報告_MS_美國雲端巨頭3Q26財報影響_20261102

PDF 原檔：報告_MS_美國雲端巨頭3Q26財報影響_20261102_original.pdf

圖片清單（已驗證 2026-11-03）

Step 2.5 眼見為憑索引，是 lib/ 嵌圖的唯一真相來源。

本份 PDF 為向量排版，無抽出圖檔（attachment 無對應檔）。

原始內容

M Idea November 2, 2026 02:07 AM GMT

Greater China Technology Hardware | Asia Pacific

Positive implications for downstream tech hardware companies from US hyperscalers' 3Q26 results

We view US hyperscalers' commentary and capex uidance as positive for the Greater China supply chain. The next watch point is the impact of hyperscalers' CY27 capex uidance on Greater China tech hardware companies' C4Q26 earnin s.

Key Takeaways

• MSFT lowered its CY26 capex guidance by US$5bn to US$170bn, reflecting delays in third-party capacity deliveries rather than a demand issue.
• MSFT also guided for capex to 'accelerate' in C1H27, driven mainly by CPUs (higher memory & storage costs), GPUs and delayed third-party capacity deliveries.
• META narrowed its CY26 capex guidance to US$135-145bn (from US$130-145bn) and said it would keep investing 'aggressively' into CY27.
• GOOG maintained its CY26 capex guidance of US$195-205bn and reiterated that CY27 capex will increase 'significantly' y/y.
• AMZN maintained its CY26 capex guidance of US$220bn and said CY27 capex would be 'meaningfully' higher than CY26.

We view US hyperscaler commentary as positive for the Greater China supply chain: The tone was uniformly positive, with demand still outstripping supply. ith CY26 nearly over, the focus was on CY27 capex. Although quantitative guidance was not provided this quarter, US hyperscalers' comments suggested that demand would remain robust into CY27.

We stay OW on the Greater China supply chain: e like Wistron, a key L6 partner to Nvidia and AMD, with new customers bringing more L10 (Lenovo and an AI lab) and L11 AI server exposure (Amazon, Oracle). We also li e Lenovo, a key generalpurpose server supplier to Microsoft and Oracle, but also a rising supplier of AI servers, with ~US$54bn AI server pipeline as of C2Q26/F1Q27. e continue to like Wiwynn, a key general-purpose server supplier to three hyperscalers (Microsoft, Meta and Amazon) and a potential assembly partner for two new customers (a hyperscaler and an AI lab). iwynn is also a key supplier of Trainium server racks, as well as AMD Helios racks for Meta. e like GCE and EMC/TUC as beneficiaries of US hyperscalers' demand for PCB and CCL in general-purpose and AI servers. e like Unimicron and NYPCB, Greater China's key ABF substrate suppliers for

Morgan Stanley Taiwan Limited+

Howard Kao

Equity Analyst

H ward.Ka @m rganstanley.c m

+886 2 2730-2989

Irene Yen

Equity Analyst Irene.Yen@m rganstanley.c m

Morgan Stanley Asia Limited+

Andy Meng, CFA

Equity Analyst Andy.Meng@m rganstanley.c m

+886 2 2730-2869

+852 2239-7689

Morgan Stanley appreciates your support in the 2027 Extel Asia Research Survey. Voting opens 10 Novem er 2026.

Greater China Technology Hardware

Asia Pacific Industry View In-Line

Note: META, AMZN and GOOG are covered by Brian Nowak. MSFT is covered by Adam ood.

Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.

For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.

= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

M Idea

compute (CPU/GPU/ASIC) and networking chips. e like Lotes, a key CPU socket supplier whose AI component business (QD, SOCAMM and NPO socket) is gaining traction.

M Idea

Hyperscalers' server supply chain map

Exhibi 1: Amaz n Trainium supply chain

Substrate

CCL

PCB

Chassis

Server/ Rack Assembly

Unimicron SEMCO AT&S

Amazon Trainium3

S urce: M rgan Stanley Asia Research.

Exhibi 2: G gle TPU supply chain

Google TPU server

Substrate

CCL

PCB

Server/ Rack Assembly

Unimicron

Shinko

Toppan

SEMCO

…

EMC Panasonic TTM WUS PCB ISU Gold Circuit Lincstech VGT

…

Celestica Foxconn Quanta Wiwynn?

Power Supply

Delta FLEX

Cooling Solution BOYD

Rail Kit

King Slide Accuride

EMC TUC

Gold Circuit First High Tech WUS Shengyi Tech TTM

…

AVC Chenbro Wiwynn Jabil Power Supply Lite-On Tech Delta Thermal Solution AVC Auras Rail Kit King Slide Accuride

Interconnect Solution

Bizlink Amphenol TE Connectivity

S urce: M rgan Stanley Asia Research. N te: ? = latent/p tential supplier r new supplier just entering the supply chain.

M Idea

Exhibi 3: Meta MTIA supply chain

Substrate CCL

PCB

Server/ Rack Assembly

Meta MTIA

Unimicron EMC

S urce: M rgan Stanley Asia Research. N te: ? = latent/p tential supplier r new supplier just entering the supply chain.

Exhibi 4: Micr s ft Maia300 supply chain

Substrate CCL

Gold Circuit WUS PCB TTM ISU?

PCB

Quanta Celestica

Power Supply Delta

Thermal Solution AVC

Rail Kit

King Slide

Server/ Rack Assembly

Microsoft Maia 300

Unimicron …

EMC

…

S urce: M rgan Stanley Asia Research. N te: ? = latent/p tential supplier r new supplier just entering the supply chain.

WUS PCB ISU Gold Circuit Dynamic?

...

Quanta M Idea

Exhibi 5: Nvidia GB200/GB300/VR200 supply chain

Substrate

CCL

PCB

Compute Board

Rack

Unimicron Ibiden Kinsus SEMCO

GB200/300 VR200

S urce: M rgan Stanley Asia Research.

Exhibi 6: AMD Heli s supply chain

Substrate

Doosan EMC Shengyi

…

CCL

Unimicron Victory Giant WUS PCB TTM ISU Kinwong …

PCB

FII

Wistron

NVLink Switch Board FII

Power Supply Delta Lite-On Tech

Cooling Solution

AVC

Cooler Master

Delta

Rail Kit

King Slide Accuride

Interconnect Solution

Bizlink Amphenol TE Connectivity

FIT Hon Teng

Compute Board

FII Quanta Wistrion/Wiwynn Dell HPE Asustek Giga-Byte

…

Rack

AT&S

Unimicron

Kinsus

Ibiden

Shinko

SEMCO?

S urce: M rgan Stanley Asia Research. N te: ? = latent/p tential supplier r new supplier just entering the supply chain.

EMC TUC?

…

WUS

Tripod

SCC

TTM?

Dynamic?

…

Wistron Sanmina Inventec?

Sanmina Wiwynn Foxconn?

M Idea

INDUSTRY COVERAGE: Greater China Technology Hardware

M Idea M Idea St ck Ratings are subject t change. Please see latest research f r each c mpany.

• Hist rical prices are n t split adjusted.

© 2026 Morgan Stanley