Morgan Stanley: Nvidia to Consume 37.3% of Global HBM Demand, Google 36%

Beth_Kindig · x · 2026-09-17

Morgan Stanley estimates Nvidia will consume 37.3% of total HBM demand, with Google at 36% and AMD at 12.1%, leaving only around 15% for all other players — underscoring how concentrated HBM supply has become among AI leaders.

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