Coverage

Coverage is supply divided by demand, shown for CPU, accelerators, RAM, and enterprise SSD. It is a tightness ratio: how much of the modeled demand the supply side can fill in that year. 100% means supply and demand are matched. Above 100% means supply is ahead of demand. Below 100% means demand is running ahead of supply.

A smaller coverage number means a tighter market. Buyers compete for limited CPU, GPU/ASIC, memory, or server SSD, so lead times stretch, allocation is more common, and vendors have more pricing power. Spot premiums and constrained SKUs show up first in those years. A rising coverage number means the stack is easing: more product is available relative to demand, and pressure on price and delivery typically fades.

Read coverage together with lead time and hyperscaler spend. Coverage says whether the bill of materials can be filled; lead time says how long the channel takes to deliver; hyperscaler CapEx says how fast demand is being funded.