NVIDIA management is highly confident in achieving 70% year-over-year growth in FY28; within the data center business, inference has already surpassed training, and demand is expanding from a few leading customers to a broad ecosystem including hyperscale cloud service providers, neoclouds, and enterprises. Without supply constraints, business growth could more than double.

Dell's F2Q27 AI server backlog reached 950 billion dollars, with single-quarter orders hitting a record 609 billion dollars, and ISG operating margin rose 630 basis points year over year to 15.0%, dispelling concerns of "revenue growth without profit growth" and proving that cloud, hybrid, and on-premises deployment scenarios are all investing heavily in AI.

Within Goldman Sachs' coverage, the median consensus EPS estimates for industrial technology companies for 2026 and 2027 were both raised by 3% after 2Q results, attributable to strong data center capex. However, tight data center supply chains and component availability may constrain delivery and earnings realization for companies such as Vertiv.

Advanced wafers and memory are the main supply-side constraints facing NVIDIA, and the current outlook is constrained by supply rather than demand. Goldman Sachs forecasts that DRAM and NAND will continue to face supply shortages from 2026 to 2028, with capacity expansion in China by CXMT and YMTC being a key uncertainty.

Goldman Sachs expects WFE to accelerate in 2027 after growing about 35% in 2026, with momentum lasting at least through 2028. Bernstein believes the continued shrinking of logic metal pitch ensures structural growth in demand for advanced lithography equipment, reiterating an Outperform rating on ASML with a €2,500 target price.

Goldman Sachs added Applied Materials (AMAT) to the Conviction List, believing that with over 65% of its business exposure in deposition and etch equipment, it will gain share in high-growth equipment segments; it also positioned Celestica (CLS) as a beneficiary of AI data center equipment, forecasting its 2027/28 EPS to be significantly above consensus.

MediaTek completed pricing of a 39 billion dollar overseas convertible bond, with NVIDIA investing 35 billion dollars and Alphabet participating. The funds are intended for procuring HBM, ABF substrates, and prepaying foundry capacity, and the two parties are expanding cooperation across cloud AI factories, on-premises AI computing, and automotive via the NVLink Fusion platform.

Bernstein interprets the MediaTek-NVIDIA partnership as a reference design aimed at enabling ASIC customers to move faster from chip design to rack-level systems and interoperate with NVIDIA GPUs, thereby lowering system integration barriers. This arrangement does not constitute material supplier financing, and MediaTek remains a neutral supplier.

Iluvatar CoreX Semiconductor's 1H26 gross margin was weaker than expected, and Morgan Stanley widened its 2026 loss per share forecast to Rmb1.03, but views this as "short-term pain" from strategic low pricing to secure CSP partnerships, raising its 2027 and 2028 EPS forecasts based on a strong order outlook.

Meituan's 2Q26 total revenue grew 14% year over year to Rmb104.6bn, and core local commerce operating profit grew 52% year over year to Rmb5.7bn, beating expectations. Food delivery unit economics turned positive to Rmb0.26 per order, and it is expected to maintain about 70% market share among delivery orders with an average order value above Rmb30.

Morgan Stanley expects Meituan's 3Q26 core local commerce operating profit to fall to Rmb4.2bn and food delivery unit economics to drop to Rmb0.1 per order, mainly due to seasonally higher rider costs and shifts in spending timing. New initiatives losses narrowed, the Saudi business reached breakeven, and Keeta International shifted to prioritizing profitability improvement.

Alibaba Cloud currently holds about 40% of China's AI cloud market share. Management stated there is a clear three-year return path for AI infrastructure investment, expressing confidence in achieving RMB30bn in MaaS annual recurring revenue in FY27 and US$100bn in external cloud revenue in 2030.

Tencent management reiterated that AI is the highest capital allocation priority, expecting 3Q capex plus prepayments to remain at a high level, aimed at locking in favorable memory prices and computing power economics to support Hunyuan model development and WorkBuddy commercialization.

Kuaishou's Kling plans a major model upgrade, with about two-thirds of the 2026 RMB26bn capex allocated to Kling; next year it expects to independently obtain additional computing power through leasing to ease cash flow pressure.

Range Intelligent's 2Q26 adjusted EBITDA grew 84% year over year to Rmb1.43bn, beating expectations; however, AIDC revenue accounted for 53% of total revenue, 11% below expectations, reflecting a cautious investment strategy amid high GPU costs. Batam is expected to deliver 60MW of liquid cooling capacity in 4Q26, and overseas IDCs are viewed as a seller's market.

Bernstein, citing Ramp data, noted that heavy AI adopters on average grew headcount more than 10% more than lower-adoption peers, and by the 24th month after initial adoption company size was over 50% larger, indicating AI productivity gains are reinvested into growth rather than pure layoffs, supporting the long-term sustainability of per-seat pricing models for application software.

