Weekly: Meta GPU context; May SIA

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Weekly: Meta GPU context; May SIA

Idea

July 6, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMSemiconductors | North America Joseph Moore

Equity Analyst

Weekly: Meta GPU context; May Joseph.Moore@morganstanley.comNicole Kozhukhov +1 212 761-7516

Research Associate

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

SIA Ella Tulchinsky

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

We think that gpu compute remains in shortage, and recent Mason Wayne

events are more about stronger cloud demand vs. any excess ResearchMason.Wayne@morganstanley.comAssociate +1 212 761-6012

compute capacity. Separately, May SIA #s were slightly below Shane Brett

our forecast. EquityShane.Brett@morganstanley.comAnalyst +1 212 761-1022

Last week, Bloomberg reported that Meta - covered by Brian Nowak & team - Semiconductors

would develop a cloud services unit, competing with Azure, AWS, and others; the North America

Industry View Attractive

company has not finalized details about this offering. Our understanding is that this

was at least part of the weakness in the stocks last week, in addition to a broader

derisking.

To us, this points to excess demand for GPUs, more so than excess supply from

any one hyperscaler: This is not the first report that we have heard of larger

internally focused hyperscalers offering GPUs to others, and is something that we

are hearing regularly. We would not jump to the negative conclusion that the

market seems to be focused on - that these vendors have excess compute. An

alternate explanation fits our checks more clearly - that there is a substantial

shortage of GPU compute in the market right now, such that the most profitable

use of GPUs might be to rent them to others. There is excess demand, more so than