---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/42580988.md"
description: "Morgan Stanley: Memory Pricing & CapEx> PC & Graphics DRAM Hikes: 3Q26 estimates for PC DRAM (Blended ASP) have been revised sharply upward to up 15-20% (previously up 3-8%). Graphics DRAM (GDDR7) has also been bumped up to up 15-20% for the quarter.> Server & HBM Tailwinds: Server DRAM Blended ASP sees an upward revision to up 13-18% in 3Q26. Crucially, HBM Blended prices are projected to rise 8-13% in 3Q26, sustaining strong pricing power.> Enterprise SSD Outperformance: Enterprise SSD pricing shows the strongest momentum in the NAND segment, revised up to up 18-23% for 3Q26 (versus 13-18% previously). Client SSDs followed a similar upward trajectory to up 13-18%.> 4Q26 Moderation: While 4Q26 prices are expected to lose some velocity, PC DRAM saw its 4Q projection revised up slightly to up 3-8% (from 0-5% old).> Massive Absolute Spend: Total cash capex by the top 11 cloud suppliers is projected to reach an unprecedented $632 Billion in 2026 according to Morgan Stanley's estimates. This puts MS estimates 4% above the current FactSet consensus ($606 Billion)."
datetime: "2026-07-10T14:06:17.000Z"
locales:
  - [en](https://longbridge.com/en/topics/42580988.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/42580988.md)
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author: "[Equity research](https://longbridge.com/en/profiles/2071818324550963200.md)"
---

# Morgan Stanley: Memory Pricing & CapEx> PC …