分析师补充称:“尽管如此，我们相信人工智能基础设施支出将保持强劲，并将近期阿斯麦的市盈率下调视为买入机会。领先的逻辑和内存(包括HBM)芯片的增长预示着订单的持续复苏，我们仍然预计阿斯麦的销售将在未来2-3年内增长。”Morgan Stanley previously replaced ASML with Arm as its preferred stock in the semiconductor sector in Europe.
According to Zhongtong Finance, Morgan Stanley previously replaced Arm (ARM.US) with ASML (ASML.US) as its preferred stock in the European semiconductor sector.
Morgan Stanley analysts wrote about ASML: "We still see a large number of orders for TSMC's N2 (and perhaps A16) approaching, and we believe that due to the possible lack of high numerical aperture EUV machines in the customer roadmap, year-on-year growth in 2026 may be small. We indeed expect ASML's sales to maintain steady growth next year (2025), but considering the recent announcement by major customer Intel to cut back on research and capital expenditure, as well as the changing demand for high numerical aperture EUV machines, we have lowered our sales expectations for 2025-26."
The analysts added: "Nevertheless, we believe that spending on artificial intelligence infrastructure will remain strong, and we see the recent downgrade of ASML's P/E ratio as a buying opportunity. The growth of leading logic and memory (including HBM) chips suggests a continued recovery in orders, and we still expect ASML's sales to grow in the next 2-3 years."
On the contrary, Morgan Stanley is bullish on Arm due to the recovery in the mobile sector, opportunities in the high-end AI field, and the resulting expansion of royalties for many years. Analysts also stated that Arm's stock may benefit from potential buying by ETFs and any potential positive outcomes of its litigation with Qualcomm (QCOM.US).
Morgan Stanley analysts explained, "Arm is a leader in the global silicon IP field, but as a beneficiary of AI, it is often overlooked. We believe that Arm is not just a narrative of mobile CPUs, but instead, in the next 2-3 years, the increasing use of custom chips on Arm will become a strong driving force for royalty expansion (including a shift towards higher royalty rates). The driving factors for custom chip royalties have already come from cloud AI (initial quantities), but this will soon shift largely to mobile devices (starting from the March quarter or the fourth quarter of the 25 fiscal year)."
Morgan Stanley analysts also expressed their bullishness on BE Semiconductor and ASM International in the European chip sector.
