Weekly: Earnings Week 2 (AMKR, NVTS, NXPI, SWKS, QCOM, ALGM, ON); Thoughts on MRVL/Frozen, MCHP/Hailo

研报英文原文证据摘录

Weekly: Earnings Week 2 (AMKR, NVTS, NXPI, SWKS, QCOM, ALGM, ON); Thoughts on MRVL/Frozen, MCHP/Hailo

Idea

July 27, 2026 05:15 AM GMT

Morgan Stanley & Co. LLCMSemiconductors | North America Joseph Moore

Equity Analyst

Weekly: Earnings Week 2 Joseph.Moore@morganstanley.comNicole Kozhukhov +1 212 761-7516

Research Associate

Nicole.Kozhukhov@morganstanley.com +1 212 761-1636

(AMKR, NVTS, NXPI, SWKS, Ella Tulchinsky

Ella.Tulchinsky@morganstanley.com +1 212 761-2222

QCOM, ALGM, ON); Thoughts Mason Wayne

Mason.Wayne@morganstanley.com +1 212 761-6012

on MRVL/Frozen, MCHP/Hailo Shane Brett

Shane.Brett@morganstanley.com +1 212 761-1022

Stocks continue to see some downward pressure - but the

Semiconductors

numbers have been good and for the most part we see that North America

continuing this week. We also touch on Google "Frozen" and Industry View Attractive

Microchip's acquisition of Hailo.

Google Frozen could be a Marvell opportunity. Google (covered by Brian Nowak)

is reportedly exploring “Frozen v2,” a new chip designed specifically to run Gemini

models more efficiently. Unlike a general-purpose TPU, Frozen v2 could hardwire

elements of Gemini’s architecture directly into the silicon, improving inference speed

and power efficiency. Our checks suggest the chip will use on-chip SRAM,

eliminating the need for CoWoS packaging, with limited production beginning in

2027 and a broader ramp in 2028. Per industry checks, we believe Marvell is a likely

development partner, although the supplier has not been confirmed. More broadly,

Frozen v2 reinforces the emerging trend toward SRAM-based solutions optimized

for inference workloads. While volumes are expected to be modest initially, the

program could still support Marvell’s custom silicon outlook, particularly given