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Morgan Stanley Bullish on AI Semiconductors, Names 23 Taiwanese Stocks to Watch

Electronic Technology · Semiconductors · economic_daily · 2026-09-20

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Despite slowing cloud capital expenditure growth, Morgan Stanley projects the AI semiconductor market to reach $753 billion by 2030, favoring TSMC and others.

What Happened

AI Semiconductor Growth Potential: Morgan Stanley's latest report highlights that while cloud service provider (CSP) capital expenditure growth is decelerating, the AI semiconductor market is expected to grow at a 30% CAGR. By 2030, the market is projected to reach $753 billion, accounting for half of the global semiconductor sector.

CSP Capital Expenditure Trends: Total cloud capex for the top 14 CSPs is estimated to reach $1.6 trillion by 2028, though annual growth rates are expected to slow from 60% in 2027 to 12% by 2028. Despite this slowdown in overall spending, AI-specific investments remain a critical market driver.

Taiwanese Beneficiaries: Morgan Stanley has identified 23 Taiwanese stocks, including TSMC, UMC, MediaTek, and Alchip, as key beneficiaries. These companies are well-positioned in memory, packaging, and semiconductor equipment to capitalize on sustained AI demand.

TSMC's Technological Edge: The report emphasizes TSMC's dominance in CoWoS capacity and 2nm process demand. TSMC is expected to scale its CoWoS capacity to 260,000 wafers per month by 2028, reinforcing its leadership in advanced manufacturing.

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