智通财经APP获悉，随着内存价格飙升、非AI硬件需求转弱，摩根士丹利周一大幅下调戴尔科技 (DELL.US)、惠普(HPQ.US)和慧与科技(HPE.US)等主要硬件厂商的评级，警告整个行业正面临日益加 剧的利润率压力。 摩根士丹利分析师指出，当前产业处于"内存超级周期"，过去六个月内NAND与DRAM现货价格上涨约 50%至300%。快速升温的组件通胀预计将对硬件制造商的盈利形成持续拖累，影响将延续至2026年。 该机构表示，从历史经验看，在内存成本开始上涨后的6至12个月，硬件OEM的毛利率通常会出现下 滑，预计2026年全球OEM毛利率中值将下降60个基点，而市场普遍预期却仍为小幅扩张。 戴尔与惠普被视为对内存价格上涨最敏感的公司，原因在于它们高度依赖内存密集型的PC与服务器产 品。慧与科技则面临收购整合挑战与组件成本上涨的双重压力。 戴尔遭降级至"减持" 目标价从144美元下调至110美元 摩根士丹利将戴尔评级从"增持"连续下调两级至"减持"，认为上涨的内存成本叠加AI服务器结构性较低 的利润率，使公司短期盈利前景承压。报告指出，戴尔是"受内存成本上升冲击最严重的股票之一"，并 将其2027财年毛利率 ...

每经AI快讯，11月17日，戴尔科技跌7.7%，惠普跌4.2%，摩根士丹利下调评级。 ...

U.S. stocks settled mostly lower on Friday, with the Dow Jones index dipping more than 300 points during the session.The Nasdaq ended lower by 0.5% last week, while both the S&P 500 and the Dow added 0.1% and 0.3%, respectively.Wall Street analysts make new stock picks on a daily basis. Unfortunately for investors, not all analysts have particularly impressive track records at predicting market movements. Even when it comes to one single stock, analyst ratings and price targets can vary widely, leaving inve ...

Core Viewpoint - The storage chip market is experiencing an unprecedented "super cycle" driven by AI demand and supply shortages, significantly impacting the profit outlook for PC and server manufacturers [1][3][4]. Group 1: Price Surge and Impact - Morgan Stanley warns that storage chip prices are skyrocketing due to AI demand and supply constraints, with DRAM spot prices soaring over 260% in just two months [1][5]. - The report indicates that the cost of storage chips (NAND and DRAM) constitutes 10%-70% of the BOM for high-end products, leading to a potential decline in hardware OEM gross margins by 45 to 150 basis points for every 10% increase in storage chip prices [3][6]. - The current price surge is unprecedented, with NAND flash prices rising over 50% since the beginning of the year [5][6]. Group 2: Drivers of Price Increase - The price surge is primarily driven by accelerated procurement from large cloud service providers for AI infrastructure, a spike in demand for high-bandwidth memory (HBM) for AI accelerators, and insufficient investment in NAND capacity over the past few years [6][10]. - Morgan Stanley predicts that contract prices for both NAND and DRAM could see double-digit percentage increases each quarter until 2026, far exceeding the previous cycle from 2016-2018 [6][10]. Group 3: Historical Context and Comparison - The previous storage super cycle from 2016 to 2018 serves as a reference point, where OEM margins and stock valuations began to decline 6 to 12 months after prices started to rise [8][10]. - Key differences in the current cycle include a more rapid price increase and a weaker demand environment for non-AI hardware compared to the previous cycle [10][11]. Group 4: Company Ratings and Vulnerabilities - Morgan Stanley has downgraded ratings for several major hardware companies, citing dual pressures on profits and valuations [12][13][14]. - Dell Technologies was downgraded from "Overweight" to "Underweight," with a target price cut from $144 to $110, due to significant impacts from rising storage costs [13]. - HP's rating was lowered from "Market Perform" to "Underweight," with a target price adjustment from $26 to $24, as profit margin pressures overshadow market recovery [14]. - Lenovo's rating was adjusted from "Overweight" to "Market Perform," as over 60% of its PC business targets the enterprise market, which is better positioned to pass on cost increases [17]. Group 5: Market Segmentation and Resilience - Different hardware manufacturers face varying levels of risk, with PC and server manufacturers more exposed due to their reliance on DRAM [18][20]. - Companies like Apple and Pure Storage are viewed as more resilient due to strong supply chain negotiation power and better pricing capabilities [20]. - Memory chip manufacturers such as Micron Technology, SK Hynix, and Samsung Electronics are expected to be direct beneficiaries of this super cycle [20].

