Great BoM Analysis from our friends at Morgan Stanley
SemiAnalysis Twitter · SemiAnalysis (@SemiAnalysis_) · 2026-05-22
SemiAnalysis flags two clarifications on a Morgan Stanley bill-of-materials analysis, noting that the memory line item covers LPDDR5x SOCAMM and NVMe SSD only, while HBM cost is bundled under the GPU line item.
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Extraction
Topics: bill-of-materialsai-hardware-costshbmmemory-pricing
Claims
- The memory value in Morgan Stanley's BoM analysis refers specifically to LPDDR5x SOCAMM and NVMe SSD, not HBM.
- HBM value is included in the GPU line item of the analysis, not the memory line item.
- Conflating the memory and HBM figures would misread the BoM cost breakdown.
Key quotes
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.