摩根大通：半导体设备 -TMC 会议总结：人工智能数据中心需求持续强劲；半导体行业整体周期性改善

Investment Rating - The overall investment rating for the semiconductor and semiconductor capital equipment industry is cautiously optimistic, with specific companies rated as Overweight (OW) including AVGO, MRVL, ADI, KLAC, CDNS, SNPS, ALAB, N MTSI, SYNA, WDC, MU, MKSI, and AMKR [5][27][30][39][24]. Core Insights - The semiconductor industry is in the early stages of an up-cycle, driven by strong AI and datacenter demand, with broad-based cyclical improvements observed [1][6]. - Companies are experiencing positive trends in bookings and inventory management, indicating a potential cyclical recovery despite uncertainties related to tariffs and trade dynamics [6][10]. - AI infrastructure build-outs are driving strong demand for semiconductors, particularly in custom ASICs, with expectations for increased market share in edge applications [1][6][30]. - The outlook for wafer fabrication equipment (WFE) spending remains strong, supported by advanced technology migrations and increased spending in leading-edge applications [6][33]. Company Summaries NXP Semiconductors - NXP is not currently experiencing significant tariff impacts, with positive order trends suggesting a cyclical recovery [10]. - The company is focusing on supply chain diversification, particularly in China, to mitigate tariff risks [10]. - Multi-year growth drivers in automotive and industrial sectors remain intact, with strong demand for software-defined vehicle platforms [10]. Synaptics Inc - Synaptics is not seeing tariff impacts, with consistent order patterns indicating stable demand [15]. - The company has a strong design win pipeline, particularly in IoT, which is expected to drive long-term revenue growth [15]. - New product cycles, including Wi-Fi 7, are anticipated to contribute to revenue growth in the near term [15]. Intel - Intel is focused on simplifying its organization to improve execution and drive its AI strategy [18]. - The company aims to enhance its manufacturing and foundry capabilities, targeting profitability by 2027 [18]. - Core compute execution is a priority, with a strong ecosystem expected to provide a competitive advantage [18]. GlobalFoundries - GlobalFoundries is seeing positive revenue trends for the first time in eight quarters, with expectations for growth driven by communications infrastructure and data center markets [20]. - The company has a strong supply chain diversification strategy and is mitigating tariff impacts effectively [20]. - Continued margin recovery is anticipated, supported by improved utilization and product mix [20]. Amkor Technology - Amkor is not experiencing significant tariff impacts, with consistent bookings patterns [22]. - The company is making progress with its lead wireless customer and sees growth opportunities in advanced packaging technologies [22]. - Positive trends in automotive and industrial applications are expected to drive growth [22]. Lam Research - Lam Research is well-positioned to benefit from technology migrations and strong WFE spending outlook [24]. - The company is focusing on advanced packaging and expects to sustain a balanced mix of memory and foundry/logic spending [24]. - Strong visibility to margin expansion is anticipated due to operational efficiencies [24]. Western Digital - Western Digital is benefiting from strong cloud/hyperscaler spending, with positive demand trends expected to continue [27]. - The company is executing well on product launches and is focused on margin improvement [27]. - Continued capital return strategies are in place, with a focus on dividend increases and share buybacks [27]. Micron Technology - Micron is seeing strong demand trends in both DRAM and NAND, with positive pricing dynamics [30]. - The company is expanding its low power solutions and is in discussions for HBM supply allocations [30]. - Manufacturing and technology node ramps are on track, with disciplined supply expansion strategies [30]. KLA Corporation - KLA expects WFE and process control to outgrow overall semiconductor revenues, driven by complexity challenges and leading-edge investments [33]. - The company is exploring its manufacturing supply chain to mitigate tariff exposure [33]. - Continued market share gains are anticipated in process control segments [33].