1、M FoundationGreater China Technology Semiconductors|Asia PacificCorrection:SEMICON China 2025:Our refreshed AI semi outlook on the DeepSeek phenomenon and the recent GTC event Morgan Stanley Taiwan Limited+Charlie ChanEquity Analyst Charlie.C +886 2 2730-1725 Daniel Yen,CFAEquity Analyst Daniel.Y +8

2、86 2 2730-2863 Morgan Stanley Asia Limited+Daisy Dai,CFAEquity Analyst Daisy.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

3、3963-2287 Greater China Technology SemiconductorsAsia PacificIndustry ViewIn-LineMorgan Stanley does 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 Mor

4、gan Stanley Research.Investors should consider Morgan Stanley Research as only a single factor in making 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

5、 not registered with FINRA,may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company,public appearances and trading securities held by a research analyst account.March 26,2025 11:28 AM GMTM Foundation2Global and China AI Capex U

6、pdateWe have corrected slide 6 and added slide 7 in regards to our 2024 and 2025 AI semis forecasts.This article was originally published on March 26,2025 06:07 AM GMT,and is being republished on the same day.To receive an electronic copy of the original version of this publication,please send an e-