智通财经APP获悉，美国银行近日对多只芯片股的评级进行了调整，其中包括英特尔(INTC.US)、应用 材料(AMAT.US)、德州仪器(TXN.US)等公司。 美银将其对应用材料的评级由"中性"上调至"买入"，目标价上调至250美元。分析师指出，受益于 DRAM投资回升，2026年晶圆厂设备(WFE)市场有望迎来四年来的首次强劲增长。此外，该公司相较大 型同行的估值更具吸引力。 美银将康特科技(CAMT.US)的评级由"中性"上调至"买入"，目标价上调至135美元。分析师表示，随着 高带宽内存(HBM)检测需求激增，该公司销售增长有望再次加速。 具体来看，美银将其对英特尔的评级由"中性"下调至"跑输大盘"，维持目标价为34美元不变。分析师指 出，英特尔市值近期上涨800亿美元，已充分反映其资产负债表改善及外部晶圆代工潜力的预期。但分 析师同时强调，英特尔的竞争前景仍面临挑战，包括缺乏明确的人工智能(AI)产品组合或战略、服务器 CPU产品竞争力不足、与以往相比在剥离亏损制造业务方面的灵活性有所下降。 值得一提的是，美银还上调了对泛林集团(LRCX.US)、科磊(KLAC.US)、Nova(NVMI.US)、M ...

Core Viewpoint - Morgan Stanley warns of a significant shift in the global memory market, with challenges to the "premium myth" of HBM (High Bandwidth Memory) and a cyclical recovery opportunity for traditional storage products [1] Group 1: HBM Market Dynamics - The pricing environment for HBM is rapidly changing, with increased competition expected to lead to a significant market share shift by 2026 [1][3] - Current pricing negotiations for HBM3E are around $440 per cubic inch ($1.69/Gb), while HBM4 pricing is set between $590-$600 ($2.3-$2.34/Gb), but may face further discount pressures if Samsung gains certification [3][4] - SK Hynix's market share in the Nvidia segment is projected to drop from 85-90% in 2025 to over 50% in 2026 due to intensified competition from Samsung and Micron [3] Group 2: Traditional Storage Market Outlook - The DRAM market is experiencing short-term pricing pressures, with contract pricing growth slowing in Q3, particularly for DDR5 products [5][7] - The fourth quarter is expected to see further slowing in contract pricing growth, with most consumer electronics customers maintaining stable DDR5 prices, while AI demand supports low to mid-single-digit price increases for server customers [7][10] - The NAND market shows a clear divergence, with Q3 contract pricing rising 3-5%, lower than previous expectations, and enterprise SSD demand expected to remain strong into 2026 [7][10] Group 3: Macro Factors Impacting Memory Stocks - Morgan Stanley favors traditional commodity memory over HBM products, particularly traditional DRAM, due to favorable macroeconomic factors [11] - Positive U.S. CPI data is raising expectations for Federal Reserve interest rate cuts, which could lead to a market rotation towards undervalued traditional memory stocks if economic growth expectations improve [11]