Morgan Stanley: Meta’s In-House GPU Service Is a Signal of Supply Shortage; DRAM Shortage Pushed to Early 2028

Deep Tide TechFlow News, according to Tide Direction Research, Morgan Stanley's weekly report reinterprets the true meaning of the May SIA data. Meta is developing an internal cloud service, which on the surface appears to be a commercial competition with AWS/Azure, but in essence, it is a necessary move driven by GPU shortages. When even the companies with the strongest self-building capabilities in the market are scrambling for production capacity, the market is already in a state of extreme scarcity.

May SIA data increased 16.1% year-over-year, below the expected 22%, but DRAM month-on-month grew 54.8%, a new high since 2001, and NAND prices rose 281.6%. Inventory structure shows a reverse signal: chip company inventory stands at only 114 days, far below the historical median; while agents and customers have high inventories and are scrambling to hoard goods.

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 extending to early 2028. Bullish on NVDA's pricing power, AMD's share gains from warrant binding, and the capacity cadence of MU and SNDK.