'A unique Nvidia proxy': Morgan Stanley names a global stock as its new top pick

Morgan Stanley named a new top pick which it called a "unique Nvidia proxy." That's Aspeed Technology, a Taiwan-listed fabless chip designer which Morgan Stanley pointed out is the Nvidia's only supplier of baseboard management controller processors, which are a key component of the tech giant's artificial intelligence graphics processing unit, GB200. On top of that, the bank added, Aspeed is unlikely to face competition in the near term.

Morgan Stanley said with an average selling price of $100 per chip, it estimates the company could enjoy gross margins of 90%. The positive outlook for cloud capital expenditure is also set to benefit the data center supply chain, according to Morgan Stanley. BMC processors are used in data center equipment.

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