Goldman Sachs has substantially raised its forecast for global wafer fab equipment (WFE) spending from 2026 to 2028, projecting the market size to reach USD 150 billion, USD 218 billion, and USD 281 billion respectively over these three years, with year-on-year growth rates revised upward from the previous 32%, 32%, and 12% to 36%, 45%, and 29%. This adjustment is based on semiconductor companies' capital expenditures in the second quarter exceeding expectations, as well as equipment suppliers' optimism about future prospects. Goldman Sachs maintains a bullish stance on the semiconductor equipment sector, believing that the industry boom will continue until 2028. Within the sub-sectors, the foundry segment has seen its WFE forecast raised to USD 58 billion, USD 84 billion, and USD 109 billion due to TSMC's expansion of its N2 process, with significantly higher growth rates. The DRAM segment has seen its WFE forecast raised to USD 48 billion, USD 72 billion, and USD 97 billion due to the migration to HBM4 and capacity expansion, with supply expected to remain tight until 2028. The NAND segment has seen relatively modest adjustments, remaining flat in 2026, revised downward in 2027, and revised upward in 2028, with a focus on upgrades and renovations in the near term and supply remaining tight until 2027. The logic and other segments have seen their WFE forecast raised to USD 34 billion, USD 47 billion, and USD 53 billion due to Intel's recovery, a rebound in the trailing-edge process and analog chip markets, as well as investments in SpaceX and Tesla's Terafab projects, with significant upward adjustments in the medium to long term.