According to Morgan Stanley, three global semiconductor companies are expected to benefit from the launch of Intel's latest artificial intelligence chip. Intel recently introduced Gaudi 3, its third-generation AI accelerator. This new chip is touted to be twice as power-efficient and capable of running AI models one-and-a-half times faster than Nvidia's H100 GPU, which is currently the market leader in AI chips. Major original equipment manufacturers like Dell, Hewlett Packard Enterprise, Lenovo, and Supermicro have already announced their adoption of Gaudi 3, highlighting the high demand for AI chips. Although Intel has faced challenges in turning order backlogs into confirmed sales due to supply constraints in the past, Morgan Stanley believes these issues will be resolved from the second half of 2024 onward. The Wall Street bank predicts that Taiwanese companies TSMC, Alchip, and Wistron will be the primary beneficiaries of the demand for Intel's Gaudi chips. These three companies' shares are also traded in the United States.

TSMC will handle the fabrication of Gaudi 3 chips using its latest-generation 5-nanometer process, while Alchip is expected to play a significant role in the semiconductor supply chain by providing design services for both Gaudi 2 and Gaudi 3. Wistron is anticipated to be the primary baseboard supplier. Morgan Stanley's analysts led by Charlie Chan stated in a research note on Apr. 22 that, according to their supply chain checks, the total shipment volume of Gaudi chips (including versions 2 and 3) could reach as high as 300-400k units in 2025, potentially generating $2-3 billion in revenue for Intel if TSMC can meet the CoWoS capacity requirement. The investment bank's forecast is based on its survey of the semiconductor supply chain and suggests that other major cloud companies like Amazon, Microsoft, and Google are also interested in adopting Gaudi chips. Morgan Stanley reiterated its overweight rating on Alchip and TSMC, considering them long-term winners in the AI semiconductor demand. The analysts also have an overweight rating on Wistron, noting that Nvidia's new Blackwell GB200 AI chip will drive immediate growth for the Taiwanese electronics manufacturer.