[{"data":1,"prerenderedAt":540},["ShallowReactive",2],{"content-/vr200-nvl72-bom-memory-cost":3,"all-pages-for-dir":538,"og-image-/vr200-nvl72-bom-memory-cost":539},{"id":4,"title":5,"body":6,"category":519,"description":520,"extension":521,"meta":522,"navigation":523,"ogImage":519,"path":524,"project_name":519,"published":525,"publishedAt":526,"seo":527,"stem":528,"tags":529,"todo":519,"unpublished":525,"updatedAt":519,"__hash__":537},"pages/2026-05/2026-05-29/vr200-nvl72-bom-memory-cost.md","VR200 NVL72ラックは1台約780万ドル：部材費でメモリが+435%、価格上昇の主役に",{"type":7,"value":8,"toc":510},"minimark",[9,13,30,41,46,49,272,278,282,285,292,356,359,362,391,398,402,405,426,429,433,440,450,461,468,481,484,487,507],[10,11,5],"h1",{"id":12},"vr200-nvl72ラックは1台約780万ドル部材費でメモリが435価格上昇の主役に",[14,15,16,17,21,22,25,26,29],"p",{},"Morgan Stanley Researchが、NVIDIAの次世代ラックスケール製品 ",[18,19,20],"strong",{},"VR200 NVL72"," の部材費（Bill of Materials）を1ラックあたり ",[18,23,24],{},"約7.8百万ドル"," と試算した。現行 ",[18,27,28],{},"GB300 NVL72"," の約4.0百万ドルから、ほぼ倍増する。",[14,31,32,33,36,37,40],{},"内訳を1行ずつ追うと、この倍増を引っ張っているのはGPUではない。",[18,34,35],{},"メモリ","だ。メモリ部材費はGB300比 ",[18,38,39],{},"+435%","（約5.4倍）。金額の増分で見ても、メモリの増分がGPUの増分を上回る。AIサーバーの原価構造で、メモリが主役の座に近づいている。",[42,43,45],"h2",{"id":44},"部材費の全内訳gb300-vs-vr200","部材費の全内訳（GB300 vs VR200）",[14,47,48],{},"下表はMorgan Stanleyの推計をそのまま並べたもの。VR200はVera Rubin世代、GB300はGrace Blackwell世代のNVL72ラックを指す。",[50,51,52,72],"table",{},[53,54,55],"thead",{},[56,57,58,62,66,69],"tr",{},[59,60,61],"th",{},"部材",[59,63,65],{"align":64},"right","GB300",[59,67,68],{"align":64},"VR200",[59,70,71],{"align":64},"差分",[73,74,75,90,103,117,131,152,166,180,194,208,222,236,250],"tbody",{},[56,76,77,81,84,87],{},[78,79,80],"td",{},"GPU",[78,82,83],{"align":64},"$2,520,000",[78,85,86],{"align":64},"$3,960,000",[78,88,89],{"align":64},"+57%",[56,91,92,95,98,100],{},[78,93,94],{},"CPU",[78,96,97],{"align":64},"$180,000",[78,99,97],{"align":64},[78,101,102],{"align":64},"0%",[56,104,105,108,111,114],{},[78,106,107],{},"NVLink Switch chip",[78,109,110],{"align":64},"$64,800",[78,112,113],{"align":64},"$144,000",[78,115,116],{"align":64},"+122%",[56,118,119,122,125,128],{},[78,120,121],{},"Other networking chips",[78,123,124],{"align":64},"$261,000",[78,126,127],{"align":64},"$576,000",[78,129,130],{"align":64},"+121%",[56,132,133,138,143,148],{},[78,134,135],{},[18,136,137],{},"Memory",[78,139,140],{"align":64},[18,141,142],{},"$373,939",[78,144,145],{"align":64},[18,146,147],{},"$2,001,600",[78,149,150],{"align":64},[18,151,39],{},[56,153,154,157,160,163],{},[78,155,156],{},"Cooling",[78,158,159],{"align":64},"$64,610",[78,161,162],{"align":64},"$72,080",[78,164,165],{"align":64},"+12%",[56,167,168,171,174,177],{},[78,169,170],{},"Power supply",[78,172,173],{"align":64},"$57,600",[78,175,176],{"align":64},"$76,000",[78,178,179],{"align":64},"+32%",[56,181,182,185,188,191],{},[78,183,184],{},"PCB",[78,186,187],{"align":64},"$35,100",[78,189,190],{"align":64},"$116,730",[78,192,193],{"align":64},"+233%",[56,195,196,199,202,205],{},[78,197,198],{},"ABF