# 解读英伟达VR200服务器BoM分析

- 来源：SemiAnalysis (@SemiAnalysis_)
- 发布时间：2026-05-23 01:37
- AIHOT 分数：58
- AIHOT 链接：https://aihot.virxact.com/items/cmph8czm60m74sljwd8ck86ty
- 原文链接：https://x.com/SemiAnalysis_/status/2057878550049370340

## AI 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。

## 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 does not equal revenue to the memory vendors， given that Nvidia charges margin on top of the cost they purchased the memory 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.