Technology

Track semiconductors, computing infrastructure and the technology cycle.

Reports on this topic

Morgan Stanley2026-10-22

Morgan Stanley: Cybersecurity third-quarter earnings preview: Morgan Stanley favors Fortinet and Qualys in the near term, but growth hurdles remain in 2027

Patch management and infrastructure refreshes support third-quarter demand, giving established vendors an opportunity to upsell existing customers. But Fortinet’s channel performance is mixed, while Qualys’s acceleration benefits from an easier comparison base, making near-term earnings opportunities distinct from the long-term growth outlook.

Morgan Stanley2026-10-22

Morgan Stanley: Cybersecurity growth expectations rise: AI budgets expand, but platform vendors benefit unevenly

Morgan Stanley’s third-quarter channel survey shows that resellers’ average growth expectation for their security businesses in 2026 rose to 13%. Legacy system upgrades and AI budgets both support demand, but advance firewall purchases, the timing of AI protection spending and divergent vendor performance limit the case for a broad acceleration.

Morgan Stanley2026-10-22

Morgan Stanley: Why is the PHP2Shell vulnerability a boon for cybersecurity? Morgan Stanley sees WAF demand during the patching window

The disclosure of vulnerabilities in PHP’s underlying software before patches were released highlights the risk that enterprises’ remediation will lag attacks. Morgan Stanley sees the near-term opportunity concentrated in web application firewalls, while broader spending momentum in 2026 will come from legacy-system upgrades and the use of AI to improve security efficiency; however, the sector’s earlier gains had already outpaced expectations for earnings improvement.

Morgan Stanley2026-10-21

Morgan Stanley: Why should SpaceX be revalued as physical AI? Morgan Stanley focuses on the links between computing, manufacturing and space

Morgan Stanley views SpaceX’s cloud computing business as a financing path for robotics infrastructure. Enterprise AI contributes 166 dollars to its 300-dollar price target; the valuation is also constrained by commercialization, electricity supply costs and financing needs.

J.P. Morgan2026-10-22

J.P. Morgan: Texas Instruments’ industrial revenue hits a record: why does JPMorgan still see the cycle rising?

Third-quarter revenue and gross margin, as well as fourth-quarter guidance, exceeded market consensus. JPMorgan believes industrial, automotive and data-center growth is occurring simultaneously, while customer restocking has yet to begin; further upside in 2027 comes from price increases and higher capacity utilization, while expansion spending depends on demand strength.

Morgan Stanley2026-10-22

Morgan Stanley: IBM’s third-quarter rebound: deferred orders come through, but 2027 growth still needs acquisition support

IBM’s third-quarter revenue and earnings slightly exceeded expectations, but part of the software growth came from deferred orders closing, while gross margins fell across its major businesses. Morgan Stanley believes cost cuts can support profit and cash flow, but acquisitions will still need to contribute for IBM to achieve 5% constant-currency revenue growth in 2027.

Morgan Stanley2026-10-22

Morgan Stanley: Baidu third-quarter preview: Cloud revenue expected to nearly double, while AI spending weighs on core profit

Morgan Stanley expects Baidu’s AI cloud infrastructure revenue to grow 97%, but a steeper decline in advertising and increased AI spending will leave core operating profit 30% below consensus. The bank maintains its Underweight rating and cuts its price target from 80 dollars to 70 dollars.

J.P. Morgan2026-10-23

J.P. Morgan: Baidu third-quarter earnings preview: Cloud growth accelerates, while advertising and depreciation weigh on profit

JPMorgan has lowered its earnings forecasts for Baidu for this year and next, but maintains its Overweight rating. The key question is whether GPU cloud can convert demand for computing power into cash received in advance while offsetting pressure from declining advertising revenue and capital spending.

Goldman Sachs2026-10-23

Goldman Sachs: Raycus Laser’s third-quarter profit beat Goldman Sachs’ expectations. Why does it still have a Sell rating?

Product upgrades and efficiency gains pushed third-quarter net profit 30% above Goldman Sachs’ forecast, but gross margin fell quarter on quarter and the near-term contribution from new businesses remains limited. Goldman raised its earnings forecasts and target price but still considers the current valuation high.

Goldman Sachs2026-10-23

Goldman Sachs: SpaceX negotiates for 80 thousand US sites: why does Goldman Sachs see lower competition risk in European telecoms?

SpaceX’s expanding US ground-network footprint has heightened concerns about mobile competition, but Goldman Sachs believes European spectrum sovereignty and regulatory requirements constrain similar expansion. Switzerland, Germany and the UK are more vulnerable to the news, while European demand for sovereign networks benefits SES and Eutelsat.

Goldman Sachs2026-10-23

Goldman Sachs: DISCO’s demand base broadens; Goldman Sachs backs expansion and reiterates Buy

Outsourced assembly and test providers are more willing to invest, and adjustments to HBM layer counts have yet to dampen customers’ purchasing appetite; higher consumables prices are also supporting earnings. Goldman Sachs believes the conditions are in place to execute capacity expansion, although the company acknowledges limited room to procure additional materials.

Citi2026-10-22

Citi: SCC: Third-quarter margins hit a record high as expansion and inventory buildup add to funding pressure

Citi sees room for an upward revision to SCC’s full-year earnings expectations: an improved AI PCB product mix and a recovery in BT substrates are driving faster profit growth. But receivables and inventory tie up cash, expansion relies mainly on new borrowing, and the fourth quarter also faces rising raw material prices and expenses.

Citi2026-10-22

Citi: Western Digital: Shipments by capacity slightly below expectations; pricing and margins drive earnings beat

Revenue for the September quarter rose 55% year over year. Shipped capacity was slightly below market expectations, but prices rose approximately 27% year over year, and gross margin reached 58.1%. Revenue and earnings guidance for the December quarter remained above consensus. Citi is optimistic that hard drive supply and demand will support pricing, while watching whether the company can sustain its advantages in demand, costs and technology strategy.