在财报季来临前夕，投行奥本海默重申将英伟达(NVDA.US)、博通(AVGO.US)、迈威尔科技(MRVL.US)和Monolithic Power Systems(MPWR.US)列为半导体板块的首选推荐。
分析师Rick Schafer在致客户报告中写道，"在纷乱的宏观环境和关税背景下，我们认为人工智能是最优且最安全的增长方向，""多数企业可能因关税引发的提前采购而实现超预期业绩。我们预计管理层展望将受到贸易战不确定性和普遍可见性缺失的影响而趋于保守。至少在短期内，我们看到人工智能相关支出受到的直接影响有限。"
深入分析显示，Schafer预计尽管本季度开局"较慢"，英伟达仍将售出约4万套等效NVL72系统。与此同时，云服务提供商的资本支出预计在2025年仍将增长40%。
尽管半导体(多数品类)目前豁免于特朗普政府的关税政策，但市场传言针对特定行业的关税措施仍在酝酿，这可能带来负面影响。
"我们看到与关税相关的价格上涨，对PC/智能手机等消费电子产品的终端需求影响最为显著，"Schafer补充道。
鉴于近期市场波动，Schafer下调了亚德诺半导体(ADI.US)、迈威尔科技、Monolithic Power、恩智浦半导体(NXPI.US)和维易科仪器(VECO.US)的目标价，以"反映估值倍数的压缩"。
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