Morgan Stanley: Global semiconductor market size is expected to reach $1.5 trillion by 2030, with AI semiconductors accounting for about half.

Morgan Stanley Executive Director Yan Zhitian, speaking at the 5th GMIF2026 Innovation Summit, noted that storage currently accounts for the highest share of cloud providers' capital expenditure, rising from 48% in 2026 to 53% in 2027; CoWoS packaging capacity required for HBM is currently tight, and capacity will ramp up rapidly, with leading manufacturer TSMC's monthly CoWoS capacity expected to double by 2028, mainly supplying NVIDIA, Broadcom, and AMD. As computing power growth continues to outpace memory bandwidth, the memory wall problem is driving multi-path innovation in storage technology; the global semiconductor market is expected to reach $1.5 trillion by 2030, with AI semiconductors including storage and GPUs accounting for about half.