CITIC Securities projects global semiconductor manufacturers’ capex will reach $341.7 bln in 2028, up 103.3% from $168.1 bln in 2025, with the higher capex transmitting directly to equipment demand. It forecasts front‑end wafer fab equipment (WFE) at $241.4 bln in 2028, roughly +108% versus 2025, and back‑end equipment at $38.3 bln, up 136.9% from $16.16 bln in 2025. By end‑market, memory demand is expected to rise most (+150%), followed by foundry (+91.4%). After Chinese market inventory destoc

CITIC Securities projects global semiconductor manufacturers’ capex will reach $341.7 bln in 2028, up 103.3% from $168.1 bln in 2025, with the higher capex transmitting directly to equipment demand. It forecasts front‑end wafer fab equipment (WFE) at $241.4 bln in 2028, roughly +108% versus 2025, and back‑end equipment at $38.3 bln, up 136.9% from $16.16 bln in 2025. By end‑market, memory demand is expected to rise most (+150%), followed by foundry (+91.4%). After Chinese market inventory destocking in 2025–26, China is forecast to see a strong recovery in 2027.