摩根士丹利组合加入博通并移除伊顿

Google raises annual spending estimates amid rapid AI infrastructure build-out
Investing.com -- Morgan Stanley Portfolio Solutions updated its holdings on Thursday by adding Broadcom Inc and removing Eaton Corp plc.
The firm added Broadcom, describing it as a diversified technology-infrastructure company with leading positions in custom AI chips, data-center networking and infrastructure software through VMware. Trailing-twelve month revenue reached approximately $75.5 billion, with $47.8 billion from Semiconductor Solutions and $27.7 billion from Infrastructure Software. AI semiconductor revenue totaled around $30.8 billion. Adjusted operating income stood at $50.1 billion, representing an adjusted operating margin of roughly 66.4%.
Morgan Stanley said it invested in Broadcom to gain diversified exposure to multi-year AI infrastructure spending, while also accessing potential upside from non-AI semiconductors and stable cash flow from VMware. The stock trades at around 20 times forward earnings per share.
The firm said Broadcom holds strong positions in custom compute and networking, with multi-generation programs with Google and newer engagements with Meta, OpenAI, Anthropic and other customers. Morgan Stanley expects non-AI semiconductor businesses to provide upside potential, with a broader recovery anticipated later in 2027 as customer inventories clear.
VMware adds a high-margin, recurring software business that reduces earnings cyclicality compared to other semiconductor companies, according to the firm. Broadcom is simplifying VMware’s portfolio and focusing on larger customers.
Morgan Stanley noted risks including potential slowdowns in hyperscaler AI capital expenditure, loss of market share to competitors like MediaTek or Nvidia, and possible shortfalls in VMware integration or non-AI semiconductor recovery.
The firm removed Eaton because it trades at approximately 26 times fiscal year 2027 estimated earnings per share. Morgan Stanley said this valuation already reflects strong outcomes for data-center demand and Electrical Americas growth. Recent results showed Electrical Americas margins fell short of expectations and management reduced second-quarter guidance.
The portfolio already owns Bloom Energy, which provides more direct exposure to AI data-center power demand and grew revenue approximately 130% year-over-year in the first quarter.
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