Substrate",[78,200,201],{"align":64},"$11,160",[78,203,204],{"align":64},"$20,340",[78,206,207],{"align":64},"+82%",[56,209,210,213,216,219],{},[78,211,212],{},"MLCC",[78,214,215],{"align":64},"$1,530",[78,217,218],{"align":64},"$4,320",[78,220,221],{"align":64},"+182%",[56,223,224,227,230,233],{},[78,225,226],{},"Others",[78,228,229],{"align":64},"$402,412",[78,231,232],{"align":64},"$623,278",[78,234,235],{"align":64},"+55%",[56,237,238,241,244,247],{},[78,239,240],{},"Rack assembly value add",[78,242,243],{"align":64},"$22,400",[78,245,246],{"align":64},"$28,800",[78,248,249],{"align":64},"+29%",[56,251,252,257,262,267],{},[78,253,254],{},[18,255,256],{},"Total",[78,258,259],{"align":64},[18,260,261],{},"$3,994,551",[78,263,264],{"align":64},[18,265,266],{},"$7,803,148",[78,268,269],{"align":64},[18,270,271],{},"+95%",[14,273,274],{},[275,276,277],"em",{},"出典：Morgan Stanley Research estimates（Exhibit 3: \"We estimate that a single VR200 NVL72 rack will cost ~US$7.8M\"）。数値は同社の推計値。",[42,279,281],{"id":280},"価格上昇の主役はgpuではなくメモリ","価格上昇の主役はGPUではなくメモリ",[14,283,284],{},"「AIサーバーの値段はGPUで決まる」というのが直感だろう。確かに金額の絶対値ではGPUが最大の費目で、VR200では396万ドルと総額の半分を占める。",[14,286,287,288,291],{},"ところが",[18,289,290],{},"増分","で切ると景色が変わる。GB300からVR200への総額増分は約381万ドル。その内訳を寄与額で見るとこうなる。",[50,293,294,306],{},[53,295,296],{},[56,297,298,301,303],{},[59,299,300],{},"費目",[59,302,290],{"align":64},[59,304,305],{"align":64},"総増分への寄与",[73,307,308,318,328,339],{},[56,309,310,312,315],{},[78,311,137],{},[78,313,314],{"align":64},"+$1,627,661",[78,316,317],{"align":64},"約43%",[56,319,320,322,325],{},[78,321,80],{},[78,323,324],{"align":64},"+$1,440,000",[78,326,327],{"align":64},"約38%",[56,329,330,333,336],{},[78,331,332],{},"その他合計",[78,334,335],{"align":64},"+$740,936",[78,337,338],{"align":64},"約19%",[56,340,341,346,351],{},[78,342,343],{},[18,344,345],{},"合計",[78,347,348],{"align":64},[18,349,350],{},"+$3,808,597",[78,352,353],{"align":64},[18,354,355],{},"100%",[14,357,358],{},"メモリの増分（約163万ドル）が、GPUの増分（約144万ドル）を上回る。1台のラックが約4百万ドル値上がりする、そのうち最大の塊はメモリが作っている。",[14,360,361],{},"部材費に占めるメモリの構成比も跳ね上がる。",[363,364,365,380],"ul",{},[366,367,368,369,376,377],"li",{},"GB300：",[370,371,375],"code",{"className":372},[373,374],"language-math","math-inline","373,939 ÷ ","3,994,551 = ",[18,378,379],{},"9.4%",[366,381,382,383,387,388],{},"VR200：",[370,384,386],{"className":385},[373,374],"2,001,600 ÷ ","7,803,148 = ",[18,389,390],{},"25.6%",[14,392,393,394,397],{},"1ラックの部材費の ",[18,395,396],{},"約4分の1がメモリ"," になる計算だ。1世代でメモリ比率が9%台から25%台へ、ほぼ3倍に膨らむ。",[42,399,401],{"id":400},"なぜメモリだけが435なのか","なぜメモリだけが+435%なのか",[14,403,404],{},"メモリ費目が5.4倍に膨らむ理由は、ひとつの要因ではなく重なりで説明できる。",[406,407,408,414,420],"ol",{},[366,409,410,413],{},[18,411,412],{},"HBMの世代交代と搭載量増","：Rubin世代のGPUは、現行のHBM3eからHBM4へ移行し、1GPUあたりのスタック数・容量が増える。HBMはDRAMの中でも単価が高く、容量増と単価上昇が掛け算で効く。",[366,415,416,419],{},[18,417,418],{},"メインメモリ層（SoCAMM/LPDDR5X）の増設","：HBMの大容量を補完するメインメモリ層として、Micron主導のSoCAMM2モジュールがVera Rubin世代で本格採用される。