Global I/O Semiconductors "Pricing Leverage Still Underappreciated in..."

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Global I/O Semiconductors "Pricing Leverage Still Underappreciated in..."

Global Research

14 July 2026ab

Global I/O Semiconductors Equities

GlobalPricing Leverage Still Underappreciated in

Semicaps; Raise PTs Semiconductors

Timothy Arcuri

Analyst

timothy.arcuri@ubs.com

Pricing is the next lever to pull... +1-415-352 5676

In addition to being early in suggesting ~$250B WFE for C2028E and potentially $300B Nicolas Gaudois

+ by C2029E, we are now seeing much clearer evidence that equipment companies are Analyst

raising pricing to drive margins higher. Historically, margins have been fairly consistent nicolas.gaudois@ubs.com

over time, with virtually no growth in average tool ASPs (ex-litho) over the past 5yrs +65-6495 5148

(Figure 1IndustryrealtolASPs(ex-litho)onadownwardtrajectoryoverthepast5-years-Figure 2KLACASPgrowthoutpacedpers,butexpectLRCX/AMATatanadvantagethisupcycle). As a result, SPE gross margins are now well behind foundries and Francois-Xavier Bouvignies

memory/storage suppliers. Our conversations suggest that a cumulative price increase of Analyst

~5% through C2028E is a reasonable base case (potential upside to ~10%) with smaller francois.bouvignies@ubs.com

and less strategic customers bearing larger price increases and larger, more strategic +44-20-7568 7105

customers seeing less price increase. As a result, we are increasing margin assumptions Kenji Yasui

for AMAT/LRCX/KLAC, but even in a base case, price increases could also add ~$10-15B Analyst

to WFE by C2028E (UBSe WFE $247.5B; Figure 3HigherindustryASPscouldad~$25-50BtoWFEbyC2028E,welabovecurentWFEests(UBSe$247.5B)) and would make it much easier to kenji.yasui@ubs.com

argue for a $300B+ number in C2029E. We now assume gross margin for AMAT/LRCX +81-3-5208 6211