<PAGE>
EXHIBIT 23.5
CONSENT OF MORGAN STANLEY & CO. INCORPORATED
Board of Directors
Quantum Effect Devices, Inc.
2500-5 Augustine Drive, Suite 200
Santa Clara, CA 95054
Members of the Board:
We hereby consent to the use in the Registration Statement of PMC-Sierra,
Inc. on Form S-4 and in the Joint Proxy Statement/Prospectus of PMC-Sierra,
Inc. and Quantum Effect Devices, Inc., which is part of the Registration
Statement, of our opinion dated July 11, 2000 appearing as Annex C to such
Joint Proxy Statement/Prospectus, and to the description of such opinion and to
the references to our name contained therein under the heading "Summary of the
Transaction -- Background of the Merger -- Reasons for the Merger-- Opinion of
QED's Financial Advisor". In giving the foregoing consent, we do not admit that
we come within the category of persons whose consent is required under Section
7 of the Securities Act of 1933, as amended (the "Securities Act"), or the
rules and regulations promulgated thereunder, nor do we admit that we are
experts with respect to any part of such Registration Statement within the
meaning of the term "experts" as used in the Securities Act or the rules and
regulations promulgated thereunder.
MORGAN STANLEY & CO. INCORPORATED
By: /s/ CHARLES R. CORY
Charles R. Cory Managing Director
Menlo Park, Calafornia
July 19, 2000