Bernstein data shows cumulative sales of the iPhone 17 series from 9 to 7 were 15% higher than the iPhone 16 series, with base models up 34% and Pro Max up 22%; Apple has achieved year-over-year sales growth for 17 consecutive months, demonstrating continued gains in high-end smartphone market share.

Morgan Stanley expects Apple to launch its first foldable iPhone on 9 9, with the 512GB version expected to start at 2,399 dollars, C2H26 production of 700-800 million units, contributing about 140 billion dollars in revenue. The iPhone 18 Pro series will adopt TSMC's 2nm process A20 Pro processor to support on-device AI.

Memory has become a constraint on Apple's iPhone production. C1H26 has already consumed nearly 50% more DRAM year over year, and if the bull case plan is fully executed, C2H26 DRAM consumption would increase about 15% year over year. Driven by this, the iPhone 18 Pro starting price is expected to rise by 200 dollars to maintain a gross margin of about 40%.

Bernstein notes that rising memory prices may suppress overall smartphone demand and reduce future increases in iPhone DRAM content, although Apple is better able to absorb costs than other OEMs thanks to its profitability.

Oracle's cloud business mix is shifting significantly toward OCI, with OCI IaaS/PaaS revenue reaching 181 billion dollars in FY26, up 77% year over year. Bernstein estimates FY26 OCI AI revenue at about 66 billion dollars, and it has secured over 3000 billion dollars in AI remaining performance obligations (RPO), with contracts typically spanning multiple data centers and being non-cancellable.

Oracle's multi-cloud database business grew 531% year over year in Q3 FY26. Migrating database customers to multi-cloud environments can deliver more than 3x revenue uplift relative to database support revenue, reduce churn risk, and this revenue may carry SaaS-like high gross margins (about 80%).

Goldman Sachs added Microsoft (MSFT) to the Conviction List, based on Azure capacity and monetization, enterprise AI integration, and accelerating Copilot adoption; paid Copilot seats exceeded 3,000 million at the end of 6, with net additions of about 1,000 million in the quarter. Under a reasonable upside scenario, FY28 operating profit could have 5% upside versus market expectations.

Morgan Stanley believes the U.S. economic cycle is increasingly divergent: the industrial side is strong (7 month durable goods orders +1.1% MoM), driven by reshoring manufacturing, AI, and fixed asset investment; however, housing data lacks conviction (7 month housing starts -13.5% YoY), and consumption indicators are weak. The 8 month Chicago PMI fell to 47.1, entering contraction territory, and tariff-related channel inventory building may make current industrial data stronger than underlying demand.

The 8 month RatingDog China manufacturing PMI headline rose to 51.5, with output, new orders, and new export orders improving simultaneously. However, the pricing environment is unfavorable for profits: the input price index rose to 52.2, while output prices fell to 49.6, leaving manufacturers facing a "scissors gap" caused by rising upstream costs and intense downstream competition.

U.S. light vehicle sales SAAR in 8 month was approximately 1680 ten thousand units, above consensus expectations, implying upside risk to the full-year forecast of 1600 ten thousand units. However, internal divergence in electrification is severe: BEV sales fell about 48% YoY, hybrid sales rose about 21% YoY, and Tesla's estimated sales fell 31% YoY.

Competition among the Detroit three automakers for pickup truck market share has intensified, with GM and Ford losing large pickup share while Stellantis's share rose to 21.5%. Goldman Sachs expects U.S. auto sales in 2026 to decline slightly YoY, and global light vehicle production is expected to fall 2-3%.

Global fuel, LNG, and oil inventories have all declined year-to-date, with Asian JKM LNG prices holding around US$20/mmbtu. Morgan Stanley expects the global LNG market to remain undersupplied until 2H26, prompting Indian city gas distributors to further raise CNG prices.

Morgan Stanley notes that all covered Hong Kong and China insurers achieved double-digit earnings growth in 1H26, benefiting from stock market rallies, with annualized operating ROE maintaining a healthy level of 14-21%. Most insurers achieved 11-34% VNB growth, but only AIA China and CPIC posted positive 2Q growth, reflecting diverging channel strategies.

Goldman Sachs raised China Life's FY26-28E net profit forecasts by 2-4%, reflecting strong investment income in 1H26; however, it simultaneously lowered shareholder equity forecasts by 5-6% due to unrealized equity investment losses and mark-to-market changes in liabilities. The two offset each other, and the Neutral rating is maintained.

Goldman Sachs added UnitedHealth Group (UNH) to its Conviction List, forecasting average annual EPS growth of 17%+ through 2028, and expecting adjusted EPS growth of about 23% in 2026 (versus a 40% decline in 2025), based on Medicare Advantage margin recovery, portfolio rationalization, and cost efficiency improvements. It also added Citizens Financial (CFG), expecting it to reach the lower end of its ROTCE target range in 2H27.

