Morgan Stanley: AI Memory Shortage Will Last for Years, Three Main Paths to Break Through, Storage and Heterogeneous Computing Power Present Structural Opportunities
智通财经2026/10/05 14:07According to Sinolink Securities, JPMorgan released a research report on the semiconductor industry stating that the DRAM memory shortage will persist throughout this AI industry cycle, and AI computing power expansion will not wait for new wafer fabs to be built and put into production. The industry is using three major technological paths—hardware downgrading, inference architecture decoupling, and CXL memory pooling—to bypass the memory bottleneck and continue to advance computing power development under supply constraints. The bank remains optimistic about leading storage companies such as Micron (MU.US) and SanDisk (SNDK.US), as well as the incremental opportunities in the CXL interconnect and heterogeneous inference sectors, recommending Astera Labs (ALAB.US), Marvell (MRVL.US), Cerebras (CBRS.US), and Nvidia (NVDA.US).
According to a research report on the semiconductor industry released by Morgan Stanley, DRAM memory shortages will persist throughout this AI industry cycle, and AI computing power expansion will not wait for new wafer fabs to be built and put into production. The industry is currently bypassing the memory bottleneck through three major technical paths: hardware downgrading, inference architecture decoupling, and CXL memory pooling, continuously advancing computing power development despite supply constraints. The firm remains optimistic about leading storage companies such as Micron (MU.US) and SanDisk (SNDK.US), and is also bullish on the incremental opportunities in the CXL interconnect and heterogeneous inference tracks, recommending Astera Labs (ALAB.US), Marvell (MRVL.US), Cerebras (CBRS.US), and NVIDIA (NVDA.US).
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