# 摩根士丹利：記憶體晶片價格過去一年飆升六倍。

*semiconductor, business · news · 2026-06-03 · Reuters*

## Key points

- 過去一年因AI驅動需求，記憶體晶片價格已上漲六倍。
- 雲端與AI公司透過長期合約鎖定晶片供應，擠壓傳統買家。
- 摩根士丹利警告，目前的晶片短缺可能代表供需關係的長期重置，而非典型週期。
- 由於成本高昂且複雜，新製造產能需數年才能影響供應。
- 晶片價格上漲導致雲端成本增加及技術推出延遲，2026年裝置市場可能萎縮。

June 3 (Reuters) - Soaring memory chip prices driven by massive AI demand risk stoking "chipflation," Morgan Stanley analysts cautioned, as makers of devices from smartphones to PCs are forced to ​choose between raising prices and settling for thinner margins. The brokerage said on Tuesday that ‌memory chip prices have spiked six-fold in the past year, as manufacturers have struggled to keep up with Big Tech's AI infrastructure spending spree and prioritized higher-margin data center chips over those used in everyday devices. Sign up here. "What began ​as an AI infrastructure bottleneck is now spreading into hardware margins, device affordability, cloud ​costs, inflation and policy," Morgan Stanley said in a 66-page note, adding the ⁠crunch has "become a macroeconomic concern." To be sure, some chipmakers are building capacity, but the analysts said ​that would likely take years, given the cost and complexity of setting up new manufacturing plants. Unlike ​past boom-bust cycles, the brokerage said the current surge could be a "durable supply-demand reset" as large cloud and AI companies lock up capacity through long-term agreements and other commitments, leaving traditional buyers scrambling for a smaller, tighter and ​more volatile supply pool. While the direct impact on consumer inflation may be limited, the pressure is ​showing up across producer prices, corporate margins, cloud costs, capital spending and delays in rolling out new technology, ‌the brokerage ⁠wrote. Microsoft, for instance, said in April that about $25 billion of its $190 billion in spending this year will come ​from higher chip prices. Research ​firm IDC has estimated ⁠that both the PC and smartphone markets would shrink sharply in 2026, as rising prices dissuade potential buyers, especially in the lower segments. "Memory producers ​benefit from stronger pricing, margins and visibility. Downstream hardware companies must absorb ​costs, pass ⁠them through, redesign products or risk demand destruction," according to Morgan Stanley. U.S.-China ​tensions over chips and export curbs are fragmenting supply chains and tightening supply, while subsidies offer little near-term relief as ​new capacity will take time, the brokerage said. Reporting by Kanishka Ajmera in Bengaluru; Editing by Sriraj Kalluvila

**Companies:** Microsoft
**Countries:** United States, China

[Read the full story on Reuters](https://www.reuters.com/business/retail-consumer/ai-chipflation-spreading-data-centers-wider-economy-morgan-stanley-warns-2026-06-03/)

---

Canonical: https://newsio.io/zh-TW/n/e2c2b3dd-5751-46ca-a2dc-75789d096b9b/ai
Summarized by Newsio from Reuters. https://newsio.io/how-it-works