3 6 Ke·2025-12-19 02:09Group 1 - 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] - The report lists Nvidia, Broadcom, and Astera Labs as the top three preferred semiconductor stocks for 2026, highlighting the ongoing prosperity cycle in the semiconductor industry and the significant upside potential for chip stocks [1] - Analysts emphasize that the global demand for AI computing power is a critical variable, with the semiconductor index weight primarily driven by AI chip companies [1] Group 2 - Morgan Stanley expresses a cautious bullish rating on AMD and Marvell Technology, noting their substantial upside potential but also existing uncertainties, while maintaining a more cautious stance on Intel due to skepticism regarding its foundry business [2] - Astera Labs is highlighted as a favored small-cap stock in the data center space, particularly for its advancements in rack-level optical interconnect solutions through the acquisition of aiXscale [2] - In the memory and semiconductor equipment sectors, AI growth may lead to tight supply for memory and logic wafers, with Micron being the preferred choice in the memory market, while SanDisk is rated as "overweight" [2] Group 3 - In the semiconductor equipment sector, Applied Materials and TSMC are identified as the top picks by Morgan Stanley [3] - The report notes that the narrative and pricing logic for the analog chip market remains similar to that of 2025, with gradual improvements, leading to a favorable outlook for NXP Semiconductors as the best combination of growth and value among chip stocks [3] - Although Analog Devices has a higher valuation, it is recognized for its stronger growth potential in the analog chip sector [3]