Semiconductor materials: GlobalWafers announces 10-year supply agreement with Micron

研报英文原文证据摘录

Semiconductor materials: GlobalWafers announces 10-year supply agreement with Micron

Global Markets Research

Semiconductor materials: GlobalWafers 10 July 2026announces 10-year supply agreement with Micron

EQUITY: JAPAN CHEMICALS & TEXTILES

Research Analysts

Wafers to be supplied under longer agreement than in the past

Japan chemicals & textiles

Daiki Ban - NSC

daiki.ban@nomura.comQuick Note +81 3 6703 1124

Shigeki Okazaki - NSCFirst impression positive: Strong demand for stable wafer supply; financial support

from customer being provided as well shigeki.okazaki@nomura.com

+81 3 6703 1170On 9 July, GlobalWafers announced that it was deepening its strategic collaboration with

Micron and that the two companies were planning to sign a 10-year long-term agreement.

Details such as pricing under the agreement are unclear, but we would note that while

long-term wafer supply agreements have to date typically been for five years, the length of

this agreement is 10 years. On the same day, Micron announced that it would provide

GlobalWafers with $500mn in strategic financing support. We note that GlobalWafer has

been expanding its wafer production capacity in the US in stages and has been planning

to invest an additional $4bn.

We think demand for more stable wafer supply over the longer term is increasing as

Micron and other semiconductor producers increase their production capacity. We think

wafers have entered a new growth cycle thanks to increased AI demand (for reference,

see our 8 May 2026 report Semiconductormaterials:Havewafersenteredanewgrowth

cycle). For wafer manufacturers, the business environment appears to be shifting in such

a way that they are able to enter into long-term agreements under favorable terms. We