Let's say I make a product that costs me 0.50 cents to produce, but I only have one. Demand is in the millions. Guess what the selling price will be when millions want it but I only have one.
It costs 10B in R&D so if you only had 1 it costed you 10B to make it. The raw production of 0.50 cents is inconsequential.
You have to amortize the R&D over the number of items you intend to produce.
Say you can produce 1 million cards a year. It won't matter that the demand is 2 million and 1/2 your customers have to wait a year or more to get them. That 10B R&D is split over the 1 million cards for a cost of 10k each. Next year you may have another 10B in R&D cost to expense on what you can make and sell. Then there is the cost of memory and other support chips.
So when you are talking about margin you have to account for the 10k per card of R&D costs plus the cost of manufacturing plus the software and wages and office expenses etc.
Also the system oem that build the server has a markup as well as the cost for water cooling and other components to make the final server, which is what customers are buying, not individual cards.