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@SemiAnalysis_: Great BoM Analysis from our friends at Morgan Stanley A couple things to point out: 1. The memory value indicated here is referring to...

@SemiAnalysis_ 3 信息等级 3 1 噪音/剔除；2 较弱；3 普通事实；4 重要行业动态；5 极重大事件。该分数是信息显著性，不是投资建议。 发布：2026-05-22T17:37 抓取：2026-05-24 12:57
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摘要

摩根士丹利发布NVL72 BoM分析，指出内存价值不含HBM；Nvidia对内存加价；PCB因无缆设计面积和材料升级；BoM价格为OEM渠道价格，超大规模云和Neocloud成本更低。

客观事实
  • NVL72 BoM中内存成本不含HBM，HBM计入GPU项
  • Nvidia对采购内存加价，供应商收入低于BoM显示
  • PCB内容因无缆设计导致面积和材料升级
摩根士丹利 Nvidia NVL72 LPDDR5x NVMe SSD HBM GPU PCB

原文

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://t.co/rktxpF23ug. 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.

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