TechFlow News, according to TechFlow Research, Morgan Stanley's weekly report reinterprets the true meaning of May SIA data. Meta's development of internal cloud services appears on the surface to be commercial competition with AWS/Azure, but is essentially a forced move driven by GPU shortages. When enterprises with the strongest self-building capabilities in the market are scrambling for capacity, the market is already in a state of extreme scarcity.
May SIA data increased 16.1% year-over-year, lower than the expected 22%, but DRAM month-over-month growth reached 54.8%, hitting a new high since 2001, and NAND prices rose 281.6%. Inventory structure shows counter-signals: chip company inventory is only 114 days, far below the historical median; distributor and customer inventory is elevated, scrambling to stockpile.
This is proof that the supply side holds absolute pricing power, not a signal of market recession. The report gives precise constraints based on the capacity construction cycle: GPU shortage until the end of 2027, DRAM shortage extended to early 2028. Bullish on NVDA's pricing power, incremental share driven by AMD's warrant binding, and the capacity pace of MU and SNDK.
