We attended the SEMICON West Conference in San Francisco, California on October 13-14 and met with Applied Materials, Lam Research, Teradyne, Camtek, Onto Innovation, MKS Instruments, and a variety of other companies across the industry. Overall, we came away from the event with an incrementally positive view on WFE growth for 2027 and 2028 - consistent with our recent WFE outlook. We highlight key industry takeaways, along with company-specific takeaways below: WFE trends: Although companies avoided giving ...

J P M O R G A N North America Equity Research 12 October 2026 Semiconductors/Semi Cap Equipment 3Q26 Sector Preview: Constructive Setup Intact as Supply Constraints, AI Momentum, and Cyclical Recovery Support Further Revisions / Continued Equity Outperformance See page 26 for analyst certification and important disclosures. We are entering the 3Q26 earnings season with a constructive, yet selective, stance on the semis / semicap equipment sector. Fundamentals in our sector have continued to improve over the ...

19 October 2026 Global Semiconductors and Semiconductor Capital Equipment Global Semis and Semicap: Notes from the road - Takeaways from meetings at SEMICON West Stacy A. Rasgon, Ph.D. +1 213 559 5917 stacy.rasgon@bernsteinsg.com Aleksander Peterc +33 1 57 29 45 25 aleksander.peterc@bernsteinsg.com Alrick Shaw +1 917 344 8454 alrick.shaw@bernsteinsg.com Arpad von Nemes +1 917 344 8461 arpad.vonnemes@bernsteinsg.com Eva Zhang +1 212 845 7839 eva.zhang@bernsteinsg.com Last week at SEMICON West in San Francisc ...

mohd izzuan/iStock via Getty Images Market Review and Outlook During the third quarter, equity markets largely consolidated their strong second-quarter gains amidst broad cross-currents. A noticeable market rotation away from the AI complex toward the broader market left our primary benchmark, the Russell 1000 Growth Index, largely range-bound. Performance across major indices reflected this “tug-of-war” between unyielding corporate earnings and macroeconomic friction. For the quarter, the tech-heavy Na ...