80%利潤 NVIDIA頂級AI顯卡B200成本分析：HBM佔了一半

快科技

2025/12/13

快科技12月13日消息，雖然H200顯卡可以對國內出口了，但是它已經不是NVIDIA頂級的AI顯卡了，目前的主力之一是B200，有2顆GB100核心組成，台積電4NP工藝生產。B200顯卡不僅使用了先進工藝，還用上了CoWoS封裝，那成本到底如何呢？EPOCH.AI日前做了一次分析，將這塊顯卡按照不同結構的成本做了對比。首先是邏輯核心，也就是GPU本身的部分，這部分成本比想象中要低，在720到...

網頁鏈接

免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。

熱議股票

{"basename":"/hant","ssrTDKData":{"titleTemplate":"%s - 老虎證券","title":"老虎证券全球投资理财平台| 一站式投资美股新股港股A股","description":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","keywords":"老虎證券,老虎證券開戶,老虎券商,老虎證券官網,老虎證券app,tigertrade老虎證券,股票,炒股,新加坡股票交易平臺,投資,投資理財","social":{"ogDescription":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/hant/news/2591637682"},"companyName":"老虎證券"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2591637682\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2591637682?lang=zh_TW&edition=fundamental","thumbnail":"","is_english":false,"pubTime":"2025-12-13 21:07","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2591637682","market":"us","top_or_hot":-1,"title":"80%利潤 NVIDIA頂級AI顯卡B200成本分析：HBM佔了一半","media":"快科技","content":"<div>\n<p>快科技12月13日消息，雖然H200顯卡可以對國內出口了，但是它已經不是NVIDIA頂級的AI顯卡了，目前的主力之一是B200，有2顆GB100核心組成，台積電4NP工藝生產。B200顯卡不僅使用了先進工藝，還用上了CoWoS封裝，那成本到底如何呢？EPOCH.AI日前做了一次分析，將這塊顯卡按照不同結構的成本做了對比。首先是邏輯核心，也就是GPU本身的部分，這部分成本比想象中要低，在720到...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251213211126a4473969&s=b\">網頁鏈接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>80%利潤 NVIDIA頂級AI顯卡B200成本分析：HBM佔了一半</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n80%利潤 NVIDIA頂級AI顯卡B200成本分析：HBM佔了一半\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">快科技</strong><span class=\"h-time small\">2025-12-13 21:07</span>\n</p>\n</h4>\n</header>\n<article>\n<div>\n<p>快科技12月13日消息，雖然H200顯卡可以對國內出口了，但是它已經不是NVIDIA頂級的AI顯卡了，目前的主力之一是B200，有2顆GB100核心組成，台積電4NP工藝生產。B200顯卡不僅使用了先進工藝，還用上了CoWoS封裝，那成本到底如何呢？EPOCH.AI日前做了一次分析，將這塊顯卡按照不同結構的成本做了對比。首先是邏輯核心，也就是GPU本身的部分，這部分成本比想象中要低，在720到...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251213211126a4473969&s=b\">網頁鏈接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251213211126a4473969&s=b\">快科技</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2028103732.USD","symbol_name":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251213211126a4473969&s=b","article_id":"2591637682","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251213211126a4473969&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2591637682","pubTimestamp":1765631228,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"快科技12月13日消息，雖然H200顯卡可以對國內出口了，但是它已經不是NVIDIA頂級的AI顯卡了，目前的主力之一是B200，有2顆GB100核心組成，台積電4NP工藝生產。最大頭的部分來自於HBM3e顯存，B200使用了192GB HBM3e顯存，成本在2800到3100美元，均價算作了2900美元。這樣算下來，B200的物料成本在5700到7300美元之間，折算均價在6400美元左右，HBM3e顯存就佔了將近一半的成本，比GPU本身還要貴，這也難怪老黃都想自己做HBM基礎核心降低成本了。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","NVDD":"1倍做空NVDA ETF-Direxion","NVDS.UK":"LS -1X NVIDIA","LU2125909247.SGD":"Natixis Thematics Meta H-R/A SGD","LU2272731600.USD":"Allianz Global Intelligent Cities AM Dis USD","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","3NVD.UK":"LS 3X NVIDIA","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","2NVD.UK":"2X NVIDIA ETP","LU0823414551.USD":"BNP PARIBAS ENERGY TRANSITION \"C\" (USD) INC","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","NVDS":"1.5倍做空NVDA ETF-Tradr","NVIW.SI":"NVDA 3xLongSG261006","NVDA":"英伟达","BK4605":"半导体精选","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","BK4548":"巴美列捷福持仓","NVDU":"2倍做多NVDA ETF-Direxion","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","IE000W1ABFV2.USD":"PIMCO BALANCED INCOME AND GROWTH \"R\" (USD) INC","IE00BDCRKT87.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC","NVDX":"2倍做多NVDA ETF-T-Rex","LU2089985449.USD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (USD) ACC","SNVD.UK":"LS -1X NVIDIA","NVD2.UK":"2X NVIDIA ETP","NVD":"2倍做空NVDA ETF-GraniteShares","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","BK4554":"元宇宙及AR概念","NVDY":"NVDA期权收益策略ETF-YieldMax","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","NVD3.UK":"LS 3X NVIDIA","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC"},"translate_title":"80% profit NVIDIA's top AI graphics card B200 cost analysis: HBM accounts for half","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVDS.UK":0.6,"2NVD.UK":0.6,"NVDA":0.9,"NVDS":0.6,"NVIW.SI":0.6,"NVD3.UK":0.6,"NVDX":0.6,"NVD2.UK":0.6,"3NVD.UK":0.6,"NVDD":0.6,"NVDU":0.6,"SNVD.UK":0.6,"NVDY":0.6,"NVD":0.6},"content_text":"快科技12月13日消息，雖然H200顯卡可以對國內出口了，但是它已經不是NVIDIA頂級的AI顯卡了，目前的主力之一是B200，有2顆GB100核心組成，台積電4NP工藝生產。B200顯卡不僅使用了先進工藝，還用上了CoWoS封裝，那成本到底如何呢？EPOCH.AI日前做了一次分析，將這塊顯卡按照不同結構的成本做了對比。首先是邏輯核心，也就是GPU本身的部分，這部分成本比想象中要低，在720到1200美元之間，平均算900美元。然後是封裝成本，在1000到1200美元之間，平均算了1100美元，不過在封裝損失中又給算了1100美元的成本，其他輔助性的部分成本算作480美元。最大頭的部分來自於HBM3e顯存，B200使用了192GB HBM3e顯存，成本在2800到3100美元，均價算作了2900美元。這樣算下來，B200的物料成本在5700到7300美元之間，折算均價在6400美元左右，HBM3e顯存就佔了將近一半的成本，比GPU本身還要貴，這也難怪老黃都想自己做HBM基礎核心降低成本了。考慮到最近DRAM顆粒大漲價，HBM3e及明年的HBM4顯存價格還會繼續上漲，成本佔比應該會更高，畢竟下一代AI顯卡的顯存容量會到300-400GB以上。不過NVIDIA自身的利潤還是很高的，因為B200的市場價在30000-40000美元之間，毛利率差不多80%了，極限一點的話能逼近90%，這兩年NVIDIA利潤坐火箭一樣提升就是這個原因。實際上NIVDIA並不是單純賣GPU顯卡那麼簡單，更多地是機櫃級解決方案，每套配備8塊或者更多的AI顯卡，還有各種網絡芯片之類的，整機的利潤率可能就沒有這麼誇張了，但提高了銷售額，利潤絕對值還是大漲的。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}