Read-across from US Hyperscalers‘ 2Q26 Results

研报英文原文证据摘录

Read-across from US Hyperscalers‘ 2Q26 Results

Idea

August 2, 2026 11:46 PM GMT

Morgan Stanley Taiwan Limited+MGreater China Technology Hardware | Asia Pacific Howard Kao

Equity Analyst

Read-across from US Howard.Kao@morganstanley.comIrene Yen +886 2 2730-2989

Research Associate

Irene.Yen@morganstanley.com +886 2 2730-2869

Hyperscalers' 2Q26 Results Morgan Stanley Asia Limited+

Andy Meng, CFA

We view US hyperscalers' comments and capex guidance Equity Analyst

Andy.Meng@morganstanley.com +852 2239-7689

positively for supply chain companies in Greater China. There are

numerous beneficiaries in our hardware coverage; we highlight

Wiwynn, Wistron, Gold Circuit, Unimicron, NYPCB and Lenovo.

Key Takeaways

Greater China Technology Hardware

MSFT maintained guidance for capex to be US$190B (US$175B after Asia Pacific

Industry View In-Line

incorporating for the lease changes).

MSFT F1Q27/C3Q26 capex guided >US$50B, a meaningful step-up from US$41B

in F4Q26/C2Q26.

Meta CY26 capex narrowed from US$125-145B to US$130-145B; still no guidance

on CY27 capex.

GOOG raised CY26 capex guidance by US$15B to US$195-205B, and again said

CY27 would increase "significantly" y/y.

AWS raised CY26 capex by US$20B to US$220B on higher memory costs; most

compute capacity in 2027 is already reserved, and 2028 demand is said to be

"striking."

US hyperscalers' comments positive for the supply chain: US hyperscaler

commentary was uniformly positive, with demand still outstripping supply. Higher

capex guidance was expected given rising component prices, but it shows

hyperscalers are raising spending to absorb those costs rather than cutting unit

volumes. That should ease investor concerns that higher component prices would

reduce overall server unit procurement.