CITI'S TAKE We preview big three (TSMC, Samsung, and Intel) capex updates ahead of 4Q earnings. Big three are ~59% of our $115Bn (+10% Y/Y) global 2026 WFE spend model, which assumes +30% NAND, +12% DRAM, and +6% F/L. We maintain our view that the equipment group is in Phase 2 upcycle and believe 2026 WFE is tracking more towards our bull case of $126B. We expect TSMC to guide 2026 capex in the range of $46Bn-$48Bn and lift through the year (expectations based on our investor conversations at $50Bn), Intel ...