1、M Global IdeaAsia-Pacific Technology AI Supply Chain:Oracle capex,OpenAI ASIC,SEMICON Taiwan Morgan Stanley Taiwan Limited+Charlie ChanEquity Analyst Charlie.C +886 2 2730-1725 Daniel Yen,CFAEquity Analyst Daniel.Y +886 2 2730-2863 Morgan Stanley Asia Limited+Daisy Dai,CFAEquity Analyst Daisy.D +852

2、 2848-7310 Morgan Stanley Taiwan Limited+Tiffany YehEquity Analyst Tiffany.Y +886 2 7712-3032 Lucas WangResearch Associate Lucas.W +886 2 2730-2875 Morgan Stanley Asia Limited+Ethan JiaResearch Associate Ethan.J +852 3963-2287 Greater China Technology SemiconductorsAsia PacificIndustry ViewAttractiv

3、e Whats Changed King Yuan Electronics Co Ltd(2449.TW)FromToPrice TargetNT$158.00NT$188.00MediaTek(2454.TW)FromToPrice TargetNT$1,888.00NT$1,800.00Alchip Technologies Ltd(3661.TW)FromToPrice TargetNT$4,588.00NT$4,288.00Oracles revenue upside serves as strong catalyst to AI semi supply chain.Keep OW T

4、SMC(Top Pick),and raise PT for KYEC.Oracle and Broadcom results further boosted sentiment for AI semis overall:Oracle(covered by Keith Weiss)announced a big revenue backlog(link),and that served as a positive catalyst for Nvidia(covered by Joe Moore)and its supply chain stocks,such as TSMC and KYEC.

5、The positive outlook also aligns with our previous supply chain checks for 28k NVL 72 server rack orders in 2026(see our report).On the AI ASIC side,Broadcom mentioned US$10bn revenue from a 4th customer(see Joe Moores Broadcom report),reported in the press as OpenAI.Joe noted that”the commentary wa

6、s$10 bn of racks,where there is less than 100%revenue capture”.In this report,we provide some observations from the TSMC CoWoS supply chain.At SEMICON Taiwan,TSMC shared thoughts about Moores Law 2.0 and the importance of server system design:At the CEO Summit at SEMICON in Taiwan last week,TSMCs De