Analyst
Key Indices
Top Stories
Sector Update | IT Hardware
2Q26 results were mixed: AI infrastructure names delivered strong growth on sustained capex, while handset-exposed suppliers lagged as memory costs weighed on low-end Android volumes and renminbi appreciation drove forex losses. The top four hyperscaler 2026 capex guidance was revised up US$30b to around US$733b, and we expect inelastic AI demand to absorb component price hikes. Maintain OVERWEIGHT; with sector-wide shortages now, we favour execution and supply security over bottleneck trades. Top picks: FII, ASMPT, NAURA, Han's Laser.
Top Stories
Sector Update | IT Hardware
2Q26 results were mixed: AI infrastructure names delivered strong growth on sustained capex, while handset-exposed suppliers lagged as memory costs weighed on low-end Android volumes and renminbi appreciation drove forex losses. The top four hyperscaler 2026 capex guidance was revised up US$30b to around US$733b, and we expect inelastic AI demand to absorb component price hikes. Maintain OVERWEIGHT; with sector-wide shortages now, we favour execution and supply security over bottleneck trades. Top picks: FII, ASMPT, NAURA, Han's Laser.
Analyst
Key Indices
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