Technology

Track semiconductors, computing infrastructure and the technology cycle.

Reports on this topic

Morgan Stanley2026-10-26

Morgan Stanley: Shennan Circuits’ third-quarter profit beats expectations: AI share rises to sixty percent, ABF moves toward quarterly profitability

Net profit in the third quarter of 2026 was 18% above the market consensus, driven mainly by a higher share of AI PCBs, rising capacity utilization and narrower ABF losses. Optical module PCB upgrades and packaging substrate capacity expansion offer room for further growth, but the ramp-up of 1.6T products and ABF profitability each have their own timing thresholds. Morgan Stanley maintains its Equal-weight rating.

Morgan Stanley2026-10-25

Morgan Stanley: China’s humanoid robots: deployment expectations pushed back by about a year—why might component makers benefit first?

A Morgan Stanley survey shows that companies remain highly willing to adopt robots, but prices, payback periods and product performance have lowered near-term deployment expectations. The industry is more likely to expand small-scale pilots first, driving component purchases, before gradually moving toward mass adoption.

Morgan Stanley2026-10-25

Morgan Stanley: Generalist AI: How far is commercialization after teaching robots with human-operated data?

Generalist uses handheld grippers to bypass the data collection bottleneck of robot teleoperation and has demonstrated the ability to perform new tasks after a few seconds of demonstration. Morgan Stanley values its data scale effects, but cross-robot transfer, task reliability, and the business model will determine whether technical progress translates into revenue.

Goldman Sachs2026-10-25

Goldman Sachs: Goldman Sachs on Taiwan’s PCB supply chain: Customer-funded expansion, materials upgrades and ABF open up profit opportunities

Customers are beginning to support capacity for 2027–2030 through long-term contracts, advance payments or subsidies, prompting Goldman Sachs to raise its earnings outlook for the supply chain. Another growth avenue comes from upgrades to M10 materials and high-margin ABF substrate materials, but certification, yields and expansion progress will determine how quickly the opportunity materializes.

Goldman Sachs2026-10-26

Goldman Sachs: Range Intelligent Computing Technology: Third-quarter results below Goldman Sachs expectations as AI computing capacity expansion enters peak investment phase

Goldman Sachs attributes the third-quarter shortfall mainly to the timing gap between investment in computing capacity and revenue recognition, and expects contributions to increase from the fourth quarter. The bigger change is the company's plan to invest up to approximately 57 billion yuan in AI computing capacity from the fourth quarter of 2026 to the first quarter of 2027. The financing structure, payback period and utilization rate will determine the return on expansion.

J.P. Morgan2026-10-25

J.P. Morgan: Upgrading Unitree by two notches: With a breakthrough expected sooner, how will platform value be realized?

JPMorgan upgraded Unitree from Underweight to Overweight and raised its price target from 300 yuan to 995 yuan. The shift reflects expectations of an earlier breakthrough in embodied AI, rising hardware platform value and a longer scarcity premium associated with its listed status. The key hurdles are converting pilots into repeat purchases, deploying reliably and monetizing the ecosystem.

Nomura2026-10-25

Nomura: Robot motion training takes far less computing power. Why does Nomura place greater value on hardware consistency?

SuperMimic surpassed SONIC’s published model after three hours of training on a single GPU, but its results are limited to body movements on flat ground. Nomura believes that as the barriers to motion control fall, competitive advantages will depend more on joint consistency, cost and mass-production capability.

Bernstein2026-10-26

Bernstein: LG Energy Solution and Samsung SDI: Energy storage drives profit recovery, but how much is already priced in?

LG Energy Solution returned to an operating profit in the third quarter after excluding AMPC, and Bernstein expects Samsung SDI to continue improving as well. Energy storage and data-center demand are increasing shipments and capacity utilization, but gross margins, net income and forward earnings forecasts have not all risen in tandem. Both companies retain Market-Perform ratings.

Bernstein2026-10-26

Bernstein: Battery Weekly: US energy-storage production lines shift faster; GM turns to “smaller batteries, same range”

Bernstein’s tracking this week shows that Samsung SDI’s conversion of energy-storage production lines has already generated equipment orders, while GM is trying to reduce battery usage through new chemistries and vehicle efficiency. China’s battery-swapping network continues to expand, and falling lithium prices are also creating room to lower battery costs.

Bernstein2026-10-26

Bernstein: FANUC’s orders accelerate and profits beat expectations. Why did Bernstein cut its price target?

