Memory industry - Impact of reduced Vera CPU DRAM capacity on industry supply, demand

研报英文原文证据摘录

Memory industry - Impact of reduced Vera CPU DRAM capacity on industry supply, demand

Taiwan Equity | Technology

Event Analysis

1.5mn to 2mn units, and nearly 5mn units in 2027. TrendForce forecasts that the robust

growth outlook for Vera CPU will significantly boost server LPDRAM demand, and predicts

that between 2028 and 2030, the LPDRAM bits consumed by the overall AI server

ecosystem may surpass those of smartphones, becoming the largest single source of

consumption.

Historical experience: selectively deploy during sharp corrections

According to a DIGITIMES publishing report on June 8, 2026, with nVidia's next-

generation AI accelerator Vera Rubin set to begin shipment in 2H26, HBM4 is about to

enter full-scale mass production, and major CSPs continue to invest heavily in AI data

center construction. Multiple memory supply chain companies have indicated that

shortages in 2027 may be even more severe than in 2026. In addition, the report notes

that several memory module manufacturers have recently received notifications from

original manufacturers, informing them that aside from previously committed supply

volumes, it may not be possible to provide any additional sources in the future. The main

reason is that upstream original manufacturers' production capacity has been almost

entirely absorbed by nVidia-related AI servers and strong demand from major CSPs, with

nearly all 2027 capacity for CSPs already fully booked. We recommend that investors

optimize their portfolios on pullbacks by focusing on stocks with the strongest MoM sales

growth in May, as subsequent price rebounds will be strongly supported by fundamentals.

Figure 2: DRAM capacity for nVidia CPUs on different platforms

Source: TrendForce 2026/6/5

See last page for disclaimer 2