4 May 2026 | 5:07AM EDT Equity Research GLOBAL TECHNOLOGY: SEMICONDUCTOR CAPITAL EQUIPMENT Can Semi Cap stocks still work from here? Mapping bull/bear WFE scenarios to valuation & raising WFE estimates The semiconductor capital equipment stocks have outperformed the broader semiconductor sector on a relative basis YTD (our semi cap coverage +68% vs. SOXX +43%) and have rapidly re-rated over the past week as the market has absorbed geopolitical overhangs, leading to investor concerns around stretched valuati ...