Weekly: Earnings Week 3 (AMD, ALAB, GFS, SNDK, AEVA, IONQ, MCHP); NXP/AMBA

研报英文原文证据摘录

Weekly: Earnings Week 3 (AMD, ALAB, GFS, SNDK, AEVA, IONQ, MCHP); NXP/AMBA

Idea

August 3, 2026 06:45 AM GMT

Morgan Stanley & Co. LLCMSemiconductors | North America Joseph Moore

Equity Analyst

Weekly: Earnings Week 3 (AMD, Joseph.Moore@morganstanley.comNicole Kozhukhov +1 212 761-7516

Research Associate

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

ALAB, GFS, SNDK, AEVA, IONQ, Ella Tulchinsky

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

MCHP); NXP/AMBA Mason Wayne

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

What’s Changed Shane Brett

Astera Labs Inc (ALAB.O) From To Shane.Brett@morganstanley.com +1 212 761-1022

Price Target $240.00 $335.00

Semiconductors

GlobalFoundries Inc (GFS.O) North America

Price Target $65.00 $57.00 Industry View Attractive

We expect another strong set of #s - SNDK, AMD CPU are focus

areas. We also add context to an unsubstantiated press report

that NXP could be in talks to buy Ambarella.

Thoughts on news report of NXP/AMBA acquisition: Financial Times reported that

NXP is in talks to buy Ambarella; neither company confirmed the report and we

have no validation of the report's veracity, nor any knowledge of whether any such

transaction might occur..

That said, the strategic value of Ambarella has long been one element of our OW

thesis, although our conviction has primarily been driven by the strength of the

underlying technology (see Quick thoughts on potential AMBA sale). We believe

AMBA has best-in-class edge AI capabilities, particularly for compute-intensive vision

applications where power efficiency is critical. The challenge, in our view, has been

converting that technology into commercial success, most notably in automotive,

where risk-averse OEMs have been slow to adopt new platforms and AMBA