摩根大通：首席投资官调查_半导体、美国硬件_半导体行业专家评论

Investment Rating - The report maintains a bullish outlook on the semiconductor industry, particularly driven by sustained strong AI spending intentions from CIOs [7]. Core Insights - The 2025 CIO Survey indicates that approximately 68% of CIOs plan to allocate more than 5% of their IT budgets to AI compute hardware within three years, up from around 25% currently [7]. - AI-related compute spending as a percentage of CIO IT budgets is projected to rise to 15.9% in three years, reflecting a growth rate of 41%, which surpasses the semiconductor revenue growth outlook of 30-35% [7]. - Cloud spending is also expected to increase to 38% of IT budgets over the next five years, indicating a healthy business environment for Cloud Service Providers (CSPs) [7]. - Despite some caution regarding spending in the second half of 2025 due to geopolitical dynamics, the overall sentiment remains positive for a multi-year spending cycle in AI infrastructure [7]. Summary by Sections TMT Themes - Telecom sector saw a net increase in long positions, with a low positioning ratio indicating potential for growth [3]. - AI Data Centers have reached all-time high positioning, reflecting strong demand [3]. Semiconductor Insights - Chroma ATE is expected to secure metrology toolset orders from TSMC, indicating confidence in its market position [10]. - The semiconductor sector is experiencing a resurgence in demand for AI servers, driven by Nvidia GPUs and AWS ASICs [20]. Market Dynamics - Hedge funds have shown a modest increase in net buying, with North America being a significant contributor [2]. - The report highlights a potential risk of de-grossing among equity long/short funds, which could impact market dynamics [4].