[JPMorgan Research Report Indicates Comprehensive Upward Revision in Semiconductor Equipment and Materials Demand, Industry Shifts to Dual Growth in Price and Volume]
According to TrendForce Research, JPMorgan's research report on August 17 pointed out that TSMC has raised its 2026 capital expenditure to $64 billion, Intel to $20 billion, and SK Hynix plans 40 trillion KRW. Tokyo Electron has revised its 2026 WFE (Wafer Fab Equipment) outlook to over $150 billion and 2027 to over $190 billion. Screen Holdings expects WFE growth of over 20% in 2026, reaching at least $140 billion. AXT is transitioning its InP substrate production capacity to 6 inches, receiving five-year contract requests and prepayments from customers. Samsung plans to include 60% to 70% of its capacity under LTAs (Long-Term Agreements), SK Hynix has signed 10 agreements, and SanDisk has signed 8 agreements. The report concludes that the semiconductor equipment and materials cycle is shifting from volume expansion to dual drivers of volume and price, with Japanese semiconductor and tech material companies likely to become major beneficiaries.
