Oracle and Broadcom Financial News were amazed! Morgan Stanley is optimistic about CoWoS production capacity, calling for NTD to be added and listed as the first choice

US foreign investors Morgan Stanley (Mordans Morgan) recently issued a latest report stating that Oracle's orders are better than expected, and its financial reports with Broadcom have further boosted the overall AI semiconductor market situation. Therefore, those who maintain the "code" rating of NTD and evaluate the first choice will also simultaneously increase the Jingyuan Electric target price to 188 yuan.

Oracle's financial report has become a positive catalyst for NVIDIA and AI-related supply chains. Morgan Stanley expects to have orders of 28,000 NVL 72 server cabinets in 2026; in the AI ​​ASIC part, Broadcom has received US$10 billion in customized AI chips (the company calls XPU) from the fourth customer outside of the three major cloud customers, and the report is likely to be OpenAI. However, Morgan Stanley analysts believe that the $10 billion mentioned by Broadcom should be the "drunk value" and may not be able to fully obtain these revenues.

The chain observation of Taiwan's CoWoS Co., Ltd. Hou Yongqing, the co-operation manager of Taiwan, mentioned on SEMICON Taiwan that the evolution of semiconductor technology has entered the era of Morrow's Law 2.0, and system integration will be more critical than a single pure chip micro-shrink.

Guangda also mentioned on AI Forum that early participation in system design can ensure that chip production can be carried out according to the plan. Morgan Stanley pointed out that according to the supply chain survey, NVIDIA's Rubin GPU chips are expected to be produced as expected in the second quarter of 2026. At the same time, Morgan Stanley also confirmed the trend of CPOs and learned that Tenstorrent will provide a more open and cheaper AI system.

Morday expects that Taiwan Power CoWoS production capacity in 2026 is expected to be 93 kpwm, of which OpenAI accounts for a smaller proportion, about 10,000 pieces; AWS's 3-nanometer Trainium3 shipment may increase to 1 million. However, since AWS needs to maintain a gross profit structure, Shixin may not be able to own all Turnkey production services, so it lowered the Shixin target price to $4,288.

On the Google part, the TPU v7, which cooperated with Broadcom and used a 3-nanometer process, was adjusted in 2026. It is expected that Broadcom's CoWoS order on Taiwan Electric will rise to 205,000, and the shipment volume of Broadcom's TPU will reach 3 million; the 3-nanometer TPU v8 (or v7e) that Google and the Technological Development Corporation is expected to complete the production (Tape-out) in October, because the delivery volume in 2026 is expected to be revised down to 20~30. All the films and the price of the joint subjects will be adjusted to RMB 1,800.

As for Meta and Joint Development, the new AI chip "Arke", the current MTIA v3.5 project award decision may be released within 1-2 months, and Morgan Stanley still maintains the view of Joint Development's 55 waves.

Customer, due to the increase in TPUs of NTD CoWoS, Morgan Stanley expects that there will be room for up-repair for the TPU test volume of Jingyuan Electric in 2026, and the target price will be increased from 158 yuan to 188 yuan.

Extended reading: We should challenge advanced technology of semiconductors and provide comprehensive solutions to four major materials. Apple, Qualcomm? NVIDIA is expected to become the first customer of Taiwan A16