US Semiconductor Ratings 2H 2026: AI-Driven Growth and Regional New Opportunities
In the second half of 2026, the global semiconductor market enters a new AI-driven growth cycle. With the rapid development of artificial intelligence technology, especially the widespread application of generative AI and large language models, demand for high-performance computing chips continues to climb, driving strong performance of US semiconductor companies. Multiple international investment banks have recently upgraded ratings for US semiconductor companies, believing that under the continuous pull of AI computing demand, the semiconductor industry will enter a new growth cycle. Meanwhile, the Asia-Pacific region, particularly Southeast Asian countries, relying on policy support and industrial transfer opportunities, is gradually becoming an important pole in the global semiconductor industry chain, providing new growth space for US semiconductor companies.
New Semiconductor Market Landscape Driven by AI
In the first half of 2026, the global semiconductor market showed clear AI-driven characteristics. According to data from multiple market research institutions, AI-related chip sales increased by more than 60% year-on-year, accounting for about 25% of the entire semiconductor market. US semiconductor giants such as NVIDIA, AMD, and Intel have shown outstanding performance in the AI chip field, with significant growth in their data center business revenue.
The rapid development of artificial intelligence has put forward new requirements for the semiconductor industry. On one hand, large model training requires higher-performance computing chips, driving demand growth for products such as GPUs and specialized AI chips. On the other hand, the popularization of AI applications has also driven chip demand in edge computing, IoT and other fields, forming a diversified market landscape. This diversified demand enables semiconductor companies to balance market risks and improve overall profitability through product portfolio optimization.
It is worth noting that AI-driven semiconductor growth is not only reflected in the hardware level but also includes ecosystem construction such as software and algorithms. US semiconductor companies are increasing their investment in AI software and algorithms, enhancing competitiveness through hardware-software collaboration. This ecological development model enables semiconductor companies to better grasp the pulse of AI technology development and achieve long-term sustainable growth.
Asia-Pacific Region: Emerging Hotspot for Semiconductor Industry Transfer
Against the background of global semiconductor industry restructuring, the Asia-Pacific region, especially Southeast Asian countries, is becoming an important destination for industrial transfer. Countries such as Vietnam, Malaysia, and Thailand, with advantages in labor costs, policy support, and geographical location, have attracted a large amount of semiconductor investment. According to the latest statistics, semiconductor industry investment in the Southeast Asia region increased by more than 40% year-on-year in the first half of 2026, with particularly significant growth in advanced packaging and testing fields.
As an emerging force in Southeast Asia's semiconductor industry, Vietnam has actively promoted semiconductor industry development in recent years. In June 2026, the Vietnamese government introduced new semiconductor industry support policies, providing tax incentives, land use convenience, and talent introduction support, attracting investment from many international semiconductor companies including Intel and Amkor. These investments have not only enhanced Vietnam's position in the semiconductor industry chain but also provided new capacity layout options for US semiconductor companies.
Malaysia, with its traditional advantages in advanced packaging and testing, continues to attract semiconductor investment. In July 2026, the Malaysian government announced the launch of the "Semiconductor Strategy 2.0" plan, which plans to invest $10 billion in developing the semiconductor industry in the next five years, focusing on supporting advanced packaging technology research and capacity expansion. The implementation of this strategy will further consolidate Malaysia's core position in the Southeast Asian semiconductor industry chain.
Thailand supports semiconductor industry development through special funds. In the first half of 2026, the Thai government established a 5 billion baht special fund for advanced packaging, providing financial support for domestic and foreign semiconductor companies to promote technological innovation and capacity improvement. This measure has attracted many US packaging and testing companies to increase investment in Thailand, forming an industrial agglomeration effect.
Investment Bank Rating Dynamics: AI and Regional Opportunities Become Focus of Attention
In the second half of 2026, multiple international investment banks have successively issued rating reports on US semiconductor companies, generally optimistic about the growth prospects of the semiconductor industry driven by AI. Goldman Sachs, Morgan Stanley, UBS and other investment banks have upgraded ratings for US semiconductor companies, believing that AI computing demand will continue to drive semiconductor industry growth, while industrial transfer in the Asia-Pacific region will provide new growth space for semiconductor companies.
In a research report released in early August 2026, Goldman Sachs upgraded the ratings of many US semiconductor companies to "Buy", especially optimistic about companies in the AI chip and advanced packaging fields. Goldman Sachs analysts pointed out that AI computing demand will continue to grow, and it is expected that the AI chip market size will maintain an average annual growth rate of more than 30% in the next three years. At the same time, Goldman Sachs is also optimistic about the development of the semiconductor industry in the Asia-Pacific region, especially Southeast Asia, believing that regional industrial transfer will provide new growth opportunities for US semiconductor companies.
