Global Semiconductor Equipment: Turning the Tide David Dai, CFA +852 2918 5704 david.dai@bernsteinsg.com 27 May 2025 Global Semiconductor Capital Equipment Qingyuan Lin, Ph.D. +852 2123 2654 qingyuan.lin@bernsteinsg.com +852 2123 2645 mark.li@bernsteinsg.com Juho Hwang +852 2123 2632 juho.hwang@bernsteinsg.com Arpad von Nemes +1 917 344 8461 arpad.vonnemes@bernsteinsg.com Zheng Cui +852 2123 2694 zheng.cui@bernsteinsg.com We further lift our 2025 WFE to $111bn (+2% YoY) from $108bn (Flat YoY). We also raise ...