中国半导体：云半导体业务出货与利润增长有望进一步推升上行空间Greater China Semiconductors-Cloud Semis Further upside ahead from shipment and margin growth

The debate now shifts to 2027 capex and what's new from GTC in March 2026. We also remain OW on WT Micro as we see ongoing strength in its datacenter related business (see our recent initiation report). February 10, 2026 09:00 PM GMT Greater China Semiconductors | Asia Pacific Cloud Semis: Further upside ahead from shipment and margin growth With global cloud capex set to rise another 57% Y/Y in 2026, we believe cloud semis will continue to benefit from CPU, GPU and ASIC server growth, with gross margin lik ...