Ngành bán dẫn cho thấy dấu hiệu phục hồi trong bối cảnh tập trung vào báo cáo kết quả của AMD, SanDisk và Western Digital

The Huoxing Finance report states that on August 4, following a sharp decline in July, sentiment in the semiconductor sector began to recover. The PHLX Semiconductor Index recorded its worst monthly performance since 2008 last month, falling more than 20% from its June high. However, on Monday Eastern Time, NVIDIA rose nearly 3%, AMD increased about 2%, and the SOX Index closed up approximately 1%;此前, on Thursday of last week, SOX surged 8.2% in a single day, marking its largest gain in 15 months. Market focus is now shifting from whether "AI trading has become overheated" to which companies still have earnings support after the sharp decline. Jefferies' assessment is the most direct. The firm stated that Microsoft and Amazon's latest earnings reports provided crucial evidence that large-scale AI investments are generating tangible returns for customers and infrastructure suppliers. Since both companies are core buyers in NVIDIA, AMD, Broadcom, memory, and networking chip supply chains, as long as cloud providers continue purchasing computing power, orders along the chip supply chain will remain supported. Citigroup emphasized industry differentiation in its report. The bank believes the recent semiconductor correction was primarily driven by concerns over oil prices, U.S. Treasury yields, and AI capital expenditures. However, this downturn presents a buying opportunity. Citi noted that data centers remain the strongest end-market, accounting for approximately 34% of semiconductor demand and projected to surpass the entire semiconductor TAM by 2030. The bank also pointed out that for companies that have already reported earnings, consensus revenue forecasts for 2026 and 2027 have been raised by 4% and 7% respectively, while EPS forecasts have been raised by 7% and 8%. Meanwhile, Citi prefers semiconductor equipment stocks because capital expenditure upgrades by TSMC, Intel, and others directly benefit the equipment supply chain. Bank of America expects hyperscalers' combined capital expenditures this year to reach approximately $860 billion, up about 80% year-over-year. This provides valuation support for GPUs, ASICs, HBM, advanced packaging, and equipment chains. UBS CIO stated that investor sentiment improved after hyperscalers announced accelerated cloud growth and signaled continued increases in AI spending. The bank forecasts AI spending to reach $900 billion this year and rise to $1.2 trillion by 2027, reinforcing a constructive outlook on demand for semiconductors and hardware. Morgan Stanley views this week’s earnings as a new validation point. The bank expects AMD, SanDisk, and Western Digital to deliver "another strong set of results." These three companies have remained strong performers in the AI hardware chain this year: AMD has risen more than double, Western Digital has risen more than triple, and SanDisk has gained approximately 400%. If AMD and storage manufacturers continue to confirm strong demand in their earnings reports, the recovery in chip stocks will be further substantiated.