存储芯片市场正经历一场"前所未有的周期"。摩根士丹利数据显示，DRAM（动态随机存取存储器）的现货价格在过去短短两个月内飙升超过 260%，而作为固态硬盘（SSD）核心的NAND闪存现货价格自年初以来也已上涨超过50%。 一场前所未有的存储芯片"超级周期"正席卷全球科技硬件行业，给个人电脑（PC）和服务器制造商的利润前景蒙上阴影。 据追风交易台消息，摩根士丹利于11月16日在发布的报告中警告，存储芯片价格的失控飙升将严重侵蚀硬件原始设备制造商（OEM）的利润率。 将多家全球硬件OEM及ODM（原始设计制造商）的评级下调。 报告认为，价格飙升的存储芯片（NAND和DRAM）是PC、服务器等产品的关键组件，其成本占部分高端产品物料清单（BOM）的10%-70%。摩 根士丹利的模型测算显示，在不采取任何对冲措施的情况下，存储芯片价格每上涨10%，硬件OEM的毛利率就将面临45至150个基点的下行压 力。这一预测与市场普遍预期形成鲜明对比，该行对2026年硬件厂商的每股收益（EPS）预测已比市场共识低出11%。 这一轮价格风暴由人工智能带来的需求激增、高带宽存储器（HBM）的技术转向以及NAND闪存的投资不足共同推动 ...

M Global Insight November 16, 2025 10:01 PM GMT Global Technology Hardware Memory Takes A Bite Out of Hardware Margins Hardware OEM/ODMs face growing risk of margin pressure as the memory supercycle intensifies amidst a tepid hardware demand backdrop. Secular opps in Gen AI/Data Proliferation remain in-place but cyclical headwinds are growing. We're stepping to the sidelines on a number of OEM's as a result. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a ...

HPQ achieves a key milestone toward commercial production, producing commercial-grade fumed silica with superior surface area and purity in a single step at pilot scaleMONTREAL, Nov. 12, 2025 (GLOBE NEWSWIRE) -- HPQ Silicon Inc. (“HPQ” or the “Company”) (“HPQ” or the “Company”) (TSX-V: HPQ, OTCQB: HPQFF, FRA: O08), a technology company driving innovation in advanced materials and critical process development, is pleased to announce that independent laboratory analysis [1] of material produced during Test #7 ...

Core Insights - The 2025 Federal Budget of Canada introduces $141 billion in new spending aimed at enhancing domestic industrial capacity, expanding clean-energy infrastructure, and accelerating the commercialization of next-generation technologies [1][2][3] Group 1: Government Support and Strategic Alignment - The budget emphasizes productivity, clean manufacturing, and Canadian supply resilience, signaling a commitment to support innovators in turning research and development into industrial reality [2][3] - HPQ's core technology pillars—Fumed Silica, HPQ ENDURA+ Batteries, and METAGENE™ Hydrogen—are aligned with the government's goals for clean industrial projects [3][10] Group 2: Fumed Silica Production - HPQ's proprietary Fumed Silica Reactor technology allows for the transformation of quartz into fumed silica without toxic feedstocks, supporting the goal of reshoring high-value materials to North America [5][11] - The budget's Productivity Super-Deduction and focus on clean-power infrastructure will facilitate HPQ's establishment of domestic production, reducing reliance on imports from the U.S., China, and Europe [5][6] Group 3: Energy Storage Solutions - The budget's Defence Industrial Strategy and Buy Canadian procurement rule create strong demand for domestic energy storage solutions, aligning with HPQ's ENDURA+ GEN3 silicon-anode lithium-ion cells currently in industrial testing [7][8] - HPQ ENDURA+ batteries offer higher energy density and longer cycle life, making them suitable for various sectors including defense, telecommunications, and grid storage [8] Group 4: Hydrogen Production - Hydrogen is identified as a critical component of Canada's clean-economy transition under the budget's Climate Competitiveness Strategy, positioning HPQ to manufacture and deploy its METAGENE™ hydrogen production technology [9][10] - METAGENE™ technology allows for on-demand, low-carbon hydrogen production, aligning with Ottawa's clean-fuel and industrial decarbonization goals [9][10] Group 5: Future Industrial Landscape - The 2025 Federal Budget represents a significant shift from policy ambition to industrial execution, with new investment tools designed to anchor clean-technology manufacturing in Canada [10] - HPQ is well-positioned to leverage these measures to enhance its industrial capacity and contribute to the country's clean technology landscape [10][11]

HP (HPQ) closed at $25.94 in the latest trading session, marking a -3.96% move from the prior day. This change lagged the S&P 500's daily loss of 1.17%. Meanwhile, the Dow lost 0.53%, and the Nasdaq, a tech-heavy index, lost 2.04%. Prior to today's trading, shares of the personal computer and printer maker had gained 1.5% lagged the Computer and Technology sector's gain of 5.49% and the S&P 500's gain of 2.12%.The investment community will be paying close attention to the earnings performance of HP in its u ...

Core Viewpoint - HP Inc. will hold a live audio webcast to discuss its financial results for the fourth fiscal quarter and the fiscal year ending October 31, 2025, scheduled for November 25, 2025 [1] Group 1: Financial Results Announcement - The conference call will take place at 5:00 p.m. ET / 2:00 p.m. PT on November 25, 2025 [1] - The audio webcast will be accessible at www.hp.com/investor/2025Q4Webcast [1] - A replay of the audio webcast will be available shortly after the call and will remain accessible for approximately one year [1] Group 2: Company Overview - HP Inc. is a global technology leader operating in over 170 countries [2] - The company provides a wide range of innovative and sustainable devices, services, and subscriptions across various sectors including personal computing, printing, 3D printing, hybrid work, and gaming [2]