SemiAnalysis@SemiAnalysis_ · XAI 摘要
摩根士丹利发布了对NVIDIA VR200的物料清单分析。报告指出，其内存成本特指LPDDR5x SOCAMM与NVMe SSD，而GPU成本中已单独包含HBM。因采用无缆设计，PCB面积与材料成本有所上升。报告列示的总成本为OEM渠道价格，大型云服务商的采购成本将更低。该机构客户自2026年2月起已获得此分析，报告同时研究了网络连接器、背板等组件的变化及供应商格局演变。
Great BoM Analysis from our friends at Morgan Stanley
A couple things to point out：
- The memory value indicated here is referring to the LPDDR5x SOCAMM and the NVMe SSD. It does not include the HBM value， which is included in the GPU item.
- The memory value indicated here is referring to the LPDDR5x SOCAMM and the NVMe SSD. It does not include the HBM value， which is included in the GPU item.ory at.
- PCB content increase stems from the cableless design， which drives significant PCB area increase and material upgrades
- The total BoM price indicated here is the OEM channel price. Hyperscaler and Neoclouds will have lower BoM compared to this.