After its 2026 tech conference, Deutsche Bank reports a clear split between
management optimism and investor sentiment in semiconductors. Managements across
processors, broad semiconductors and equipment cite stable demand, expect margin
improvement and EPS upside, and say supply‑chain names are benefiting from
next‑generation architecture processors and higher memory content. Investors
have cooled since 1H and increasingly trade a "cycle peak," citing two main
risks: sustained DRAM price inflation that could damp demand, and potential new
technologies breaching the memory “wall” that would weaken current memory
strength. In WFE, investors question further capex upside, but firms say new fab
builds remain on schedule and point to strong WFE growth in 2027–28.
