明年将续写芯片股牛市？大摩“首选榜单”出炉：英伟达地位稳固

Core Viewpoint - Morgan Stanley's latest report indicates that the "long-term bull market logic" for semiconductor stocks remains intact, driven by an unprecedented AI infrastructure boom and strong inventory destocking in traditional analog chips/MCUs, suggesting that semiconductor stocks could be one of the best-performing sectors in the U.S. stock market next year [1]. Group 1: Preferred Stocks - The top three semiconductor stocks for 2026 are Nvidia, Broadcom, and Astera Labs, according to Morgan Stanley [1]. - Nvidia and Broadcom are highlighted as the firm's two preferred names in the semiconductor sector, with Nvidia expected to provide the highest return on investment in cloud computing, especially as the Vera-Rubin architecture begins to ramp up in the second half of 2026 [1]. Group 2: Market Sentiment and Ratings - AMD and Marvell Technology are given a "market perform" cautious bullish rating due to their substantial upside potential but also existing uncertainties [2]. - Morgan Stanley expresses skepticism regarding Intel's foundry business, leading to a more cautious stance on Intel [2]. Group 3: Emerging Technologies and Market Dynamics - Astera Labs is favored in the data center space, particularly for its acquisition of aiXscale, which advances rack-level/scale-up optical interconnect solutions [2]. - The growth of AI may lead to tight supply in memory and logic wafer markets, with Micron being the preferred choice in the memory market, while SanDisk is rated as "overweight" [2]. Group 4: Equipment and Analog Chips - In the chip equipment sector, Applied Materials and TSMC are identified as the most favored stocks by Morgan Stanley [3]. - NXP Semiconductors is viewed as the best combination of growth and value in the analog chip sector, while Analog Devices is considered more expensive but has stronger growth potential in the analog chip field [3].