procedure WBLoadHTML(WebBrowser: TWebBrowser; HTMLCode: string) ; 
var 
   sl: TStringList; 
   ms: TMemoryStream; 
begin 
   WebBrowser.Navigate('about:blank') ; 
   while WebBrowser.ReadyState < READYSTATE_INTERACTIVE do 
    Application.ProcessMessages; 
 
   if Assigned(WebBrowser.Document) then 
   begin 
     sl := TStringList.Create; 
     try 
       ms := TMemoryStream.Create; 
       try 
         sl.Text := HTMLCode; 
         sl.SaveToStream(ms) ; 
         ms.Seek(0, 0) ; 
         (WebBrowser.Document as IPersistStreamInit).Load(TStreamAdapter.Create(ms)) ; 
       finally 
         ms.Free; 
       end; 
     finally 
       sl.Free; 
     end; 
   end; 
end;

procedure TForm1.FormCreate(Sender: TObject) ; 
var 
  sHTML : string; 
begin 
  sHTML := '<a>GOTO</a>' + 
           '<b>Show Delphi</b>'; 
  WBLoadHTML(WebBrowser1,sHTML) ; 
end;