摩根士丹利：中国半导体：半导体 2018 年与 2025 年对比-似曾相识

April 14, 2025 08:00 PM GMT Greater China Semiconductors | Asia Pacific M Idea Cloud semis: 2018 vs. 2025 – déjà vu? We maintain our conservative view on cloud semis entering the second quarter of cloud capex deceleration. That said, we provide five signposts on when to turn positive. Key Takeaways 2025 vs. 2018 downturn… very high similarity: US cloud capex Y/Y peaked in 4Q24 – see Cloud Semis: Time to Take Some Profits (September 15, 2024). We find the narrative and share price performance in the 2025 dow ...