Positive implications for downstream tech hardware companies from US hyperscalers' 3Q26 results

We view US hyperscalers' commentary as positive for the Greater China supply chain: the tone was uniformly positive, with demand still outstripping supply. With CY26 nearly over, the focus was on CY27 capex. Although quantitative guidance was not provided this quarter, US hyperscalers' comments suggested that demand would remain robust into CY27. We stay OW on the Greater China supply chain. We like Wistron, a key L6 partner to Nvidia and AMD, with new customers bringing more L10 and L11 AI server exposure, and Lenovo, a key general-purpose server supplier to Microsoft and Oracle with a ~US$54bn AI server pipeline as of C2Q26/F1Q27. We continue to like Wiwynn, a key supplier to three hyperscalers and of Trainium server racks and AMD Helios racks for Meta. We like GCE and EMC/TUC as beneficiaries of hyperscalers' PCB and CCL demand, Unimicron and NYPCB as key ABF substrate suppliers, and Lotes, a key CPU socket supplier. Key takeaways: MSFT lowered CY26 capex guidance by US$5bn to US$17