Semiconductor equipment

Reports on this topic

Bernstein2026-11-02

Bernstein: Semiconductor valuations fall as earnings estimates rise: Why does Bernstein still see strong AI demand?

As of 30 October, the Philadelphia Semiconductor Index had fallen 27% from its June peak, while expected earnings per share for the next 12 months rose by about 40% over the same period. Bernstein believes cloud providers’ spending plans and Intel’s data center business continue to show strong AI demand, while the PC business is being held back by tight memory supplies.

J.P. Morgan2026-10-29

J.P. Morgan: Teradyne enters qualification at a third cloud giant as dual-supplier sourcing spreads in chip test equipment

Teradyne’s memory test equipment sales rose in the third quarter, while SoC test equipment sales declined sequentially. Management expects the trends to reverse in the fourth quarter; JPMorgan sees dual-supplier sourcing as a medium-term trend worth watching but sees no need for undue concern about Advantest’s SoC test equipment share at present.

Citi2026-10-29

Citi: Semiconductor earnings season diverges: Tight memory supply, slower upward revisions to equipment earnings forecasts

Citi observes that upward revisions to semiconductor earnings forecasts have narrowed from the previous quarter, with a more pronounced slowdown in equipment; tight memory supply and cloud providers’ capital spending support demand.

Goldman Sachs2026-10-26

Goldman Sachs: Japan’s semiconductor equipment sales hit a record high; Goldman Sachs sees value in HOYA and Disco

In 2026, average monthly sales of Japanese semiconductor production equipment rose 48% year on year in the period from month 7 through September, accelerating from the previous quarter. Demand for equipment is broad-based, yet shares in the sector continue to fall. Goldman Sachs believes HOYA and Disco are trading near historical valuation lows.

Citi2026-10-22

Citi: Semiconductor equipment parts shortages widen: How much downside does Citi see for the big three?

After the equipment sector pulled back approximately 10% in a week, Citi turned its attention to supply constraints: AI demand remains strong, but parts shortages could limit shipments. Combining 2028 equipment spending scenarios with historical trough valuations, the bank estimates that the big three have approximately 10% and 30% of downside remaining under its base and bearish scenarios, respectively.