Goldman Sachs raises semiconductor equipment cycle forecast, expecting global wafer fab equipment spending to grow until 2028

Goldman Sachs has raised its semiconductor equipment cycle forecast, expecting global WFE spending to continue expanding from 2026 to 2028. Goldman Sachs expects global wafer fab equipment spending to reach $150 billion in 2026, $218 billion in 2027, and $281 billion in 2028, with year-on-year growth rates of 36%, 45%, and 29%, respectively. The expansion of DRAM, HBM, and advanced process manufacturing is driving expenditure growth, and the tight supply of DRAM is expected to continue until 2028, while storage manufacturers' capital expenditures remain high.