Cloud Semis: Read-across from US results

研报英文原文证据摘录

Cloud Semis: Read-across from US results

Idea

July 23, 2026 08:32 AM GMT

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

Pacific Equity Analyst

Daniel.Yen@morganstanley.com +886 2 2730-2863

Charlie Chan

Equity AnalystCloud Semis: Read-across from Charlie.Chan@morganstanley.com +886 2 2730-1725

Morgan Stanley Asia Limited+

US results Daisy Dai, CFA

Equity Analyst

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

Google’s higher AI/cloud capex through 2027 should ease

concerns over a near-term slowdown in AI infrastructure Morgan Stanley Taiwan Limited+

Tiffany Yeh

Equity Analystspending. The TPU and Axion ramp also reinforces a positive

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

outlook for the broader semiconductor and AI server supply

Lucas Wang

chain. Research Associate

Lucas.Wang@morganstanley.com +886 2 2730-2875

Key takeaways from today's Alphabet (GOOGL.O, covered by Brian Nowak) 2Q26 Morgan Stanley Asia Limited+

earnings call: Ethan Jia

Research Associate

• Capex raised again as AI capacity remains constrained: Alphabet lifted Ethan.Jia@morganstanley.com +852 3963-2287

FY26 capex guidance to US$195-205bn from US$180-190bn, driven by faster Henry Zhao

compute deployment and stronger demand from Google Cloud customers Henry.Zhao@morganstanley.com +852 2239-7731

and internal businesses. 2Q26 capex reached US$44.9bn, up 26% QoQ and

100% YoY. Technical infrastructure spending split: 60% servers, 40% data

centers and networking. Management reiterated a significant FY27 capex

increase, implying continued FCF pressure.

• TPU monetization begins, with 2027 the key ramp year: 2Q26 marked the

Greater China Technology Semiconductors

first quarter of TPU system deliveries to customer data centers and related Asia Pacific