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 processor architectures and higher memory content. Investors have cooled since 1H and increasingly trade a "cycle peak," citing two main risks: sustained DRAM price inflat

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 processor architectures 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.