摩根大通：半导体行业 - SPE - 迪思科（Disco）、台积电、阿斯麦（ASML）业绩 - 迪思科内存相关产品短期前景乐观

Asia Pacific Equity Research 18 April 2025 Semiconductors/SPE Disco, TSMC, ASML results: Strong near-term outlook for Disco's memory-related products Uncertainty remains high in the semiconductor sector, given the Trump administration's changes in tariff policy (postponement of tariffs for semiconductor-related products, including SPE) and NVIDIA's disclosure of H20 chip export restrictions. Semiconductor related-stocks are down 23% YTD (simple average for our coverage; Figure 4), versus a 9% decline for TO ...