2026年5月WSTS追踪：全球半导体销售额环比增长16.1%超季节性、同比增长118.8%（存储芯片强势驱动）

Global Semis: May 2026 WSTS Tracker - Sales 16.1% MoM,above typical (8.5% MoM) & +118.8% YoY on continued memorystrength On Friday the SIA published its monthly WSTS report, which tracks sales, units and ASPsacross the semiconductor industry, and provides details by products, end markets, andgeographies. The recent report includes data up to and including May 2026. Stacy A. Rasgon, Ph.D.+1 213 559 5917stacy.rasgon@bernsteinsg.com Total semiconductor sales grew 118.8% YoY in May after rising 106.4% in April. YoYstrength was again dominated by memory with sales more than quadrupling at 325.7% YoY,driving ~$200B in incremental revenue YTD and with memory pricing alone driving ~2/3 ofoverall industry growth since the beginning of the year. Excluding memory, sales were stillup strongly at 34.0% YoY. Mark Li+852 2123 2645mark.li@bernsteinsg.com Qingyuan Lin, Ph.D.+852 2123 2654qingyuan.lin@bernsteinsg.com Total semiconductor sales MoM were above typical seasonality, up 16.1% versus thehistorical May average of +8.5% MoM. On a MoM basis as-reported, product groupperformance was generally worse to in line with seasonal patterns. David Dai, CFA+852 2918 5704david.dai@bernsteinsg.com DSP (3.3% vs. typical -2.5%) and NAND (40.7% vs. typical 26.0%) were better than typicalMoM patterns. Discretes (-4.9% vs. typical 2.7%), Optoelectronics (-10.8% vs. typical-6.3%), Sensors & Actuators (-0.8% vs. typical 2.4%), Analog Std Linear (-5.4% vs. typical-3.5%), Analog App Specific (-9.3% vs. typical -0.6%), and DRAM (27.7% vs. typical 41.9%)were worse than typical MoM patterns. Logic (3.9% vs. typical 4.1%), MPU (5.0% vs. typical5.2%), and MCU (-2.7% vs. typical -2.2%) were in line with typical MoM patterns. Aleksander Peterc+33 1 57 29 45 25aleksander.peterc@bernsteinsg.com Alrick Shaw+1 917 344 8454alrick.shaw@bernsteinsg.com Total unit shipments were down 2.7% MoM, with ASPs up 19.3% MoM. Arpad von Nemes+1 917 344 8461arpad.vonnemes@bernsteinsg.com By geography, total sales increased YoY and MoM in all regions. Edward Hou, CFA+852 2123 2623edward.hou@bernsteinsg.com Application specific ICs sales were up (2.4%) MoM, in line with typical historical patterns(up 3.0% MoM). 1 end markets was better than typical MoM, while 5 were worse thantypical: Wired Communication (12.7% vs. typical 6.9%), was above typical MoM patterns.Consumer (-1.7% vs. typical 2.5%), Computer & Peripherals (3.8% vs. typical 5.7%),Wireless Communication (-3.2% vs. typical 1.5%), Automotive (-4.7% vs. typical 0.5%), andMultipurpose and Others (-5.2% vs. typical -4.0%) were worse than typical MoM patterns. Zheng Cui+852 2123 2694zheng.cui@bernsteinsg.com Juho Hwang+81 3 6777 6980juho.hwang@bernsteinsg.com Carmine Milano, CFA+44 20 7762 1857carmine.milano@bernsteinsg.com Yipin Cai, CFA+852 2123 2669yipin.cai@bernsteinsg.com BERNSTEIN TICKER TABLE O - Outperform, M - Market-Perform, U - Underperform, NR - Not Rated, CS - Coverage SuspendedAMD, ADI, AVGO, INTC, NVDA, NXPI, QCOM, KLAC, LRCX, AMAT, MU, 6723.JP, SOI.FP estimate is Adjusted EPS; AMD, ADI, AVGO, INTC, NVDA, NXPI,QCOM, KLAC, LRCX, AMAT, MU, 6723.JP, SOI.FP valuation is Adjusted P/E (x); TSM, 2330.TT, 2303.TT, 5347.TT valuation is P/B (x); XFAB.FP valuation isEV/EBIT (x); NVDA, SOI.FP base year is 2026;Source: Bloomberg, Bernstein estimates and analysis. INVESTMENT IMPLICATIONS ADI (Market-Perform, $430.00):ADI is executing well with both cyclical and idiosyncratic drivers, though may be closer topeak, and valuations remain elevated. AMD (Outperform, $600.00):Expectations remain high, but exposure to AI demand driving both a CPU and GPU story canprovide substantial growth. AVGO (Outperform, 550.00): A strong 2026 AI trajectory seems set to accelerate into 2027 and beyond, bolstered bysoftware, cash deployment, and superb margins & FCF. INTC (Market-Perform, $100.00):Server strength is helping the company get back on their feet, and narrative/headlines mayfuel the vibe for now. NVDA (Outperform, $315.00):The datacenter opportunity is enormous, and still early, with material upside still possible. NXPI (Market-Perform, $270.00):The pace and makeup of recovery remains open for debate. QCOM (Market-Perform, $235.00):Memory headwinds appear likely to pressure smartphone builds and numbers still appearhigh though the datacenter narrative sounds promising. TXN (Market-Perform, $250.00):TXN shares feel fully valued in the current environment. AMAT (Outperform, $525.00):We maintain a positive view on secular WFE growth and see a number of drivers for AMATincluding SAM growth, an increasing services narrative, and capital return. LRCX (Outperform, $340.00):The company is benefiting from key inflections (GAA, packaging, HBM, NAND upgrades) andCY26 commentary seems supportive. KLAC (Outperform, $197.50): Amid positive WFE trends KLAC posseses structural growth drivers, a strong and durablecompetitive position, lower China replacement risk, and disciplined capital allocation, warran