FANUC’s second-quarter orders rose 49.1% year on year, while operating profit exceeded market consensus by 14.2%. Bernstein raised its earnings forecasts but lowered its valuation multiple as the peak in global factory automation growth approaches; component shortages also continue to constrain deliveries and erode market share in China.

Shuju Yanxuan2026-10-26

OpenAI turns to in-house robotics: How far has Nanshan Zhishang progressed with its materials strategy?

OpenAI is developing hardware in-house to complete a real-world data loop, while algorithm integration is also advancing. Nanshan Zhishang has begun joint testing and small-batch supply of robot materials, but its recent profit improvement has come mainly from its nylon business.

CICC2026-10-26

CICC: Physical AI data collection: How does commercialization differ from perception hardware to the training loop?

CICC Machinery divides physical AI data-collection initiatives into perception, motion capture, simulation, and scenario-based closed loops. The key to understanding these companies is to distinguish between collection products already launched, existing orders, and business directions extending into embodied intelligence, while clarifying the relationship between overall earnings and specific business lines.

Goldman Sachs2026-10-26

Goldman Sachs: Cambricon’s third-quarter revenue missed Goldman Sachs’ forecast. Why is its long-term growth outlook unchanged?

Third-quarter revenue doubled year over year and gross margin continued to improve, but tight supply and the timing of purchases by major customers left revenue well below Goldman Sachs’ forecast. Goldman cut its 2026 earnings forecast, largely retained its medium-term growth outlook, and lowered its target price following a decline in industry valuations.

Goldman Sachs2026-10-25

Goldman Sachs: Accelevation: Modular delivery supports rapid growth; profitability and cash flow are expected to turn in 2027

Goldman Sachs initiates coverage with a Buy rating and a $22 price target. Early involvement in customer designs, factory prefabrication and capacity expansion collectively support market share gains, but gross margin and free cash flow remain under pressure in 2026.

Bank of America2026-10-23

Bank of America: NetEase growth accelerates, Tencent Music is constrained by competition, and Bilibili faces slowing advertising growth

Bank of America’s third-quarter preview maintains Buy ratings on NetEase and Bilibili and a Neutral rating on Tencent Music: NetEase benefits from PC games and a low comparison base, Tencent Music’s revenue growth is unlikely to drive profit growth, and Bilibili faces margin pressure from slowing advertising and game revenue sharing.

Bank of America2026-10-22

Bank of America: China Telecom’s third-quarter profit falls nearly 15%: incentive expenses weigh on earnings; BofA maintains Buy on H shares

Excluding the impact of VAT reform, China Telecom’s service revenue was broadly flat in the first nine months; however, higher personnel costs in the third quarter offset some of the savings. BofA remains positive on the core telecommunications business and monetization of cloud and AI, maintaining Buy on the H shares and Neutral on the more fully valued A shares.

Bank of America2026-10-23

Bank of America: Tonghuashun’s third-quarter results beat BofA expectations, but cash receipts and contract liabilities point to cooling growth

Tonghuashun’s net profit rose 53% year on year in the third quarter of 2026, benefiting from business growth and deferred revenue recognition. However, growth in sales cash receipts slowed to 9%, and contract liabilities fell 8% quarter on quarter. BofA maintained its Buy rating while cutting its earnings forecasts and target valuation, lowering its price target from 290 yuan to 255 yuan.

Bank of America2026-10-23

Bank of America: BofA software survey: AI’s share of budgets rises to 9.4%; returns and costs determine the pace of expansion

Software budgets are expected to grow 5.3% in 2027, with AI receiving both new funding and money reallocated from existing budgets. But only 17.2% of respondents have achieved measurable enterprise-wide returns; how much revenue cloud, security and application vendors capture depends on deployment costs and actual benefits.

Bank of America2026-10-23

Bank of America: Memory price gains diverge as BofA sees scope for additional shareholder returns at Korean manufacturers

DRAM prices continue to strengthen, while consumer NAND is becoming subdued. BofA believes a shift in supply toward HBM and servers, together with low channel inventories, could extend the upcycle; growing cash flow at SK hynix and Samsung could support additional dividends and buybacks.

Bank of America2026-10-22

Bank of America: Hesai’s shipment forecasts cut: Why does BofA still favor its new robotics business?

BofA cut its 2026 and 2027 earnings forecasts for Hesai by 44% and 22%, respectively, and lowered its price targets, but maintained its Buy rating. Automotive demand is weighing on current profits, while spatial cameras and actuator modules underpin its long-term view. The key is progress on orders and deliveries for the new businesses.

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