HBMの外側にもう一段、高速LPDDR5Xの層が積まれる。",[366,421,422,425],{},[18,423,424],{},"DRAM需給の逼迫","：そもそも足元のDRAM／HBMは供給がタイトで、ビット単価が上昇局面にある。容量を増やすほど、単価上昇とのダブルパンチで金額が膨らむ。",[14,427,428],{},"GPUが+57%にとどまる一方でメモリが+435%になるのは、「チップが速くなる」よりも「メモリを大量に積む」方向に設計の重心が動いているからだ。",[42,430,432],{"id":431},"数量の話と金額の話がつながる","「数量」の話と「金額」の話がつながる",[14,434,435,436,439],{},"このサイトでは先日、同じVera Rubin世代のメモリを ",[18,437,438],{},"数量（ビット）"," の側から取り上げた。",[441,442,443],"blockquote",{},[14,444,445],{},[446,447,449],"a",{"href":448},"/socamm-vera-cpu-demand","NVIDIA Vera CPU向けSoCAMM需要は年間30bn Gb超：KISの計算式を日本語で因数分解",[14,451,452,453,456,457,460],{},"そちらの記事の要点は、Vera単体CPUとVR NVL72を合わせたSoCAMM需要が ",[18,454,455],{},"年間約80bn Gb"," に達し、スマホ向けLPDDR5の年間TAMにほぼ匹敵する、という韓国KISの試算だった。つまり",[18,458,459],{},"数量","の面で、AIサーバー向けメモリがスマホ市場と肩を並べる規模に立ち上がる。",[14,462,463,464,467],{},"今回のMorgan Stanleyの試算は、同じ現象を ",[18,465,466],{},"金額（1ラックの部材費）"," の面から裏付けている。",[363,469,470,475],{},[366,471,472,474],{},[18,473,459],{},"：SoCAMM需要だけで年間80bn Gb（スマホLPDDR5に匹敵）",[366,476,477,480],{},[18,478,479],{},"金額","：1ラックの部材費でメモリが+435%、構成比25.6%（価格上昇の主役）",[14,482,483],{},"数量でも金額でも、Vera Rubin世代はメモリがボトルネックかつ主役になる、という同じ結論に別ルートで到達する。",[42,485,486],{"id":486},"投資の観点でのメモ",[363,488,489,495,501],{},[366,490,491,494],{},[18,492,493],{},"メモリサプライヤーへの追い風","：HBMとSoCAMM（LPDDR5X）の両方で搭載量が増える。HBMはSK hynix・Samsung・Micron、SoCAMMはMicron主導。AIサーバー1台あたりのメモリ売上が、世代交代で構造的に増える方向。",[366,496,497,500],{},[18,498,499],{},"NVIDIAの原価率","：部材費が1台4百万ドル増える。これをどこまで価格転嫁できるか、あるいは粗利率を削るかは、VR200のASP次第。メモリ単価の上昇局面では、NVIDIA自身のメモリ調達コストも効いてくる。",[366,502,503,506],{},[18,504,505],{},"前提への注意","：上表はあくまでMorgan Stanleyの推計値で、VR200の最終仕様・搭載容量・調達単価が確定したものではない。メモリ単価が現在の逼迫を前提にしている可能性が高く、需給が緩めば金額は下振れする。逆に逼迫が続けば、メモリ比率はさらに上がりうる。",[14,508,509],{},"数字は動く。ただ「AIサーバーの価格を、GPUと並んでメモリが押し上げる時代に入った」という構図そのものは、数量・金額の両面から見て崩れにくい。",{"title":511,"searchDepth":512,"depth":512,"links":513},"",2,[514,515,516,517,518],{"id":44,"depth":512,"text":45},{"id":280,"depth":512,"text":281},{"id":400,"depth":512,"text":401},{"id":431,"depth":512,"text":432},{"id":486,"depth":512,"text":486},null,"Morgan StanleyがNVIDIAの次世代Vera RubinラックVR200 NVL72の部材費を約7.8百万ドルと試算した。現行GB300の約4.0百万ドルから倍増する内訳を分解すると、メモリ部材費がGB300比+435%、増分の主役はGPUではなくメモリだった。1ラックの部材費に占めるメモリ比率は9.4%から25.6%へ跳ね上がる。","md",{},true,"/vr200-nvl72-bom-memory-cost",false,"2026-05-29T00:00:00.000Z",{"title":5,"description":520},"2026-05/2026-05-29/vr200-nvl72-bom-memory-cost",[530,68,531,532,533,35,534,535,536],"NVIDIA","Rubin","NVL72","HBM","DRAM","Morgan Stanley","半導体","sG8nbD86Nq_Ph-_9dNLSFriVrk7OtP6-CSPFnlwp0DM",[],"https://log.eurekapu.com/og/blog/vr200-nvl72-bom-memory-cost.png?v=2026-05-29T00%3A00%3A00.000Z&title=VR200%20NVL72%E3%83%A9%E3%83%83%E3%82%AF%E3%81%AF1%E5%8F%B0%E7%B4%84780%E4%B8%87%E3%83%89%E3%83%AB%EF%BC%9A%E9%83%A8%E6%9D%90%E8%B2%BB%E3%81%A7%E3%83%A1%E3%83%A2%E3%83%AA%E3%81%8C%2B435%25%E3%80%81%E4%BE%A1%E6%A0%BC%E4%B8%8A%E6%98%87%E3%81%AE%E4%B8%BB%E5%BD%B9%E3%81%AB&author=Kei%20Komatsu&sig=07ad2bf83b64f73a",1782528845269]