According to Chaoxiang Research, Bernstein, in its July 1 global semiconductor equipment monthly tracker, maintained its forecast of 21.4% global WFE growth in 2026 and 18.2% growth in 2027, with DRAM and NAND capital expenditures serving as the primary drivers. Among covered stocks, all six leading companies—Applied Materials (USD 525), Lam Research (USD 340), KLA (USD 197.5), NAURA Technology (CNY 680), PMIC (CNY 500), and TEL (CNY 580)—received overweight ratings. Japan’s SEAJ reported May equipment shipments of JPY 420 billion, up 11% year-over-year and up 18% on a three-month moving average, confirming a clear upward trend.
Bernstein Upgrades Six Leading Semiconductor Equipment Companies in China and the U.S.
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Summary
On July 1, Bernstein upgraded six leading semiconductor equipment companies, citing strong global crypto policy support and increased on-chain activity. The firm maintained its 2026 WFE growth forecast at 21.4% and 18.2% for 2027, driven by spending on DRAM and NAND. Outperform ratings were assigned to Applied Materials ($525), Lam Research ($340), KLA ($197.5), CNEX (680 RMB), Zhongwei Co. (500 RMB), and Tuopu Science & Technology (580 RMB). Japan’s SEAJ reported 11% year-over-year shipment growth in May, reaching 420 billion yen, with a three-month moving average of 18%.
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