Bernstein Bullish on Six China and US Semiconductor Equipment Leaders, All Rated Outperform

According to TechFlow Research, Bernstein released the Global Semiconductor Equipment Monthly Tracker on July 1, maintaining the forecast for global WFE growth of 21.4% in 2026 and 18.2% in 2027, with DRAM and NAND capital expenditure as the core drivers. In terms of coverage ratings, Applied Materials (US) ($525), Lam Research ($340), KLA ($197.5), Naura Technology (China) (680 yuan), AMEC (500 yuan), and Piotech (580 yuan) all received an Outperform rating. Japan SEAJ May equipment shipment value was 420 billion yen, up 11% year-on-year, with a three-month moving average increase of 18%, indicating a clear trend.