Анализ Потока Инвестиций в Полупроводники 2026

The semiconductor sector attracted more institutional capital in 2025 than any other technology sub-sector. Understanding where the money is flowing - and where it is conspicuously absent - reveals the market's forward-looking view of the AI infrastructure buildout.

The AI Chip Arms Race

NVIDIA remains the consensus overweight, with every major institution holding significant positions. The more interesting signal is the growing allocation to custom silicon names. Broadcom saw a 40% increase in institutional ownership as Google TPU and Meta MTIA demand accelerated.

Memory: The Contrarian Play

While NVIDIA gets the headlines, memory stocks show some of the highest news gap scores in our analysis. Micron in particular has seen aggressive institutional accumulation despite lukewarm media sentiment. The HBM supply deficit is expected to persist through 2027, and institutions are positioning accordingly.

Оборудование: Задерживающий Индикатор

Акции оборудования для полупроводников (ASML, Applied Materials, Lam Research, KLA) обычно отстают от более широкого сектора чипов на 1-2 квартала. Текущие институциональные потоки предполагают, что фондами происходит переключение с имен GPU на производителей оборудования, ставя на карту многолетний цикл капитальных затрат.

The Taiwan Risk Premium

Geopolitical concerns have not deterred institutional buying of TSMC. Capital Group, Berkshire Hathaway, and multiple sovereign wealth funds have maintained or increased positions, suggesting that the world's largest investors view the Taiwan risk as manageable.

Key Takeaways

1. Follow the HBM money - memory suppliers are the most underappreciated link

2. Equipment names are entering a secular growth phase

3. Custom silicon (Broadcom, Marvell) is the emerging theme

4. TSMC remains essential despite geopolitical risk

5. Watch for the cascade: NVIDIA earnings move the entire sector