260621_4919_新唐_ms_mcu

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原始內容

M June 21, 2026 08:00 PM GMT

Greater China Technology Semiconductors | Asia Pacific

MCU: Supply tightness may drive prices up further

Key update :

• Flat spot pricing in June , both STMicro's 32-bit MCU and GigaDevice's (GD) 32-bit MCU spot prices were flat MoM at Rmb12.8 and to Rmb8.5, respectively. Recently, STMicro notified customers of a new round of price adjustments effective June 28, 2026. This is the 2nd price increase this year, following an earlier adjustment announced in March and implemented in April.
• Supply tightness may continue in 2H26 . As mature node foundry suppliers allocate more capacity to AI power-related applications and bring limited new capacity online, we expect supply to remain tight for MCU design houses.
• End-market demand largely the same . Despite stronger demand from distributors because of low inventory and concerns about further price hikes in 2H26, consumer and industrial end-demand in June has largely been the same vs. last month.
• We expect spot prices to rise again in 2H26, but driven by tight supply and increased foundry costs, instead of demand . We prefer large MCU players (e.g., GigaDevice) and WiFi MCU vendors (Espressif) for their longterm edge AI opportunities, while we remain UW on Nuvoton and await GM recovery before turning more constructive.

Exhibit 1 : STMicro - 32F103VET6 spot market price trend

Source: Bom.ai, Morgan Stanley Research

Exhibit 2 : GigaDevice - 32F103VET6 spot market price trend

May-26

Source: Bom.ai, Morgan Stanley Research

May-26

Morgan Stanley Taiwan Limited+

Greater China Technology Semiconductors

Asia Pacific

Industry View

Attractive

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