---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/42703394.md"
description: "Morgan Stanley: HBM & NAND Supply/DemandHBM (High Bandwidth Memory) Market & Supply> Market Size Expansion: The total HBM market value is projected to explode from US$3 billion in 2023 to US$94 billion by 2027e, representing a massive 128% CAGR.> NVIDIA Market Share: NVIDIA is expected to maintain overwhelming dominance in the GPGPU market, keeping its market share consistently at 90% or above through 2027e (peaking at 92% in 2026e).> Soaring HBM Intensity: The average HBM content per GPGPU is modeled to increase from 80 GB in 2023 to 317 GB in 2027e. Average HBM content per ASIC is also scaling up, from 40 GB to 238 GB over the same period.HBM Supply Shares (2027e Implied Production):SK Hynix: 22,226 million GbSamsung: 21,239 million GbMicron: 10,372 million Gb> Widening Deficits: While HBM-specific supply appears to outpace standalone HBM demand, the broader DRAM market faces a severe squeeze. The Total DRAM sufficiency ratio (combining both HBM and commodity DRAM) is projected to plunge to -17% in 2026e and remain deeply negative at -15% in 2027e.AI NAND Market & Supply> Surging AI NAND Demand: Demand for AI NAND is modeled to nearly triple, rising from 205 EB (Exabytes) in 2025 to 609 EB in 2027e.> AI as a Percentage of Total NAND: AI's share of total global NAND demand is expected to climb sharply from 18% in 2025 to 41% by 2027e.Key Hardware Drivers (2027e):ASIC eSSD Usage: Major demand is driven by Google TPU (33 EB) and AWS Trainium (19 EB).GPGPU eSSD Usage: Driven heavily by NVIDIA platforms (63 EB extra deployment per tray + 34 EB in-rack eSSD) and AMD's MI-series (37 EB).> NAND Sufficiency Deficit: After a slight supply surplus of +2% in 2025, the total NAND market is projected to flip into a severe deficit of -15% in 2026e and remain under-supplied at -9% in 2027e.> Non-AI Demand Remains Flat: Meanwhile, non-AI NAND demand (PCs, smartphones, general enterprise SSDs) is projected to remain relatively flat, moving from 905 EB in 2025 to 874 EB in 2027e, showing that AI is entirely driving the market's tight supply dynamics.$DRAM $Micron Tech(MU.US) $EWY $Sandisk(SNDK.US)"
datetime: "2026-07-15T19:22:09.000Z"
locales:
  - [en](https://longbridge.com/en/topics/42703394.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/42703394.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/42703394.md)
author: "[Equity research](https://longbridge.com/en/profiles/2071818324550963200.md)"
---

# Morgan Stanley: HBM & NAND Supply/DemandHBM (H…


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