Goldman Sachs Sharply Raises Global Wafer Fab Equipment Spending Forecast: Memory and Advanced Foundry as Key Drivers

Goldman Sachs' latest report sharply raises its global wafer fab equipment spending forecast for 2026-2028 to $150 billion, $218 billion, and $281 billion, respectively, with growth expectations far exceeding previous estimates. TSMC's N2 process expansion, Samsung and SK Hynix's bets on HBM4, and SpaceX and Tesla's $16.8 billion commitment to the Terafab project—multiple engines working in tandem—suggest the semiconductor capital expenditure cycle is likely to extend through 2028.