Wuxi Lead Intelligent's 2Q26 revenue grew 28% YoY, broadly in line with expectations, but gross margin fell 2.5 percentage points YoY to 30.6% due to raw material inflation and higher transportation costs. New orders in 2Q exceeded Rmb9bn, up over 40% YoY, with about 80% from lithium battery equipment. Management expects this upcycle may last 3-5 years.

Mindray Bio-Medical's 3Q26 revenue growth is expected to slow to low single digits compared to 2Q, due to a higher comparison base in the China market and pressure from declining gross margins and FX losses. However, against the backdrop of negative growth in China's overall IVD market, 1H26 China IVD revenue grew over 10%, with the goal of increasing combined market share from 14% to 20%, and an ultimate target for overseas revenue contribution of 70%.

Global humanoid robot shipments reached 19,000 units in 1H26, up 272% YoY, with Chinese companies accounting for 97%. Morgan Stanley expects China's shipments to reach 50,000 units in 2026E, and by 2050, global cumulative adoption will reach 10.19 hundred million units, with annual market revenue reaching 7.5 trillion dollars.

Morgan Stanley defines the industry's current state using Moravec's paradox: locomotion capabilities have improved significantly, but perception, reasoning, and dexterous manipulation in variable physical environments remain difficult. Training data is seen as the core bottleneck in global competition, with multiple players targeting 100 ten thousand usable data hours by the end of 2026 or before the end of 2027.

Based on NHTSA data, Goldman Sachs estimates that Tesla experiences one accident per 5 ten thousand to 7 ten thousand miles in fully driverless Robotaxi operations, while Waymo has one per 16 ten thousand to 18 ten thousand miles. The Waymo app's MAU growth accelerated to 54% YoY in 7 month, accounting for roughly 12%-13% of U.S. ride-hailing app downloads.

Ride-hailing platforms are building demand and fleet partnership layers around AV supply. Uber has committed to investing over 100 billion dollars in the future in AV equity investments, infrastructure, and vehicle offtake. Goldman Sachs believes Uber and Lyft can benefit by aggregating AV supply, becoming asset-light third-party marketplace platforms.

Bernstein believes SpaceX's valuation is highly dependent on achieving high Starship launch frequency and full reusability. The planned Starbase Louisiana covers 125,000 acres and is ultimately expected to have at least 10 launch pads, supporting over 30 flights per day, serving as critical infrastructure needed for orbital data centers.

Starlink's aviation business is the clearest recent evidence of commercial leadership, with 46 airlines already signed. Starlink has over 11,000 satellites in orbit, whereas Amazon's competing LEO constellation has only 396, which is insufficient to operate services.

Bernstein intentionally adopts a slower launch trajectory than SpaceX management; if each launch pad launches 3 times per day, all 15 launch pads could support far more than 15,000 launches annually, broadly consistent with SpaceX's forecast of launching approximately 50 GW of orbital data center capacity in 2031.

The FTC and attorneys general from 22 states filed a lawsuit against Amazon, alleging it introduced undisclosed "soft floors" in Sponsored Products auctions, interfering with 70-80% of auctions and causing advertisers over 200 hundred million dollars in losses since 2018. Amazon denies this. The lawsuit involves its advertising business, which totaled approximately 2600 hundred million dollars cumulatively from 2020-2025.

Morgan Stanley warns that the deterioration in container shipping and car carrier supply-demand may last longer than reflected in share prices and faces cost inflation risks, thus maintaining Underweight ratings on Nippon Yusen, Mitsui O.S.K. Lines, and Kawasaki Kisen.

Goldman Sachs updated its U.S. Conviction List in 9 month, adding Vertex Pharmaceuticals (VRTX) and removing Interactive Brokers. The list contains 23 stocks with "Buy" ratings, with median target price upside of 27% and median FY2 revenue growth of 6%. The report emphasizes that the S&P 500 is up 12% YTD but still maintains a 20x NTM P/E, with the stock market driven by earnings rather than valuation expansion.

Morgan Stanley cut Meituan's target price by 8% from HK$120 to HK$110, based on a DCF base case corresponding to 19x 2027E P/E, maintaining Overweight but preferring Alibaba. It maintained Mindray at Overweight with a Rmb210 target price; for Wuxi Lead, it applied a 2.5x market cap/new orders multiple to maintain a Rmb54 target price.

Morgan Stanley maintained MediaTek at Overweight and Top Pick, with a target price of NT$5,588 (implying 42% upside), using a residual income model. It lowered Iluvatar CoreX's target price to HK$668, applying 50x 2026e P/S in the base case. Goldman Sachs maintained Tencent's HK$670 and Alibaba's US$186 SOTP target prices.

Goldman Sachs maintained Range Intelligent at Buy with a Rmb117 target price, applying a 18x EV/EBITDA discount to 2030E. Bernstein reiterated ASML at Outperform with a €2,500 target price, based on a P/E multiple of 40x Q5-8 EPS estimates. Goldman Sachs fine-tuned China Life H-shares' target price to HK$32.0, using a 12-month ROA valuation.