Semiconductor/SPE sector Raising our 2026-27 WFE market forecasts

研报英文原文证据摘录

Semiconductor/SPE sector Raising our 2026-27 WFE market forecasts

J P M O R G A N Asia Pacific Equity Research

17 June 2026

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Semiconductor/SPE sector

Raising our 2026–27 WFE market forecasts

We raise our wafer fab equipment (WFE) market growth forecasts for CY2026 Japan Equity Research

from 21% to 28% YoY and for CY2027 from 18% to 29%. We newly estimate a

Technology - Semiconductor/

16% YoY increase in CY2028. Driven by rising and broadening AI-related Technical Materials

demand, cloud services providers (CSPs) are further accelerating their AC Mio Shikanai

investments. We expect total investment by the top four US CSPs to increase 80%

(81-3) 6736 1313

YoY in 2026 and 50% in 2027 (see a report by Samik Chatterjee et al.). Although mio.shikanai@jpmorgan.com

demand is strong, chipmakers’ shortage of cleanrooms had been a concern to some JPMorgan Securities Japan Co., Ltd.

extent for CY2026, but the outlook is improving owing to such factors as creative Harlan Sur

use of factory space. From 2027 onward, we expect demand to increase as (1-415) 315-6700

cleanroom expansions get underway in earnest. harlan.sur@jpmorgan.com

J.P. Morgan Securities LLC

• Raising our 2026–27 WFE market forecasts:The global WFE market Junya Ayada

remained strong in CY2025, growing 11% YoY, although China, which (81-3) 6736 8631

accounts for 35-40% of the total WFE market, saw a slight YoY decline, junya.ayada@jpmorgan.com

reflecting a pullback from the previous year.