Cloud Semis: Unlikely to slow down

研报英文原文证据摘录

Cloud Semis: Unlikely to slow down

Idea

July 22, 2026 10:25 PM GMT

Morgan Stanley Taiwan Limited+MGreater China Semiconductors | Asia Pacific Daniel Yen, CFA

Equity Analyst

Cloud Semis: Unlikely to slow Daniel.Yen@morganstanley.comCharlie Chan +886 2 2730-2863

Charlie.Chan@morganstanley.com +886 2 2730-1725

down Morgan Stanley Asia Limited+

Daisy Dai, CFA

We expect both CPU and GPU server TAM to expand into 2027. Equity Analyst

Daisy.Dai@morganstanley.com +852 2848-7310

We reiterate our OW ratings on both Aspeed and Montage into

Morgan Stanley Taiwan Limited+

earnings; accumulate into cloud capex prints. Tiffany Yeh

Key Takeaways Tiffany.Yeh@morganstanley.com +886 2 7712-3032

Morgan Stanley Asia Limited+

Our recent China World AI Congress trip suggests ongoing upside for CPU

Ethan Jia

servers, from both China and US vendors. Research Associate

Ethan.Jia@morganstanley.com +852 3963-2287

The more diversified scale-up solutions for GPU servers in 2027 should translate

into strong cloud semis growth.

Better product mix should support the high GMs for both Aspeed and Montage.

CPU server segment showing more upside, especially in China: We maintain our

bull thesis (Cloud semis: Much Larger TAM Ahead) and expect further upside. In our Greater China Technology Semiconductors

Asia Pacific

July 17-20 Shanghai WAIC trip, we noted increasing adoption of AMD, Nvidia and Industry View Attractive

Hygon solutions. AMD's multicore benefits, Nvidia's Vera bundle sales strategy, and What’s Changed

Hygon's government support and performance catch-up with legacy 6 gen Intel CPU Aspeed Technology

are now attracting increasing orders (see Hygon initiation). High-end x86 CPU (5274.TWO) From To

Price Target NT$21,323.64 NT$20,888.00

pricing continued to trend up in China, nearly 2x Y/Y.