Federal Reserve's MUSALEM: firms face elevated input costs.

JP Morgan's markets intelligence team says that as AI compute demand expands over the next few years, shipment capacity for Nvidia GPUs, Google TPUs and similar AI chips could increasingly be constrained by HBM and memory supply. Micron recently said customer demand remains materially higher than supply even at current memory prices, and vendors often meet less than half of demand. SK Hynix, Samsung and Micron control limited HBM capacity, reinforcing large buyers' long-term procurement ties; buyers who exit long-term contracts may face lower allocation priority in the next capacity crunch. HBM allocations are directly limiting how many GPUs and TPUs can be delivered.

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