晨星：2025年第二季度亚洲半导体制造业脉搏报告：AI资本支出2025年强劲2026年或放缓（英文版）

Valuations of semiconductor manufacturers have declined as the timing and rate of US tariffs remain unclear, fueling fears about chip demand and deterring long-term investments, such as factory construction. The market seems cautious about cloud-service providers moderating their capital expenditures in 2026. The valuation of Chinese foundries faces additional headwinds, as the US has recently restricted access to design software. We view TSMC and GlobalWafers as best-in-class firms likely to