. The World Trade Organization (WTO) projects that AI chips and servers made up roughly one-sixth of global goods in trade in 2025 and accounted for 42% of the sector’s value-based growth.
Building an AI server draws on a sprawling supply chain, from mining and semiconductors to energy equipment and cooling systems. Each country’s gains depend on which stages of production it can enter.
Chile and Peru supply raw materials for AI hardware. South Korea and Taiwan dominate semiconductor manufacturing, while Malaysia and Mexico lead in final assembly.
The imbalance is stark at the base of the chain. UNCTAD found that the silicon, copper and tin used to build advanced AI server systems together represented just 0.2% of the final sales price. Countries that supply the critical raw materials therefore receive only a small share of the finished product’s economic value.
To expose the gap, UNCTAD dissected the production of the Nvidia GB200 NVL72 server system, a critical piece of AI data infrastructure valued at about $3.3 million.
Researchers traced the activities and supplier groups behind more than 87% of the total added value. Of roughly $2.92 million tracked, 68% was profit after operating costs and taxes were deducted. The bulk of that margin went straight to Nvidia, which designs advanced chips but outsources physical manufacturing.
Workers fared far worse. Only 4.3% of the traceable value went to those physically building the server system. Workers outside physical production, such as corporate managers and design engineers, captured 9.9%. That brings labor’s total share of the final product to just 14.2%.
The report also found that the AI boom has lifted mineral exports from developing countries but has not yet expanded their share of the wealth the supply chain generates. Emerging markets that help assemble and manufacture the systems gain jobs, but their returns trail those of high-value technology design.
UNCTAD released its “Trade and Development Report 2026” on Oct. 9, urging developing countries to shift from courting foreign investment to strengthening local suppliers and building skilled labor. It cautioned that breaking into the upper tiers of AI component production is extremely difficult for these countries, given the massive capital required and the geopolitical barriers in the way.
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