In a report released at the end of July 2026, Morgan Stanley upgraded the overall rating of the US semiconductor sector, believing that under the drive of AI demand, the profit expectations of semiconductor companies will be comprehensively improved. Morgan Stanley analysts particularly emphasized the important role of advanced packaging technology in AI chips, believing that with the continuous improvement of AI chip performance requirements, advanced packaging will become a key link in the semiconductor industry chain, and related companies will obtain continuous growth momentum.
UBS, in a report released in early August 2026, upgraded its rating on the Asian semiconductor equipment and packaging/testing sector, believing that the acceleration of AI computing infrastructure will drive the growth of related equipment demand. UBS analysts pointed out that HBM (High Bandwidth Memory) and advanced packaging will become the core engines of AI computing infrastructure, and related companies will face long-term growth opportunities.
Key Company Analysis: Emphasis on AI and Regional Layout
In the US semiconductor sector, leading companies such as NVIDIA, AMD, and Intel have received widespread optimism from investment banks due to their leading advantages in the AI chip field. As a leading company in the AI chip field, NVIDIA's data center business achieved strong growth in the first half of 2026, and many investment banks upgraded its target price, believing that its AI chip market share will continue to expand.
AMD has also made significant progress in the AI chip field, and its MI series GPU chips have been widely used in the generative AI field. Morgan Stanley pointed out in its July 2026 report that AMD's market share in the AI chip field will continue to increase, especially having strong competitiveness in the field of cloud AI computing.
Intel is accelerating its transformation to AI through the IDM 2.0 strategy, and its AI chip and GPGPU product lines have made important breakthroughs in 2026. Goldman Sachs pointed out in its early August 2026 report that Intel's AI chip business will become an important driver of future growth, especially having great development potential in the fields of edge computing and data centers.
In the packaging and testing field, US packaging and testing leading companies such as ASE Technology Holding and Amkor Technology have received widespread optimism from investment banks due to their technical advantages in advanced packaging. UBS pointed out in its early August 2026 report that with the increase in demand for advanced packaging from AI chips, ASE and Amkor will face continuous growth opportunities. Especially in the Asia-Pacific region, these two companies have further consolidated their market leading position through capacity expansion and technology upgrading.
Investment Opportunities and Risk Warnings
Based on the current rating dynamics and market performance of the US semiconductor sector, we believe the following directions are worth paying attention to: First, the AI chip and related hardware fields will continue to maintain strong growth, and leading companies such as NVIDIA and AMD have great investment value; Second, the advanced packaging field benefits from the pull of AI chip demand, and packaging and testing leading companies such as ASE and Amkor are worth paying attention to; Third, the semiconductor industry chain transfer in the Asia-Pacific region, especially Southeast Asia, will provide new growth opportunities for related companies, and pay attention to semiconductor companies with capacity layout in Southeast Asia.
However, investing in the US semiconductor sector also faces certain risks. First, the slowdown in global economic growth may affect semiconductor demand, especially the demand in the consumer electronics field may face pressure; Second, geopolitical factors may lead to supply chain risks, especially the industrial layout in the Asia-Pacific region may be affected by policy changes; Third, the semiconductor industry has a fast pace of technological updating and iteration, and companies need to continuously invest in R&D to maintain competitiveness, which puts higher requirements on the company's financial situation.
Conclusion and Outlook
In the second half of 2026, the US semiconductor sector is expected to maintain a steady growth trend under the continuous pull of AI demand. Multiple investment banks have upgraded ratings for US semiconductor companies, believing that AI computing demand will become the core driving force for industry growth. Meanwhile, the development of the semiconductor industry in the Asia-Pacific region, especially Southeast Asia, has provided new growth space for US semiconductor companies, with obvious trends of industrial transfer and capacity expansion.
Looking forward, with the continuous development of artificial intelligence technology and the expansion of application scenarios, the semiconductor industry will usher in more development opportunities. US semiconductor companies are expected to maintain a leading position in the global semiconductor industry chain through technological innovation and optimization of regional layout. For investors, paying attention to directions such as AI chips, advanced packaging, and Asia-Pacific regional layout will help grasp the investment opportunities in the semiconductor industry.
Overall, in the second half of 2026, the US semiconductor sector is expected to show a structural growth trend under the dual effects of AI-driven and regional opportunities. Investors should closely follow industry development trends and changes in company fundamentals, and grasp investment opportunities while controlling risks.
