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大摩:AI GPU芯片真实差距对比,英伟达Blackwell平台利润率高达77.6%,AMD表现不佳
美股IPO· 2025-08-19 00:31
Core Insights - Morgan Stanley's report compares the operational costs and profit margins of various AI solutions in inference workloads, highlighting that most multi-chip AI inference "factories" have profit margins exceeding 50%, with NVIDIA leading the pack [1][3]. Profit Margins - Among selected 100 MW AI "factories," NVIDIA's GB200 NVL72 "Blackwell" GPU platform achieved the highest profit margin of 77.6%, translating to an estimated profit of approximately $3.5 billion [3]. - Google's self-developed TPU v6e pod ranked second with a profit margin of 74.9%, while AWS's Trn2 UltraServer and Huawei's Ascend CloudMatrix 384 platform reported profit margins of 62.5% and 47.9%, respectively [3]. Performance of AMD - AMD's performance in AI inference is notably poor, with its latest MI355X platform showing a profit margin of -28.2%, and the older MI300X platform at a significantly lower -64.0% [4]. Revenue Generation - NVIDIA's GB200 NVL72 chip generates $7.5 per hour, while the HGX H200 chip produces $3.7 per hour. Huawei's Ascend CloudMatrix 384 platform generates $1.9 per hour, and AMD's MI355X platform only generates $1.7 per hour [4]. - Most other chips generate revenue between $0.5 and $2.0 per hour [4].