---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000800961.md"
description: "Morgan Stanley: ZAM Memory> Massive Cloud Capex Exposure: Cloud memory spending is projected to reach US$418 billion by 2030, representing an 8% CAGR from 2026. Memory spending could account for 40% of total cloud capex in 2027 (up from just 12% in 2023, prior to the AI boom).> Bandwidth Lags Behind Processing: Memory bandwidth improvements (e.g., a +14% increase from DDR5-5600 in 2024 to DDR5-6400 in 2026) are failing to keep pace with explosive token growth, which expanded over 320x between April 2024 and June 2026 on major cloud platforms.> Absolute Spend Peaking: Absolute cloud memory spending is forecasted to hit its cycle high in 2028e at roughly US$520 billion.> The Post-2028 Softening: From 2028e to 2030e, even though overall cloud capex (excluding memory) is projected to rise to its highest level of $1.28\\text{ trillion}$ by 2030, memory spending falls as a percentage of the total budget back down to 25% by 2030e.DRAM Supply/Demand (S/D) Imbalance> Historical Context: The severe supply shortage of 2023 is clearly visible, bottoming out in 4Q23 near -28%.  > The Current 2026/2027 Tightness: Following a brief macro recovery, the market enters a sustained period of deep supply deficit. Through all of 2026e, the supply deficit hovers continuously between -10% and -16%.  > Supply Shortage to Persist: Looking ahead, the green bars indicate that the market remains structurally undersupplied, keeping DRAM conditions historically tight all the way through 4Q28e.NAND Supply/Demand Dynamics> The COVID/Post-COVID Glut: The massive NAND oversupply of late 2022 is prominent, peaking in 4Q22 with a +17% surplus.  > Structural Repricing Phase: After hitting a deep shortage in 1Q26e (dipping near -9%), the NAND deficit begins to gradually moderate, though it remains marginally in negative territory (undersupplied) near -3% to -4% through late 2026e.  > Transition to Enterprise Storage: This sustained tightness supports the report's thesis that NAND is moving from cheap consumer sockets up the memory hierarchy to act as massive LLM KV caches.$DRAM $Micron Tech(MU.US) $Sandisk(SNDK.US) $Western Digital(WDC.US) $EWY"
datetime: "2026-07-16T23:52:08.000Z"
locales:
  - [en](https://longbridge.com/en/topics/100000000800961.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000800961.md)
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author: "[Equity research](https://longbridge.com/en/profiles/2071818324550963200.md)"
generator: "portal-rs"
---

# Morgan Stanley: ZAM Memory> Massive Cloud Capex…


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- [MU.US](https://longbridge.com/en/quote/MU.US.md)
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## Comments (1)

- **Big_Angel · 2026-07-17T09:44:30.000Z**: the jump to 40 percent of cloud spend is what reframes it, structural pull not just a price spike. the bandwidth lag is the kicker that keeps hbm tight even once raw supply catches up


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**