Greater China Cloud Semis: Read-across from INTC earnings call

研报英文原文证据摘录

Greater China Cloud Semis: Read-across from INTC earnings call

Update

July 27, 2026 06:36 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 AnalystGreater China Cloud Semis: Charlie.Chan@morganstanley.com +886 2 2730-1725

Morgan Stanley Asia Limited+

Read-across from INTC earnings Daisy Dai, CFA

Equity Analyst

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

Morgan Stanley Taiwan Limited+

Tiffany Yeh

Intel's commentary suggests a positive outlook for cloud semi Equity Analyst

names in Greater China, driven by strong customer demand for Tiffany.Yeh@morganstanley.com +886 2 7712-3032

x86 server CPU. We are OW on Aspeed and Montage. Morgan Stanley Asia Limited+

Ethan Jia

Key takeaways from Intel's 2Q26 earnings call: Research Associate

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

• Data Center and AI (DCAI) continues to see demand acceleration across

cloud and enterprise, as customers increasingly recognize the critical role of

x86 CPUs in AI infra. The outlook was strengthened by additional strategic

customer wins and long-term agreements in 2Q. The challenge now is to

grow supply to meet customer demand. Intel's custom ASIC (Application-

Greater China Technology Semiconductors

Specific Integrated Circuit) business currently has a US$2bn run rate and Asia Pacific

Intel management said it expects a US$4bn run rate in the near future. Industry View Attractive

• Customers continue to signal a strong and sustainable spending

environment, driven by AI compute demand. Industry-wide supply

constraints across wafers, memory, and substrate remain the dominant

challenge. The outlook for server CPU demand has improved, and Intel