1、M FoundationInvestor Presentation|Asia PacificGreater China Tech Semiconductors:AI and non-AI outlook Morgan Stanley Taiwan Limited+Daniel Yen,CFAEquity Analyst Daniel.Y +886 2 2730-2863 Charlie ChanEquity Analyst Charlie.C +886 2 2730-1725 Morgan Stanley Asia Limited+Daisy Dai,CFAEquity Analyst Dai

2、sy.D +852 2848-7310 Morgan Stanley Taiwan Limited+Tiffany YehEquity Analyst Tiffany.Y +886 2 7712-3032 Lucas WangResearch Associate Lucas.W +886 2 2730-2875 Morgan Stanley Asia Limited+Ethan JiaResearch Associate Ethan.J +852 3963-2287 Greater China Technology HardwareAsia PacificMorgan Stanley does

3、 and seeks to do business with companies covered in Morgan Stanley Research.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research.Investors should consider Morgan Stanley Research as only a single factor in ma

4、king their investment decision.For analyst certification and other important disclosures,refer to the Disclosure Section,located at the end of this report.+=Analysts employed by non-U.S.affiliates are not registered with FINRA,may not be associated persons of the member and may not be subject to FIN

5、RA restrictions on communications with a subject company,public appearances and trading securities held by a research analyst account.July 11,2025 09:24 AM GMTM Foundation2Industry ViewIn-LineM FoundationMorgan Stanley Research3Investor PresentationGreater China SemiconductorsAI and non-AI outlookM

6、O R G A N S T A N L E Y R E S E A R C HAsia/PacificMORGAN STANLEY TAIWAN LIMITED+Daniel Yen,CFAEquity AnalystDaniel.Y+886 2 2730-2863MORGAN STANLEY ASIA LIMITED+Daisy Dai,CFAEquity AnalystDaisy.D+852 2848-7310MORGAN STANLEY TAIWAN LIMITED+Tiffany YehEquity AnalystTiffany.Y+886 2 7712-3032Top ideas:O