[Morgan Stanley Releases Semiconductor Capital Equipment Industry Report, Market Focuses on AI Capital Return Certainty] According to Trend Research, Morgan Stanley released a semiconductor capital equipment (SPE) industry report on September 7. Morgan Stanley noted that WFE forecasts continue to be revised upward, but investors require evidence of AI capital returns before being willing to pay for incremental growth. Morgan Stanley recommends AEIS, MKS, and ONTO, maintaining an 'Equal-weight' rating for the SPE industry. Morgan Stanley raised its 2026 DRAM WFE forecast by 47% to $53 billion. The market expects 2027 WFE to be around $230 billion, while Morgan Stanley forecasts $223 billion. Each GW of computing power corresponds to approximately $7 billion in WFE demand.