March 23, 2026 03:49 PM GMT Investor Presentation | Asia Pacific Greater China Technology Hardware: Will Macro Uncertainties Weigh On AI Hardware Outlook? | Downloaded by Neil.Wang@troweprice.com M | Not for redistribution without written consent of Morgan Stanley Equity Analyst | | | --- | --- | --- | | | | Foundation | | March 23, 2026 03:49 PM GMT | | | | Investor Presentation Asia Pacific | Morgan Stanley Taiwan Limited+ | | | | Sharon Shih | | | | Sharon.Shih@morganstanley.com | +886 2 2730-2865 | | Gr ...

16 March 2026 Price Target Change Asia Tech Hardware Asia Tech Hardware: model updates across the AI supply chain; Delta remains our top pick Alex Wang, CFA +852 2123 2613 alex.wang@bernsteinsg.com Shirley Yang, CFA +852 2123 2660 shirley.yang@bernsteinsg.com Ethan Xu +852 2123 2634 ethan.xu@bernsteinsg.com YTD2026, tech hardware investors have favored AI plays with price hike narratives (e.g. substrate), or strong new technologies ramps expanding TAM (e.g. CPO). Following 4Q25 results, we updated our model ...

Group 1 - Dell's total workforce declined by approximately 10%, equating to 11,000 employees, in fiscal 2026, indicating a strategy to limit external hiring to reduce costs [1] - The company reported spending $569 million in severance payments during this period, a decrease from $693 million the previous year [2] - As of January 31, Dell had around 97,000 employees, down from about 108,000 a year ago, reflecting a consistent workforce reduction of about 10% in fiscal 2025 [2] Group 2 - Dell's shares have increased over 24% so far this year, signaling positive market performance [4] - The company anticipates that revenue from its AI-optimized servers business will double in fiscal year 2027 [4] - In February, Dell announced a 20% increase in its cash dividend and an additional $10 billion for its share repurchase program, indicating strong financial management [4]

Accessible version Greater China Tech Hardware Cooling: critical for AI server; ongoing evolution/innovation, more customization Price Objective Change Cooling: critical/evolving for AI; few high-end suppliers Cooling in AI server rack is critical with hotter AI chips under packed rack design. We expect growing cooling content value, rising TDP, and more innovative/customized designs. TDP for Nvidia Rubin Ultra GPU should exceed 3.5KW, vs. Rubin's 2.3KW and B200/B300's over 1KW (Exhibit 5). Few cooling supp ...

March 2, 2026 03:04 PM GMT Greater China Technology Hardware Asia Pacific Industry View In-Line Greater China Technology Hardware | Asia Pacific Thermal Solutions – The Month Ahead - Catalyst Previews 4Q25 earnings release and analyst meeting are due in the next two weeks. We expect comments on the 2026 outlook and liquid cooling design changes in the next GPU/AI ASIC platform to be the key share price catalysts. Stay OW on AVC and Fositek. Key Takeaways Thermal stocks have rallied since the beginning of th ...

Summary of Greater China Technology Hardware Conference Call Industry Overview - The conference focused on the Greater China Technology Hardware sector, highlighting a strong outlook for 2026 driven by capital expenditures (Capex) related to AI technologies [8][10]. Key Insights - **Opportunities in AI**: There are significant opportunities in AI GPU and ASIC server/rack design upgrades, particularly with the upcoming Vera Rubin platform and Kyber architecture [8][10]. - **AI ASIC Server Upgrades**: The magnitude of upgrades and volume expansion is primarily centered around TPU and Trainium platforms, indicating a robust demand for AI server hardware [8][10]. - **Share Price Upside**: Analysts see potential for share price increases in the near term, particularly for AI server power solutions and smooth delivery of GB300 server racks [8][10]. - **Capacity Expansion**: A wave of capacity expansion is anticipated across the tech hardware supply chain, which could enhance production capabilities [8][10]. Risks Identified - **Consumer Electronics Demand**: Demand for consumer electronics, such as smartphones and PCs, may be negatively impacted by rising memory costs [8][10]. - **Raw Material Price Hikes**: Increases in raw material prices (copper, nickel) and supply tightness are expected to create margin headwinds [8][10]. - **Supply Shortages**: Potential supply shortages could delay shipment schedules, affecting overall market performance [8][10]. - **Geopolitical Tensions**: Ongoing geopolitical tensions may impact spending on AI data center infrastructure, posing a risk to growth in this area [8][10]. Stock Recommendations - **Key Stock Ideas**: - AI Server Hardware: Wistron, FII/Hon Hai, Wiwynn, Delta Electronics, AVC, BizLink, King Slide, Accton, Chenbro, Gold Circuit, Unimicron, Yageo, and Fositek [8][10]. - Edge AI: Xiaomi, Luxshare, Lenovo [8][10]. Valuation Comparisons - A detailed valuation comparison of various companies within the Greater China Technology Hardware sector was provided, including metrics such as P/E ratios, market capitalization, and expected earnings per share (EPS) for 2026 and 2027 [10]. This summary encapsulates the critical points discussed during the conference call, providing insights into both opportunities and risks within the Greater China Technology Hardware industry.

