October 28, 2025 04:18 PM GMT Global Economic Briefing M Global Idea Global Tariffs: China Focus for Oct update Amidst the government shutdown, there is little to update with regard to the progress on effective tariff rates in the US. Instead, this month we focus on US-China trade YTD to decipher patterns ahead of APEC. Key Takeaways Morgan Stanley & Co. International plc (DIFC Branch)+ Rajeev Sibal Senior Global Economist Rajeev.Sibal@morganstanley.com +971 4 709-7201 Morgan Stanley & Co. LLC Seth B Carpen ...

on 28-Oct-2025 27 October 2025 Global Memory Korea Memory Export Tracker: Upside to Samsung's 3Q25 HBM, & Downside to SK hynix's Mark Li +852 2123 2645 mark.li@bernsteinsg.com Edward Hou, CFA +852 2123 2623 edward.hou@bernsteinsg.com Yipin Cai, CFA +852 2123 2669 yipin.cai@bernsteinsg.com We find Korea export data is a good leading indicator of HBM revenue from Korean suppliers. With that & the availability of the September data, we find an upside risk to Samsung's 3Q25 HBM revenue but a downside risk to SK ...

October 28, 2025 09:37 PM GMT Tech Diffusion and GenAI | North America We have updated our latest Powering Gen AI model, and based on our latest global semiconductor sales, our projected US power shortfall through 2028 now totals 49 gigawatts (GW) vs. 45 GW prior, before considering innovative time-to- power solutions that do not rely on the typical grid interconnection process. We also reduced the estimated percentage of power coming from renewables each year as we see renewables combined with energy stora ...

28 October 2025 | 4:20PM EDT Equity Research Seagate Technology (STX): First Take: Strong beat-and-raise quarter should send shares higher Key stock takeaways: We expect the stock to trade higher following a quarter which was above the Street, with stronger EPS guidance primarily driven by pricing. We believe investor expectations were elevated given growing confidence in continued pricing momentum as HDD shortages persist. We expect investors to focus on critical elements of management's commentary on the ...

Reaction to earnings Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Omnivision's 3Q25 revenue was in line with MSe. Auto CIS and emerging markets showed strong momentum, while new smartphone CIS could support revenue growth in 2026. Keep OW. Slight EPS miss for 3Q25: Omnivision reported 3Q25 revenue of Rmb7.83bn, up 5% Q/Q and 15% Y/Y, in line with MSe of Rmb8bn. Q3 revenue rea ...

| M October 28, 2025 01:45 PM GMT Greater China Semiconductors Asia Pacific | Morgan Stanley Taiwan Limited+ | Idea | | --- | --- | --- | | | Charlie Chan | | | | Equity Analyst | | | Backend Observations: Taiwan | Charlie.Chan@morganstanley.com | +886 2 2730-1725 | | | Daniel Yen, CFA | | | OSAT to Hike Price in 2026 | Equity Analyst Daniel.Yen@morganstanley.com | +886 2 2730-2863 | | | Morgan Stanley Asia Limited+ | | | | Daisy Dai, CFA | | | Strong AI semi demand has further constrained chip packaging | ...

October 28, 2025 03:47 PM GMT GigaDevice Semiconductor Beijing Inc | Asia Pacific 3Q beat with strong outlook; OW Reaction to earnings M Update Morgan Stanley Taiwan Limited+ Daniel Yen, CFA Equity Analyst Daniel.Yen@morganstanley.com +886 2 2730-2863 Charlie Chan Equity Analyst Charlie.Chan@morganstanley.com +886 2 2730-1725 Morgan Stanley Asia Limited+ Strengthens our thesis Modest upside Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EP ...

28 October 2025 | 7:14PM EDT Equity Research Nvidia Corp. (NVDA): Key takeaways from GTC Washington DC keynote Nvidia's CEO Jensen Huang presented a keynote address at the company's GTC Washington DC industry event on October 28. Although management made a number of announcements with partnerships across different industries (more details below), what stood out to us was comments on the company's revenue visibility to $500bn in cumulative Datacenter revenue in 2025-26. This $500bn revenue estimate is 10% /1 ...

截至2025年10月29日 10:11，上证科创板芯片指数下跌0.14%。成分股方面涨跌互现，佰维存储领涨9.48%，中船特气上涨6.80%，思瑞浦上涨5.18%；安集科 技领跌，源杰科技、南芯科技跟跌。科创芯片ETF(588200)调整蓄势。 流动性方面，科创芯片ETF盘中换手3.35%，成交14.14亿元。规模方面，科创芯片ETF近1周规模增长22.03亿元，实现显著增长，新增规模位居可比基金第 一。份额方面，科创芯片ETF近1周份额增长1200.00万份，新增份额位居可比基金第一。 资金流入方面，拉长时间看，科创芯片ETF近5个交易日内，合计"吸金"2.76亿元。 截至10月28日，科创芯片ETF近3年净值上涨136.21%，指数股票型基金排名27/1903，居于前1.42%。从收益能力看，截至2025年10月28日，科创芯片ETF自 成立以来，最高单月回报为35.07%，最长连涨月数为4个月，最长连涨涨幅为74.17%，上涨月份平均收益率为9.90%。 数据显示，截至2025年9月30日，上证科创板芯片指数前十大权重股分别为海光信息、澜起科技、中芯国际、寒武纪、中微公司、芯原股份、华虹公司、沪 硅产业 ...

黄仁勋深夜炸场，英伟达市值遥遥直上逼近5万亿美元大关。 10月28日，华盛顿会议中心灯光璀璨，身着皮衣的黄仁勋重磅登场"AI春晚"GTC大会。 来源：英伟达官网 在此次演讲中，老黄几乎把全球科技圈的热词"大点兵"了一遍：6G、量子计算、物理AI、机器人、自动驾驶、核聚变..…… 同时，还一口气官宣了与诺基亚、Uber、礼来等多个巨头的深度合作。 作为AI圈霸主的扛把子，黄仁勋的一席话掀开了"算力革命2.0"的序幕，也直接引爆了"全球股王"英伟达。 黄仁勋说，NVQLink技术将有助于纠错，同时校准哪些AI 算法应该在GPU和量子处理器上使用。 隔夜，英伟达收涨约5%续创新高，市值一夜增加2318亿美元，总市值逼近5万亿美元。 | 序号 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 | 年初至今涨跌 | 总市值 V | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | NVDA | 英伟达 | 201.030 | +9.540 | 4.98% | 49.73% | 4.89万亿 | | 2 | MSFT | 微软 | 542.070 | + ...