A c t i o n | 06 Jan 2025 05:00:00 ET │ 34 pages US Semiconductor Equipment 2025 Playbook: Risk-Reward Looks Attractive; U/G NVMI/VECO/MKSI/AEIS/FORM to Buy CITI'S TAKE After a sharp 30%+ correction in 2H24, we believe the group is largely discounting a down (Citi -5%) 2025 WFE year driven by lower domestic China + weak consumer memory demand offset partially by continued AI spend tailwinds. We expect key stock performance indicators like estimate revisions and memory pricing momentum to trough in 1H25. Ris ...