Semiconductors: Weekly: NVDA memory cuts? And Apr SIA

研报英文原文证据摘录

Semiconductors: Weekly: NVDA memory cuts? And Apr SIA

Idea

June 8, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMSemiconductors | North America Joseph Moore

Equity Analyst

Weekly: NVDA memory cuts? Joseph.Moore@morganstanley.comElla Tulchinsky +1 212 761-7516

Research Associate

Ella.Tulchinsky@morganstanley.com +1 212 761-2222

And Apr SIA Nicole Kozhukhov

Nicole.Kozhukhov@morganstanley.com +1 212 761-1636

Potential reduction in Vera Rubin rack content is another Mason Wayne

indication of the intensity of the memory shortage; separately, ResearchMason.Wayne@morganstanley.comAssociate +1 212 761-6012

we are raising our industry estimates post a strong April SIA Shane Brett

report Friday. EquityShane.Brett@morganstanley.comAnalyst +1 212 761-1022

NVDA DRAM cuts reflect tight supply conditions. There were reports this week

from Semi Analysis that suggested NVIDIA was reducing LPDDR5 memory content

from the Vera Rubin racks from 55 TB to 28 TB, reducing the SOCAMM memory

module size from 192 GB to 96 GB.

Semiconductors

While we are not sure that it will impact every rack, we were able to confirm that North America

there have been some changes and that it least some racks will be shipped with this Industry View Attractive

lower configuration. Given the importance of memory we suspect that the higher

configurations will be available, if not immediately, then shortly after shipments

begin in F3q.

The rack memory is a significant portion of overall global demand for DRAM;

assuming that 53-70k racks are built next year, at 55 TB, the rack SOCAMM would

approach 5% of global demand, so cutting that in half across the board - the most

draconian figure - would be 2%+ impact (1.4 mm TB reduction for a 62mm TB

market), but one which impacts a higher value portion of the market.