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March 3, 2019 06:00 AM GMT Global semiconductors Cloud capex semi plays bottoming out Cloud demand has fallen due to overspending since 2Q18; however, we see conditions bottoming out in 1H19, given signs of restocking of the key component. We remain OW on Intel, and we see Aspeed/Parade as the key stocks to play the inflection point and upgrade them to OW. Morgan Stanley doesand seeks to dobusiness with companies covered in Morgan Stanley Research. Asaresult, investorsshouldbeawarethatthefirm may haveaconflictof interest that could affect the objectivity of Morgan Stanley Research. Investors s