It still has to be Morgan Stanley. Their explanation is clear and concise, and it aligns with my thoughts. Reading it together with Goldman Sachs' report makes it clear what is noise and what is a judgment based on fundamentals.

Invesco Semiconductors ETF

Invesco PHLX Semiconductor ETF

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VanEck Semiconductor ETF

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Direxion Semicon Bull 3X

Micron Tech

Direxion Daily MU Bull 2X Shares

On October 26th, after the U.S. stock market closed, chip giant Intel released its Q3 2023 financial report. The report showed that Intel's total revenue in the third quarter fell 8% year-on-year to $14.16 billion, marking the seventh consecutive quarter of declining sales, although it was still higher than the market expectation of $13.53 billion. In the second quarter, revenue had previously dropped 15% year-on-year, and the company expects revenue to return to growth in the fourth quarter. However, the sales of the Network and Edge Group (NEX), which includes IoT and other segments, fell 32% year-on-year to $1.5 billion. More importantly, the server chip division, named "Data Center and Artificial Intelligence," has yet to recover growth, with third-quarter revenue declining 10% year-on-year to $3.8 billion. Facing multiple competitive pressures, do you think Intel can turn the tide in the AI era?

On October 26th, after the U.S. stock market closed, chip giant Intel released its Q3 2023 financial report. The report showed that Intel's total revenue in the third quarter fell 8% year-on-year to $14.16 billion, marking the seventh consecutive quarter of declining sales, although it was still higher than the market expectation of $13.53 billion. In the second quarter, revenue had previously dropped 15% year-on-year, and the company expects revenue to return to growth in the fourth quarter. However, the sales of the Network and Edge Group (NEX), which includes IoT and other segments, fell 32% year-on-year to $1.5 billion. More importantly, the server chip division, named "Data Center and Artificial Intelligence," has yet to recover growth, with third-quarter revenue declining 10% year-on-year to $3.8 billion. Facing multiple competitive pressures, do you think Intel can turn the tide in the AI era?

In the AI era, can Intel win a comeback?

Morgan Stanley has significantly raised Micron's target price from $350 to $450, implying an upside of approximately 28.6% compared to the current stock price. Analysts believe that the supply shortage of memory chips has spread to every end market, with pricing power fully in the hands of sellers. Driven by the AI supercycle, traditional cyclical valuation frameworks are no longer applicable, and Micron is at a sweet spot of dual expansion in profitability and valuation multiples

- Morgan Stanley believes the market significantly underestimates the current shortage of memory chips.  
- The firm's analysts raised Micron's target price from $350 to $450, citing strong demand for AI as a key factor driving up profitability and valuation multiples.  
- They predict that Micron's earnings per share will rise to over $52 in 2026, underscoring a critical supply-demand imbalance that the market fails to recognize.

Wallstreetcn

Morgan Stanley "violently" raised the target price for Micron to $450: As long as AI demand remains strong, the impact of Chinese production capacity and overheated capital expenditure are not issues!