摩根士丹利：2026年全球科技展望：前后走势分化报告（英文版）

We expect the trends that began in 2025 – AI spending and commodity rally – to continue in the first half of 2026: These trends could become increasingly challenged by demand destruction into 2H26. We favor pricing power and AI-themed stocks that have been working, and recommend creating a barbell with stocks that have sold off sharply but offer good prospects at reasonable valuations.

• We expect global semiconductor revenue in 2026 to hit the US$1.3 trillion mark, led by memory and lo