2025-03-11
4 分钟Welcome to Thoughts on the Market.
I'm Eric Woodring, Morgan Stanley's head of USIT hardware research.
Here are some reflections I recorded last week at Morgan Stanley's Technology,
Media and Telecom Conference in San Francisco.
It's Monday, March 10th at 9 a.m. in New York.
This was another record year of attendance at our TMT conference,
and what is clear from speaking to investors is that the demand for new,
under-discovered, or under-appreciated ideas is higher than ever.
In a stock picker's market, like the one we have now, investors are really digging into themes and single-name ideas.
Big picture, uncertainty was a key theme this week.
Whether it's tariffs and the changing geopolitical landscape, market volatility,
or government spending, the level of relative uncertainty is elevated.
That said, we are not hearing about a material change in demand for PCs, smartphones, and other technology hardware.
On the enterprise side of my coverage,
we are emerging from one of the most prolonged down cycles in the last 10-plus years,
and what we heard from several enterprise hardware vendors this week is an expectation
that most enterprise hardware markets,
PCs, servers, and storage return to growth this year given pent-up refresh demand.
This, despite the challenges of navigating the tariff situation,
which is resulting in most companies raising prices to mitigate higher input costs.