Core Viewpoint - Citigroup's recent report highlights that semiconductor equipment manufacturers, particularly ASML, Lam Research, and Applied Materials, are poised to benefit significantly from the rapid expansion of AI chip and storage chip capacities amid a global AI infrastructure build-out and a "supercycle" in storage chips [2] Group 1: Semiconductor Equipment Market Outlook - The global semiconductor equipment sector is expected to enter a "Phase 2 bull market," with a new bullish trajectory anticipated following a super bull market in 2024-2025 [2] - Citigroup forecasts the global wafer fab equipment (WFE) market to reach approximately $115 billion in 2026, representing a year-on-year growth of 10%, significantly above the average growth rate of the past decade [7] - The three major chip manufacturers—TSMC, Samsung, and Intel—are projected to account for about 59% of the WFE market, with TSMC's capital expenditure (capex) guidance for 2026 expected to be between $46 billion and $48 billion [7] Group 2: Capital Expenditure Trends - Micron Technology has raised its capital expenditure for the fiscal year 2026 from $18 billion to $20 billion, indicating a substantial year-on-year increase of 45%, which may prompt competitors like Samsung and SK Hynix to follow suit [4] - The anticipated strong demand for AI chips and storage solutions is expected to lead to significant increases in capital expenditures from major manufacturers, with TSMC, Samsung, and Intel likely to revise their capex guidance upwards in upcoming earnings reports [2][4] Group 3: AI Infrastructure and Demand - The launch of Google's Gemini3 AI application has led to a surge in AI computing demand, further validating the notion that the AI infrastructure build-out is still in its early stages of supply-demand imbalance [5] - The ongoing construction of large-scale AI data centers by tech giants like Microsoft, Google, and Meta is driving the expansion of advanced process AI chips and storage capacities, reinforcing the long-term bullish outlook for the semiconductor equipment sector [5] Group 4: Semiconductor Market Growth Projections - The global semiconductor market is projected to grow by 22.5% in 2025, reaching a total value of $772.2 billion, with further expansion expected in 2026 to approximately $975.5 billion, marking a year-on-year increase of 26% [9] - The growth is primarily driven by strong demand in the AI GPU-dominated logic chip sector and the HBM storage systems, with both areas expected to achieve robust double-digit growth [12] Group 5: Equipment Demand Surge - The "Phase 2 upcycle" indicates a shift in valuation from "valuation bottom recovery" to "sustained profit upgrades," suggesting that leading semiconductor equipment companies may experience greater profit elasticity than revenue elasticity [13] - The demand for advanced semiconductor manufacturing equipment, particularly in lithography, etching, deposition, and advanced packaging, is expected to surge due to the AI infrastructure and storage supercycle [13][14]

智通财经APP获悉，华尔街金融巨头花旗集团近日发布研报称，在全球范围AI算力基础设施建设浪潮如火如荼以及"存储芯 片超级周期"宏观背景之下，半导体设备厂商们——尤其是阿斯麦(ASML.US)、泛林集团(LRCX.US)以及应用材料 (AMAT.US)这三大半导体设备巨头们，将是AI芯片(AI GPU/AI ASIC)与DRAM/NAND存储芯片产能急剧扩张之势的最大规 模受益者。花旗在这份研报中预测，全球半导体设备板块将迎来"Phase 2 牛市上行周期"，也就是说继2024-25年的超级牛市 之后有望迎来新一轮牛市轨迹。 随着微软、谷歌以及Meta等科技巨头们主导的全球超大规模AI数据中心建设进程愈发火热，全方位驱动芯片制造巨头们 3nm及以下先进制程AI芯片扩产与CoWoS/3D先进封装产能、DRAM/NAND存储芯片产能扩张大举加速，半导体设备板块 的长期牛市逻辑可谓越来越坚挺。 在华尔街巨头摩根士丹利、花旗、Loop Capital以及Wedbush看来，以AI算力硬件为核心的全球人工智能基础设施投资浪潮 远远未完结，现在仅仅处于开端，在前所未有的"AI推理端算力需求风暴"推动之下，持续至2030年的 ...

总部位于荷兰的光刻机巨头阿斯麦(ASML Holding NV)所推出的EUV光刻机器，可以说是自2023年以来的史无前例全球AI热潮之下，台积 电、三星电子等最大规模芯片制造商们打造出为ChatGPT、Claude等全球最前沿AI应用提供最核心驱动力的AI芯片的必备半导体设备，同 时也是在当前这轮可能持续到2027年"存储超级周期"宏观背景之下，SK海力士与美光科技等存储巨头们打造HBM存储系统、数据中心企 业级SSD/DDR等核心存储设备所必需具备的机器系统。 在全球AI热潮催化之下，AI基础设施军备竞赛仍然如火如荼，该公司管理层对于稀土管制影响以及2026年至2030年的业绩增长预期呈现 乐观立场。最新业绩显示，阿斯麦第三季度订单累计54亿欧元，高于市场普遍预期的49亿欧元，其中极紫外光刻机(即EUV)的订单量创下 近七个季度以来的最高水平;阿斯麦首席执行官(CEO)富凯(Christophe Fouquet)在业绩声明中重申，在AI热潮助力之下，该公司到2030年的 年度净销售额将从去年的283亿欧元大幅增至600亿欧元的长期业绩增长目标。 有着"人类科技巅峰"称号的阿斯麦最新强劲业绩以及对于未来的乐 ...