Morgan Stanley CoWoS and HBM estimates for 2027


AI HBM demand is expected to reach 6.3bn GB in 2027.
$AMD expected to reach 44% of NVIDIA’s demand
Share of HBM demand:
- $NVDA: 36%
- $GOOG: 35%
- $AMD: 16%
- AWS: 5%
- GUC customers: 3%
- Microsoft: 3%
- Meta: 3%
- Others: 1%
Share of CoWoS allocation:
- NVIDIA: 44%
- Google: 24%
- AMD: 20%
- AWS: 5%
- GUC customers: 2%
- Microsoft: 2%
- Meta: 2%
- Others: 1%
Notably, HBM demand is becoming almost 50/50 between GPUs and ASICs, with GPUs at 51% and ASICs at 49%
AMD is expected to lead in HBM intensity per chip:
NVIDIA Rubin Ultra: 384GB
AMD MI500 Arcadia: 768GB
Google TPU v9: 576GB
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