大摩反共识：市场对存储芯片的偏爱过头了 现在该看英伟达(NVDA.US)了

Core Viewpoint - Morgan Stanley has reclassified Nvidia (NVDA.US) as the preferred stock in the semiconductor sector, replacing Micron Technology (MU.US) [1] Group 1: Analyst Insights - Analyst Joseph Moore believes that the competition between storage chips and Nvidia is noteworthy, as both sectors currently exhibit strong industry conditions [1] - The market generally perceives storage stocks as having a longer and more sustainable economic cycle compared to processor stocks, a view that Moore does not fully agree with [1] - Moore has assigned Nvidia an "Overweight" rating with a target price of $260 [1] Group 2: Market Concerns and Expectations - Concerns regarding Nvidia potentially losing market share may be addressed at the upcoming GTC conference, scheduled for March 16-19 [1] - The overall tone of the GTC is expected to be similar to 2024, when Nvidia disclosed its product roadmap for the next four years [1] - Moore anticipates that Groq's intellectual property will play a role in this roadmap [1] Group 3: Supply Chain and Market Dynamics - In the coming months, the supply situation for AI processors is expected to improve, which could benefit Nvidia [2] - Although this trend has not yet materialized, various components such as DRAM, eSSD, HDD, optical modules, microprocessors, and power supplies may face more severe bottlenecks than processor capacity [2] - Despite concerns about Nvidia's competitive edge weakening, Moore remains optimistic, citing research indicating that major customers of ASICs and potential core customers of AMD are expected to increase their procurement of Nvidia products by 80% or more by 2026 [2]