半导体业绩走强，估值却在收缩：Evercore怎么看这一轮周期
德州仪器和泛林财报后，盈利预期上调与市盈率下降同时出现。Evercore认为AI需求仍有增长空间，但库存回升、增速见顶和客户现金流下降，正使半导体进入周期后段。
Evercore ISI ·
Topic：Semiconductors
Unhidea explains global investment research, selected interviews and market briefs. Explore source attribution, dates, key assumptions and the reasoning behind each article.
Chip shortage index edges down, but Nomura still expects price pressures to persist into 2027
Upward revisions to historical data raised the comparison base, masking the extent of tightness in chip supply and demand; although supply has improved, demand and memory prices remain strong, and consumer electronics prices may face delayed pressure.
Nomura ·
Semiconductor earnings week: Demand is broadly strong, but its duration and profit realization face different tests
Morgan Stanley is upbeat on the near-term semiconductor cycle, but automotive restocking has yet to begin, the profit contribution from advanced packaging capacity expansion is some way off, and strength in servers and memory faces different constraints.
Morgan Stanley ·
Tech morning briefing: AI financing eases compute concerns, while cash flow and recurring revenue come under pressure behind earnings growth
Semiconductors led technology stocks higher; Cadence and Celestica raised their outlooks, but recurring revenue, gross margins and cash flow remain constraints. A 63 billion-dollar financing involving Broadcom supports Anthropic’s purchases while bringing residual-value risk.
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美银：AI扩建支撑半导体景气，英伟达优势延伸至交付与供应链
美银继续看好未来12—18个月半导体供需与估值，依据包括SpaceX资本开支计划、英伟达部署效率提升及供应链扩产；项目节奏、电力获取和客户自供芯片是关键变量。
Bank of America ·