March 31, 2026 01:08 PM GMT Montage Technology Co Ltd | Asia Pacific AI demand to drive continued growth 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 Key Takeaways Montage Technology Co Ltd (688008.SS, 688008 CG) Greater China Technology Semiconductors | China | Stock Rating | | | Overweight | | | --- | --- | --- | --- | --- | | Industry View | | | Attrac ...

What's priced in? The SOX has de-rated 20% since the start of the Middle East conflict to 20x NTM P/E, and now sits only 8% away from Liberation Day (April-25) levels at 18.7x, which is consistent with mid-cycle corrections as consensus NTM EPS continues to revise higher. Stocks are trading as if numbers are going to be cut, despite global Tech earnings up 6% since the Iran conflict started. The risk of further downside is if the market assumes: 1) this conflict is extended; 2) oil stays elevated well above ...

March 2026: Adoption Holds Steady at 18.9% Sarah Dong +1(212)357-9741 | sarah.dong@gs.com Goldman Sachs & Co. LLC Joseph Briggs +1(212)902-2163 | joseph.briggs@gs.com Goldman Sachs & Co. LLC Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. c45a43530f604d12bcb9a82b5aa6b9f6 n We update our AI adoption tracker through March 2026. n AI- ...

What we learned from the company: We remain OW on Espressif: Despite weak end-market demand, we believe Espressif is less affected, given its overseas exposure and because we expect the company to capture emerging edge AI opportunities. Espressif Systems | Asia Pacific China Summit 2026 Feedback March 31, 2026 01:31 PM GMT | M March 31, 2026 01:31 PM GMT | Morgan Stanley Taiwan Limited+ | Update | | --- | --- | --- | | Espressif Systems Asia Pacific | Daniel Yen, CFA | | | | Equity Analyst | | | China Summi ...

Ac t i o n | Micron Technology Inc (MU.O) Adjusting Target Price on Spot Pricing Weakness CITI'S TAKE We lower our Micron target price to reflect the recent pullback in DRAM spot prices. Mainstream DDR5 16GB DRAM product prices are down ~6% since Micron reported. That said, Micron and its memory peers have begun negotiations with the hyperscalers on 3-5 year strategic or long-term agreements to lock in base volumes, pre-payments, and adjustments to quarterly pricing based on market conditions, which should ...

March 31, 2026 11:26 AM GMT Greater China Semiconductors | Asia Pacific Morgan Stanley Taiwan Limited+ M Update Old Memory: Expanding DDR4 Supply What's new? GigaDevice reported that its 2026 budget for related-party transactions with CXMT is Rmb5.711bn. This is significantly higher than the Rmb1.161bn budgeted for 2025 or the previously reported Rmb1.547bn budgeted for 1H26. The company noted the Y/Y increase is due to stronger demand and increased foundry costs. We believe the increased budget is mostly d ...

Marvell Technology Group Ltd | North America Quick Thoughts on NVDA/ MRVL Partnership NVIDIA and Marvell partner on NVLink and silicon photonics, with a $2bn investment, underscoring how severe networking bottlenecks have become and highlighting the strategic positioning of Marvell's portfolio as AI scaling drives greater reliance on advanced interconnect. What Happened: NVIDIA and Marvell announced a partnership to integrate NVIDIA's NVLink ecosystem with Marvell's XPU and scale-up networking portfolio. Ma ...

Server DRAM: 2Q26 forecast raised to +43-48%; slightly higher than GSe TrendForce expects conventional DRAM/NAND ASP to increase by 58-63%/70-75% qoq in 2Q26, both of which are above our qoq growth expectations of +40%/+30%, respectively. Reiterate our Buy ratings on Samsung Electronics (SEC) and SK Hynix (Hynix). PC DRAM: 2Q26 pricing forecast of +40-45% in-line w/ GSe March DDR4 8GB and DDR5 8GB module pricing remained flat mom at US$85 and US$75 respectively, hence DDR5 pricing discount compared to DDR4 ...

MARCH 2026 See Disclosure Appendix of this report for important disclosures and analyst certifications ARTIFICIAL INTELLIGENCE: THE AI INFRASTRUCTURE VALUE CHAIN Our fact base and framework for comparing fundamental upside and identifying winners across the AI value chain. The AI boom versus bubble debate has raged on since 2023. The range of outcomes could scarcely be wider, from advanced superintelligence to a crash of epic scale. While it is clearly difficult to pinpoint the exact trajectory, we see AI s ...

Dissecting Nvidia Blackwell - Tensor Cores, PTX Instructions, SASS, Floorsweep, Yield 剖析英伟达 Blackwell 架构——张量核心、PTX 指令、SASS、残次品利用、良率 Microbenchmarking, tcgen05, 2SM MMA, UMMA, TMA, LDGSTS, UBLKCP, Speed of Light, Distributed Shared Memory, GPC Floorsweeps, SM Yield 微基准测试、tcgen05、2SM MMA、UMMA、TMA、LDGSTS、UBLKCP、光速指标、 分布式共享内存、GPC 残次品利用、SM 良率 KIMBO CHEN AND DYLAN PATEL KIMBO CHEN 与 DYLAN PATEL APR 01, 2026 2026 年 4 月 1 日 ∙ PAID ∙ 付费内容 136 1 Share 分享 Nvidia's Datacenter Blackwell GPU (SM100) represents one of the ...