Due to high wafer costs, GPU die costs are up massively, but the die is only a portion of a GPU’s total bill of materials (BOM). The BOM of a GPU also includes memory, packaging, VRMs, cooling, and various other board-level costs. When moving from the previous generation 3090/3090ti (GA102) to the new 4090 (AD102), these board-level costs remain the same. As such, the MSRP increase from $1499 to $1599 is enough for Nvidia to maintain margins and deliver substantial gains in performance per dollar. The MSRP cannot be compared directly as the 3090ti GPU sells for $999, or even less, meaning performance per dollar in traditional rasterization rendering is flat.
More significant issues arise when we look further down the stack to the 379mm2 AD103 and 295mm2 AD104. This is where Nvidia faces the big crunch in costs. AD103 and AD104, alongside their accompanying packaging, memory, VRM, board, and cooler BOM, must sell in high-end GPUs for Nvidia to maintain margins.