Global Semiconductor Equipment_ NAND capex recovery_

24 February 2025 Qingyuan Lin, Ph.D. +852 2918 5759 qingyuan.lin@bernsteinsg.com Arpad von Nemes +1 212 969 1518 arpad.vonnemes@bernsteinsg.com Zheng Cui +852 2123 2694 zheng.cui@bernsteinsg.com We lift our 2025 WFE to $108bn (flat YoY) from$ 107bn, and lower 2026 WFE to $115bn (+8% YoY) from$ 116bn. 2024 final WFE number fell close to our previous forecast at $108bn (+10% YoY), reflecting strong China spending. Our 2025 WFE forecast is lifted by$ 1bn, to reflect strong foundry spending as well as some bett ...