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 ...