MORGAN STANLEY: INCREASED MEMORY SHORTAGE, 3RD QUARTER RING RATIO OR AT LEAST 25 PER CENT INCREASE IN DRAM PRICES

On 21 July, a Morgan Stanley analyst, Joseph Moore, stated that, following an exchange with data centre buyers last week, there were no signs of abating the current supply of memory, and that the price of memory products such as DRAM was expected to increase by at least 25 per cent on a comparable basis from the second to third quarters, higher than Morgan Stanley and third-party agencies had previously anticipated. Moore points out that the memory shortage may have further deteriorated in 2027 and 2028, and that AI needs are consuming DRAM capacity in large quantities, thus affecting the supply of other areas, such as PCs and smart phones. Morgan Stanley argues that the current market is not only facing the growth of AI's demand for memory, but is itself becoming one of the major bottlenecks in the expansion of AI。