SemiAnalysis@SemiAnalysis_ · XAI 摘要
本文解读了摩根士丹利关于英伟达VR200服务器物料清单的分析。报告特别指出，所列“记忆”成本仅指LPDDR5x SOCAMM与NVMe SSD，不含包含在GPU内的HBM成本；该成本也非存储厂商的最终收入，因英伟达加收了利润。BoM成本上升主要源于无缆设计导致PCB面积与材料升级。需注意此价格为OEM渠道价，超大规模用户成本更低。SemiAnalysis称其机构客户自2026年2月起已通过报告获此洞察，并涵盖更多组件与供应商分析。
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 does not equal revenue to the memory vendors， given that Nvidia charges margin on top of the cost they purchased the memory 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.