# 摩根士丹利发布NVIDIA VR200物料清单分析

- 来源：SemiAnalysis (@SemiAnalysis_)
- 发布时间：2026-05-23 00:17
- AIHOT 分数：44
- AIHOT 链接：https://aihot.virxact.com/items/cmph5560e0lebsljwdb5s7zxw
- 原文链接：https://x.com/SemiAnalysis_/status/2057858417868329374

## AI 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。

## 正文

Great BoM Analysis from our friends at Morgan Stanley

A couple things to point out：

1. 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.

2. 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.

3. PCB content increase stems from the cableless design， which drives significant PCB area increase and material upgrades

4. The total BoM price indicated here is the OEM channel price. Hyperscaler and Neoclouds will have lower BoM compared to this.

Our institutional clients have had these insights since February 2026 from our VR NVL72 BoM Report https://semianalysis.com/vr-nvl72-model/. We also analyze the networking connector and backplane content along side many other contents. Also we discussed the changes in the supplier landscape from GB to VR NVL72.

Contact sales@semianalysis.com if you are interested.

### 引用推文

> Aaron：Sheesh. $NVDA VR200 Bom Analysis from MS.