Morgan Stanley: NAND flash recovery has slowed in the fourth quarter

Set micro-messenger news, Morgan Stanley on the 26th issued a medium-sized report on the semiconductor industry pointed out that NAND and semiconductor plants in Asia in the past, benefiting from the huge demand for rising prices and the strong pricing power of the good light is about to peak, so at this stage It is a good time for those who are using code-reduction.

However, due to the slowdown in demand for HPC (high-speed computing), the shrinking of the size of smart chip, and the fierce competition in the foundry industry, the majority of SMEs hold that although TSMC is correctly positioned in the technological innovation trend of industrial innovation, And other three major worries, so cut 2018, 2019 operating expectations, and the rating from "Outperform" to "neutral."

As NAND Flash industry outlook, Morgan Stanley believes that this wave of NAND Flash recovery cycle has shown signs of slowing in the fourth quarter, including solid state drive (SSD) prices softened in the season due to excess supply, China's smart phone to reduce memory requirements, iPhone X next quarter demand will also be reduced.

Morgan Stanley downgraded Samsung rating from "Outperform" to "Neutral."