According to Taiwan media reports, Morgan Stanley said that excessive inventory will cause the capacity utilization rate of mature processes to drop by less than 100% in the second half of the year. Status of plan redrawing.

Morgan Stanley further analyzed that the foundry's bargaining power has weakened, and the risks of the consumer electronics cycle continue to rise. Therefore, the "Neutral" rating of Vanguard International Semiconductor Corp is reiterated, and the target price is changed from NT$135 (the same unit below) It is lowered to 100 yuan, because the production capacity will be difficult to be fully loaded; it is also reiterated that PSMC is rated as "inferior to the market", and the target price is lowered from 49 yuan to 40 yuan, because the proportion of revenue from consumer electronics is high, which is also the previous One of the wafer foundries with the most aggressive price increases, but as the cycle weakens, the bargaining power will begin to reverse.

It is reported that TSMC and other major Taiwanese foundries have been operating their fabs at full capacity, but capacity utilization in the third quarter may be lower in the third quarter as many IC design companies request to cut wafer orders this quarter. decline.

In addition, Lin Boqi, consultant and director of the MIC industry of the Information Policy Association, also analyzed that the major wafer foundries in Taiwan, China invested in capacity expansion last year, but it is expected that from 2023 to 2024, a large number of wafer manufacturing capacity will emerge, which is expected to be stable. Semiconductor supply and demand, but under the current decline in terminal demand, there are also concerns about oversupply, and the pace of subsequent capacity construction must be carefully planned.