報告_MS_美系Hyperscaler2Q26_20260802

PDF 原檔：報告_MS_美系Hyperscaler2Q26_20260802_original.pdf

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原始內容

M August 2, 2026 11:46 PM GMT

Greater China Technology Hardware | Asia Pacific

Read-across from US Hyperscalers' 2Q26 Results

We view US hyperscalers' comments and capex guidance positively for supply chain companies in Greater China. There are numerous beneficiaries in our hardware coverage; we highlight Wiwynn, Wistron, Gold Circuit, Unimicron, NYPCB and Lenovo.

Key Takeaways

• MSFT maintained guidance for capex to be US$190B (US$175B after incorporating for the lease changes).
• MSFT F1Q27/C3Q26 capex guided >US$50B, a meaningful step-up from US$41B in F4Q26/C2Q26.
• Meta CY26 capex narrowed from US$125-145B to US$130-145B; still no guidance on CY27 capex.
• GOOG raised CY26 capex guidance by US$15B to US$195-205B, and again said CY27 would increase "significantly" y/y.
• AWS raised CY26 capex by US$20B to US$220B on higher memory costs; most compute capacity in 2027 is already reserved, and 2028 demand is said to be "striking."

US hyperscalers' comments positive for the supply chain: US hyperscaler commentary was uniformly positive, with demand still outstripping supply. Higher capex guidance was expected given rising component prices, but it shows hyperscalers are raising spending to absorb those costs rather than cutting unit volumes. That should ease investor concerns that higher component prices would reduce overall server unit procurement. Although most hyperscalers did not provide CY27-28 capex guidance, their comments hinted that demand will remain robust into 2027, with Amazon calling CY28 demand "striking."

Stay OW on supply chain: We continue to like Wiwynn ; it is a key general server supplier to three hyperscalers (Microsoft, Meta and Amazon) and could potentially become an assembly partner to a new hyperscale customer. Wiwynn is also a key supplier of Trainium server racks and AMD Helios racks for Meta. We like Wistron as it is a key L6 partner to Nvidia and AMD, with more L10 and L11 exposure for AI servers. We like GCE as a beneficiary of general server and ASIC PCB for US hyperscalers. We like Unimicron and NYPCB , as they are the key ABF substrate suppliers for compute (CPU/GPU/ASIC) and networking chips in Greater China. We like Lenovo as it is a key general server supplier to Microsoft and Oracle.

Idea

Morgan Stanley Taiwan Limited+

Howard Kao

Equity Analyst Howard.Kao@morganstanley.com

+886 2 2730-2989

Irene Yen

Research Associate

Irene.Yen@morganstanley.com

+886 2 2730-2869

Morgan Stanley Asia Limited+

Andy Meng, CFA

Equity Analyst

Andy.Meng@morganstanley.com

+852 2239-7689

Greater China Technology Hardware

Asia Pacific Industry View

In-Line

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AlphaSignals Catalyst Event Reaction

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Hyperscalers' server supply chain map

Exhibit 1:

Amazon Trainium supply chain

Substrate

Unimicron SEMCO AT&S

Source: Morgan Stanley Asia Research.

Exhibit 2:

Google TPU supply chain

Substrate

Unimicron Shinko Toppan …

Google TPU server

Source: Morgan Stanley Asia Research.

CCL

EMC TUC

CCL

EMC Panasonic

PCB

Gold Circuit First High Tech WUS Shengyi Tech TTM

…

Chassis

AVC Chenbro

PCB

TTM WUS PCB ISU Gold Circuit Lincstech VGT

…

Server/ Rack Assembly

Wiwynn Jabil

Power Supply Lite-On Tech Delta

Thermal Solution AVC Auras

Rail Kit

King Slide Accuride

Interconnect Solution

Bizlink Amphenol TE Connectivity

Server/ Rack Assembly

Celestica Foxconn Quanta Wiwynn?

Power Supply Delta FLEX

Cooling Solution BOYD

Rail Kit King Slide Accuride

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Exhibit 3:

Meta MTIA supply chain

Substrate

Unimicron

Meta MTIA

Source: Morgan Stanley Asia Research.

Exhibit 4:

Nvidia GB200/GB300/VR200 supply chain

Substrate

GB200/300 VR200

Unimicron (CPU>GPU) Ibiden (GPU>CPU) Kinsus (CPU) SEMCO (networking chips)

Source: Morgan Stanley Asia Research.

CCL

Doosan EMC Shengyi

…

CCL

EMC

PCB

Unimicron Victory Giant WUS PCB TTM ISU ...

Dynamic?

PCB

Gold Circuit WUS PCB TTM ISU?

Compute Board

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

Server/ Rack Assembly

Quanta Celestica

Power Supply Delta

Thermal Solution AVC

Rail Kit

King Slide

Rack

FII Quanta Wistrion/Wiwynn Dell HPE Asustek Giga-Byte

…

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Exhibit 5: AMD Helios supply chain

Source: Morgan Stanley Asia Research.

PCB

WUS? Unimicron? VGT? Dynamic? SCC?

…

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