1、I N D U S T RY P U L S E|I N D U S T RY P U L S E|Semiconductor Manufacturing:2025 Q2Semiconductor Manufacturing:2025 Q2AI capital expenditure is strong in 2025 but may slow in 2026.J U N E 2 0 2 5J U N E 2 0 2 5Table of ContentsMorningstar Equity Researchhttp:/ DisclosureImportant DisclosureThe con

2、duct of Morningstars analysts is governed by Code of Ethics/Code of Conduct Policy,Personal Security Trading Policy(or an equivalent of),and Investment Research Policy.For information regarding conflicts of interest,please visit:http:/ Lee,CESGAPhelix Lee,CESGASenior Equity AnalystKazunori ItoKazuno

3、ri ItoDirector of Equity Research,Japan and Asia TechnologyI N D U S T R Y P U L S E|A S I A S E M I C O N D U C T O R S 2 0 2 5 Q 2I N D U S T R Y P U L S E|A S I A S E M I C O N D U C T O R S 2 0 2 5 Q 2Supply Outlook:Supply Outlook:Fears of Slowing Demand Damp Urge to InvestTop Picks and Coverage

4、:Top Picks and Coverage:Non-Chinese Stocks Are UndervaluedExecutive Summary:Executive Summary:AI Investments May Slow Down in 2026,Other Segments Should RecoverDemand Outlook:Demand Outlook:Tariffs and Macro Damp Confidence,but Long-Run Drivers Intact38Jing Jie YuJing Jie YuAssociate Equity AnalystI

5、 N D U S T R Y P U L S E|A S I A S E M I C O N D U C TO R S 2 0 2 5 Q 2I N D U S T R Y P U L S E|A S I A S E M I C O N D U C TO R S 2 0 2 5 Q 2Executive SummaryExecutive SummaryAI investments may slow down in 2026;other segments should recover.Morningstar Equity Research|4See Important Disclosures a

6、t the end of this report.or ard onth rice/Earnings istorical rice/oo Sector Valuation Falls as US Tariffs and Extra Export Controls LoomValuations of semiconductor manufacturers have declined as the timing and rate of US tariffs remain unclear,fueling fears about chip demand and deterring long-term