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 ...