Morgan Stanley names its top stock picks — and its 'least favored' — in a corner of the chip market

A "recovery narrative" has been playing out in a corner of the semiconductor market this year, according to Morgan Stanley. That's the memory sector, which includes DRAM, or dynamic random access memory — a type of semiconductor memory needed for data-processing — and NAND, another type of memory that stays viable without a power source.

But, it added, "We would be conservative on the next 2-3 years peak earnings potential, as the markets remain meaningfully oversupplied, as a return to positive gross margins should lead to restart of idled capacity." SK Hynix and Samsung would be key beneficiaries of high bandwidth memory demand from the artificial intelligence trend, the bank said.

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