Semiconductor and SPE Sector Raising Our 2026 27 WFE Market Forecasts

J.P. Morgan has upgraded its 2026–2027 global Wafer Fab Equipment (WFE) market growth forecasts, driven by massive AI-related infrastructure spending from cloud providers and capacity expansion by TSMC and DRAM manufacturers.

Key Takeaways

• 1.J.P. Morgan raised their wafer fab equipment (WFE) market growth forecasts to 28% YoY for CY2026 (from 21%) and 29% for CY2027 (from 18%).
• 2.AI-driven demand is accelerating capital expenditure from major cloud service providers, with top US firms increasing spending significantly in 2026 and 2027.
• 3.Foundry and memory chip segments, specifically TSMC and DRAM, are the primary drivers for these upward forecast revisions.

Table of Contents

• Semiconductor/SPE sector
• Contributing Authors
• Top picks of JPM tech team analysts within SPE
• Sector data
• Companies Discussed in This Report
• Analyst Certification
• Important Disclosures
• Explanation of Equity Research Ratings, Designations and Analyst(s) Coverage Universe
• Other Disclosures

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