This account comes from TechNode Global's analyst-roundup report, so the bank and brokerage forecasts remain source-attributed market views rather than independently verified company guidance.

Maybank Keeps AI And Data Centre Demand As Malaysia's Growth Driver

Maybank Investment Bank said in a recent report that AI and data centre demand is central to Malaysia's technology-sector outlook for the second half of 2026.

Maybank cited continuing hyperscaler capital expenditure and said companies with direct exposure to AI and data centre work should be better placed than segments with weaker exposure.

Maybank's outlook also reached beyond server demand.

The bank named photonics, optical transceivers, advanced cooling, test and inspection systems and advanced packaging as additional growth areas.

Its note described advanced packaging as a capability upgrade for the local sector, but it still made the benefit conditional on companies executing successfully rather than on a completed industry-wide shift.

The bank also kept a positive view on software because Malaysia's software companies have a more domestic and regional operating footprint.

Maybank said broad digitalisation trends and sustained demand should support software in the second half, even as global technology supply chains face geopolitical pressure.

Kenanga Projects Semiconductor Sales Above $1.5 Trillion In 2026

Kenanga Research said AI infrastructure, HBM and advanced computing are driving the next phase of the semiconductor cycle.

For 2026, the firm projected global semiconductor market sales above $1.5 trillion; for 2027, it said sales are expected to move towards $1.9 trillion.

Kenanga separated the present cycle from earlier recoveries led by PCs, smartphones and consumer electronics.

The firm said higher semiconductor content is shifting value towards leading-edge logic, memory and advanced packaging.

It also said Malaysia can take part through its established semiconductor ecosystem, while adding that the country's exposure to higher-value advanced-packaging technologies remains relatively limited at this stage.

Kenanga's caveat leaves the Malaysia AI semiconductor outlook partly dependent on whether local suppliers can move from traditional assembly and testing work into more valuable design, packaging and wafer-related activity.

Kenanga did not identify named Malaysian companies that already have large-scale exposure to those higher-value advanced-packaging segments.

MBSB And TA Keep Smartphone And Memory Risks In View

MBSB Research kept a neutral view on Malaysia's technology sector even as it said semiconductor fundamentals are becoming more favourable because of AI.

The firm said AI-led revenue is not yet the largest part of total revenue, although it expects that share to become bigger over time.

TA Securities also expected semiconductor momentum to continue, but it kept traditional device markets in the risk column.

TA cited International Data Corporation for a 2026 forecast in which global PC shipments fall 11.3 percent year on year.

For smartphones, TA cited a 13.9 percent year-on-year decline to approximately 1.1 billion units, describing that as the steepest annual contraction on record.

TA said higher memory costs are expected to lift device prices, which could weigh on consumer demand.

MBSB also pointed to memory shortages and geopolitical tension in the smartphone market.

The firm said Apple, Samsung and Huawei are better positioned than peers.

National Semiconductor Strategy Draws MYR 59.9 Billion

Between January 2024 and September 2025, TA said Malaysia's National Semiconductor Strategy attracted MYR 59.9 billion ($14.69 billion) in semiconductor-related investments.

TA attributed the figures to Deputy Investment, Trade and Industry Minister Sim Tze Tzin.

The investment split was uneven.

TA cited MYR 56.8 billion ($12.93 billion) as foreign direct investment and MYR 3.1 billion ($760 million) as domestic direct investment.

The research house said the strategy is intended to strengthen high-value technology segments, skilled talent and the commercialisation of locally developed intellectual property.

The strategy also aims to move Malaysia further beyond traditional back-end semiconductor activity.

TA said the government wants greater participation in front-end segments such as integrated circuit design and wafer fabrication.

It cited Malaysia's collaboration with Arm Holdings, under which three local companies received Arm design tokens to accelerate IC design capability.

Budget 2026 Allocates Nearly MYR 2 Billion For Semiconductor Development

TA also cited a government allocation of nearly MYR 2 billion ($490 million) under Budget 2026 for semiconductor-related development initiatives.

The research house said the funding is meant to support implementation of the National Semiconductor Strategy and give local companies more opportunity to participate in higher value-added activity.

The disclosed figures show public-policy support, investment inflows and AI-linked demand moving in the same direction.

The constraints are also clear in the research-house notes: Malaysia has established semiconductor capacity, but advanced packaging, IC design and wafer fabrication still require execution proof.

Maybank, Kenanga, MBSB and TA did not name company-level AI revenue, signed customer orders, utilisation targets for advanced packaging, or a timetable for Malaysia to move from back-end activity into larger-scale front-end chip production.