Morgan Stanley's purchasing contacts in the data center space indicate that like-for-like memory prices are up at least 25% from Q2 to Q3, exceeding prior estimates. Long-term concerns persist that memory shortages will intensify further in 2027 and 2028 due to unmet AI requirements.
Data center memory supply is tightening significantly, with prices rising faster than expected, indicating a structural shortage that will worsen through 2028.