AI需求、模拟芯片、存储全面升温！瑞银重磅解读美股半导体股

Core Viewpoint - UBS highlights the rising demand for AI, simulation chips, and storage, providing a comprehensive analysis of several US semiconductor stocks, including Texas Instruments, SiTime, and Seagate Technology [2] Group 1: Texas Instruments Management Meeting Insights - Texas Instruments announced a $7.5 billion acquisition of Silicon Labs, with shareholders receiving $231 per share in cash, expected to close in the first half of 2027 [3] - The acquisition focuses on enhancing Texas Instruments' core business in various long-term chip markets, including appliances, power, industrial, and medical devices [3] - Management believes investor sentiment is neutral to positive, as the transaction's small scale minimizes its impact on the overall company [4] Group 2: SiTime Acquisition of Renesas Electronics - SiTime is acquiring Renesas Electronics' timing business for $3 billion, aiming to capitalize on the unprecedented AI training and inference demand [5] - UBS forecasts SiTime's earnings per share to exceed $11 by 2028, but acknowledges significant uncertainty due to market share growth and revenue synergies [5][6] - The acquisition is not primarily driven by cost synergies; instead, SiTime plans to invest in R&D for faster growth [6] Group 3: Google and Amazon Financial Reports - Google and Amazon's spending growth exceeded market expectations by approximately $110-120 billion, with Google’s capital expenditure projected to grow by 100% in 2026 [7][8] - Google’s AI model, Gemini 3, is gaining significant market attention, with a notable increase in token generation [7] - Amazon anticipates $200 billion in total capital expenditure by 2026, primarily for AWS, with a 60% year-over-year growth in cloud business capital spending [8] Group 4: Semiconductor Earnings Season Insights - UBS evaluated the performance of analog chip companies, noting a 0.4% revenue increase in Q4 2025 and a 1.3% guidance increase for Q1 2026 [9] - The industrial sector showed positive performance, while the automotive and consumer electronics sectors faced challenges [10] - UBS raised its earnings forecasts for Seagate Technology following Western Digital's earnings call, predicting a gross margin above 50% [11][12] Group 5: Forward-Looking Statements for Analog Devices and Indie Semiconductor - Analog Devices is expected to report strong Q1 2026 earnings, with revenue projected at $3.17 billion, exceeding guidance [13] - UBS anticipates a modest increase in Analog Devices' gross margin and a significant rise in earnings per share [14] - Indie Semiconductor is expected to report revenues close to guidance, with a focus on resolving previous supply chain issues [15]