June 9, 2025 08:05 AM GMT Greater China Semiconductors | Asia Pacific Cloud semis: time to turn constructive With a potential cloud capex trough in 4Q/1Q26 and US tariff impact being priced in, we think it's time to turn positive from a top-down perspective. Rising inference demand to sustain CPU and non-standard AI server demand, on top of AI server rack ramp up. Upgrade Aspeed to OW and raise Montage PT. Key Takeaways Reversing our thesis on cloud semis: We took a more neutral view on cloud semi stocks in ...

May 5, 2025 09:00 PM GMT Greater China Semiconductors | Asia Pacific Cloud semis: Heading into the 2H25 trough M Recent developments in the cloud semis space mean our conservative stance holds near-term, but we maintain our view that the cycle could trough in 2H25. Key Takeaways China CIO survey suggests potential downside in 2H25: China cloud capex tends to play catch-up in the late phase of a cloud capex upturn or even in a downturn (link). Our recent CIO survey points to datacenter build-out as a top spe ...