Core Viewpoint - IBM's stock is experiencing a slight increase following an upgrade from UBS, indicating a more favorable risk-reward profile despite ongoing concerns in the AI sector [1] Group 1: Stock Performance - IBM's stock is trading 1.6% higher at $233.02 after UBS upgraded its rating to "neutral" from "sell" with a price target of $236 [1] - The stock had previously dropped 13% to a low of $220, marking its lowest level since April, amid broader AI disruption concerns [1] - IBM's stock has decreased over 28% from its record high of $324.90 on November 12 and is still down 20% year to date [1] Group 2: Analyst Insights - UBS cited a more balanced risk-reward skew for IBM, despite recent volatility in the AI sector [1] - Morgan Stanley cut its price target for IBM from $304 to $247, expressing concerns that Anthropic's Claud could disrupt IBM's mainframe business [1] Group 3: Technical Indicators - Following the recent decline, IBM's 14-Day Relative Strength Index (RSI) fell to 24, indicating the stock may be due for a short-term bounce [2] - IBM's stock has shown a tendency to exceed volatility expectations, reflected in its Schaeffer's Volatility Scorecard (SVS) rating of 70 out of 100 [2]

Market Overview - Stocks are declining due to President Trump's announcement to increase tariffs from 10% to 15% [1] - Despite short-term volatility, the overall economy is projected to grow at 3% [2] - Earnings growth is expected to be in the low to mid-teens, with a 13% growth in the fourth quarter [3] Investment Opportunities - Down days in the market present good buying opportunities for long-term investors [4] - The technology sector appears oversold, particularly companies in the AI capital expenditure cycle [5] - Small-cap stocks and banks are favored due to their ties to economic growth and positive interest rate spreads [7][8] Company Insights - Nvidia is highlighted as a key holding, with expectations of strong earnings reflecting the AI capex cycle [11] - Google is also positioned well in the AI race, with strong models and cloud infrastructure [12] - JP Morgan is favored for its strong operational execution and is seen as a bet on the overall economy [14][15] Sector Analysis - The financial sector, particularly banks, is expected to benefit from fiscal and potential monetary stimulus [14] - Shopify is viewed positively despite a 25% decline, due to its capabilities in e-commerce and logistics [18] - Gold (GLD) and Bitcoin (IBIT) are both considered long-term investments, with gold currently trading around $5,200 per ounce and Bitcoin above $65,000 [20][22] Market Sentiment - The market is expected to stabilize despite current headwinds from tariffs [28] - A bullish outlook is maintained for the S&P 500, with a target of 8,000 [32]

The technology sector has been a great place to put your money over the past few years, as artificial intelligence (AI) and other tech stocks mostly soared. But AI is disrupting so many industries that old tech stalwarts, which once seemed impervious to competition, are being disrupted. That can make picking individual tech-stock winners difficult and is why putting your money into a technology exchange-traded fund (ETF) may be a smart move. Doing so allows you to spread your money across many tech stocks ...

Market Overview - The S&P 500 Index is near record highs, while the Dow Jones Industrial Average Index closed above 50,000 for the first time [1] - Tech stocks, particularly the Magnificent 7, are experiencing significant declines, with Microsoft leading the drop at 25% from its peak [2] Company Performance - Apple is down about 5% from its all-time highs and did not participate in the AI rally, which explains its relative stability [2] - Alphabet has seen a 9% decline from its record highs, while other Magnificent 7 stocks are down in double digits [2] Capital Expenditure Trends - Hyperscalers' capital expenditure is projected to reach $700 billion this year, raising concerns about cash flow and balance sheet pressures for tech companies [4] - Tech giants are shifting from buybacks to raising debt capital for funding capex, with Alphabet recently issuing over $30 billion in bonds, including a 100-year bond [5] Sector Outlook - UBS downgraded the tech sector to "Neutral" from "Attractive," citing concerns over expected capex slowdown, AI-led disruptions, and stretched valuations in tech hardware [6][7] - Despite the downgrade, UBS remains optimistic about AI's potential to create efficiencies in sectors like healthcare and finance [6]