半导体_2026 年展望：AI 贸易进入下一阶段，晶圆厂设备持续增长，模拟芯片周期改善；评级重调-Americas Technology_ Semiconductors_ 2026 Outlook_ The next phase of the AI trade; continued momentum in WFE and cyclical improvement in Analog; Ratings re-stack

15 December 2025 | 5:05AM EST Equity Research AMERICAS TECHNOLOGY: SEMICONDUCTORS 2026 Outlook: The next phase of the AI trade; continued momentum in WFE and cyclical improvement in Analog; Ratings re-stack We see AI spending among hyperscalers continuing to move higher, driving tailwinds for Digital, Memory, Storage, and SPE stocks in 2026. We also see a gradual industrial & automotive recovery driving cyclical tailwinds in Analog. (1) AI infrastructure builds should continue to drive higher CapEx levels a ...