2Q26 AI Server Pulse: Summertime Cool-Down: Global Semiconductors, Hardware, Internet & Software

研报英文原文证据摘录

2Q26 AI Server Pulse: Summertime Cool-Down: Global Semiconductors, Hardware, Internet & Software

Alex Wang, CFA +852 2123 2613 alex.wang@bernsteinsg.com 3 August 2026

Quanta: We rate Quanta Computer Underperform, with PT = NT$250.00.

Google: We rate Google Market-Perform with PT = $385.

Meta: We rate Meta Outperform with PT = $800.

Amazon: We rate Amazon Outperform with PT = $320.

Microsoft: We rate Microsoft Outperform with PT = $647 and expect the stock to continue to move up. It is one of our favorite

stocks, especially now that 1) Azure revenue growth is accelerating in CC (38% in Q2FY26 39% in Q3, 43% in Q4 and guidance

of 45% for Q1FY27); and Office 365 Copilot paid seat growth is accelerating (33% QoQ in Q3 and 50% QoQ in Q4); while

CY26 CAPEX guidance did not increase (down due to accounting to change) and is decelerating.

Oracle: We rate Oracle Outperform with PT = $325. With revenue ramping, RPO increasing, strong margins, and a solid FY27

guide increase the setup is really strong. Given how the stock has reacted to industry-wide AI concerns combined with the

company’s substantial investment; debt and upcoming equity raise the stock is meaningfully undervalued given the risk reward

as we have outlined in detail in our notes.

AMD: We rate AMD Outperformwith PT =$600.00.

AVGO: We rate AVGO Outperform with PT=$550.00.

INTC: We rate INTC Market-Perform with PT=$110.00.

NVDA: We rate NVDA Outperform with PT=$315.00.

QCOM : We rate QCOM Market-Perform with PT= $165.00.

Samsung Electronics: We rate Samsung Electronics Outperform with price target of KRW440,000.

SK hynix : We rate SK hynix Outperform with price target of KRW 3,300,000.

Micron: We rate Micron Outperform with price target of US$1,300.00.

TSMC: We rate TSMC Outperform with price target of NT$2,780.00.