Speaking at the 2026 Global Memory Industry Innovation Summit held in Shenzhen on September 23, Yan Zhitian, executive director of Morgan Stanley, said that the capital expenditure of global cloud service providers is expected to reach 1.2 trillion US dollars in 2027, more than half of which will be used for storage. He predicts that the capital expenditure of some cloud service providers next year will exceed their profit before interest, tax and amortization. Due to expensive storage and insufficient bandwidth, they need to accelerate innovation in advanced packaging, etc. According to the Morgan Stanley Research Report, global cloud capital expenditure may exceed 900 billion US dollars this year, of which storage) accounts for 48%; next year, global cloud capital expenditure may reach 1.2 trillion US dollars, of which storage accounts for 53%; in the following year, as demand for storage and GPUs grows, global cloud capital expenditure will reach 1.6 trillion US dollars. “The hot topic right now is how much HBM will need next year.” Yan Zhitian said that it is initially estimated that next year's HBM consumption will be around 44 billion US dollars, a significant increase over last year and this year, but at present, supply is still very tight.

Speaking at the 2026 Global Memory Industry Innovation Summit held in Shenzhen on September 23, Yan Zhitian, executive director of Morgan Stanley, said that the capital expenditure of global cloud service providers is expected to reach 1.2 trillion US dollars in 2027, more than half of which will be used for storage. He predicts that the capital expenditure of some cloud service providers next year will exceed their profit before interest, tax and amortization. Due to expensive storage and insufficient bandwidth, they need to accelerate innovation in advanced packaging, etc. According to the Morgan Stanley Research Report, global cloud capital expenditure may exceed 900 billion US dollars this year, of which storage) accounts for 48%; next year, global cloud capital expenditure may reach 1.2 trillion US dollars, of which storage accounts for 53%; in the following year, as demand for storage and GPUs grows, global cloud capital expenditure will reach 1.6 trillion US dollars. “The hot topic right now is how much HBM will need next year.” Yan Zhitian said that it is initially estimated that next year's HBM consumption will be around 44 billion US dollars, a significant increase over last year and this year, but at present, supply is still very tight.