Analyst in the Hot Seat: What‘s Driving Hygon‘s Competitive Positioning

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Analyst in the Hot Seat: What‘s Driving Hygon‘s Competitive Positioning

Asia Pacific Insight

July 23, 2026 02:52 PM GMT

Morgan Stanley Asia Limited+MPodcast Daisy Dai, CFA

Equity Analyst

Analyst in the Hot Seat: What's Daisy.Dai@morganstanley.comEthan Jia +852 2848-7310

Research Associate

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

Driving Hygon's Competitive

Positioning

China Semiconductors Associate, Ethan Jia, joins Asia Equity

Sales Nicole Yap, to examine Hygon and China’s CPU localization This report references U.S. Executive Order

opportunity. They discuss Hygon’s competitive positioning, x86 14032 and/or entities or securities that are

designated thereunder. U.S. persons may be

versus ARM, agentic AI demand, margin sustainability and key

prohibited from buying certain securities of

investor debates.

entities named in this report. Readers are solely

responsible for ensuring that their investment

activities are carried out in compliance with

applicable laws.

This report references export controls and/or

entities that may be subject to export control

restrictions. Readers are solely responsible for

ensuring that their investment or trade activities

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laws.

This report references U.S. Executive Order 14105

and/or entities that may be in scope of such

order. U.S. persons may be prohibited from

engaging in certain transactions or otherwise

require certain other transactions be notified to

the U.S. Department of Treasury. Readers are

Nicole Yap is a member of Morgan Stanley’s Institutional Equity Division and is not a

solely responsible for ensuring that their

member of Morgan Stanley’s Research Department. Unless otherwise indicated, her

investment or trade activities are carried out in