Huatai Securities said South Korea's $1.3 trillion semiconductor strategy equals
roughly 7.8x TSMC's $165 billion Arizona investment and could materially alter
global industry competition and supply-demand dynamics. Under strong AI-driven
demand, expansion of advanced nodes, HBM and advanced packaging capacity should
sustain incremental equipment demand; semiconductor equipment vendors may
receive long-term structural tailwinds from this decade-spanning investment
cycle. Relevant overseas beneficiaries include leaders in lithography,
deposition and etch, and coat/develop equipment, plus firms with high memory
revenue exposure. Chinese beneficiaries noted include cleaning-equipment and
thermal-processing suppliers with operations in South Korea.
