Morgan Stanley confirms tightening of semiconductor supply in North America, but replenishment cycle has not yet begun According to Tide Research, Morgan Stanley's July 1st semiconductor inventory tracking report showed that North American semiconductor supply chain inventory increased by only 9 days month on month in the first quarter, far below the seasonal increase of 19 days. There is a clear differentiation in the three stages: the distributor's DOI has declined by 2 to 61 days against the trend, and the revenue growth rates of WPG and Avnet have both exceeded the inventory growth rate; The DOI of chip factories increased by 2 days to 114 days, lower than the seasonal trend, but smartphones and foundries are still piling up inventory, while simulation and equipment are already reducing inventory; Customer DOI increased by 9 days, which is consistent with seasonality, but communication and ODM inventory surged, exceeding the historical median by 23 days and 21 days respectively, while automotive suppliers returned to near the median. The inventory of the entire chain is still 33 days higher than the historical median, and large-scale replenishment has not yet been initiated. Da Mo has taken the lead in completing the supply clearance of three lines: analog chips (ADI, NXP), computing power networks (NVDA, AVGO, CRDO), and storage (MAMericaNDK). The device side synchronously names MKSI, KLAC, LRCX, and ONTO.