美银BofA2026年美国半导体行业展望AI仍是核心主线芯片市场波动前行但前景乐观-251216英文版60页.pdfVIP

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USSemiconductors

2026YearAhead:AIstilltheplacetobe,

expectchoppystillcheerfulyearforchips

PriceObjectiveChange

Top6for’26:NVDA,AVGO,LRCX,KLAC,ADI,CDNS16December2025

Wesee2026asmid-pointofan8-10yearjourneyofupgradingtraditionalITinfraforEquity

acceleratedandAIworkloads.GreaterscrutinyofAIreturnsandhyperscalercashflowsUnitedStates

couldkeepstockschoppy,offsetbynewer/fasterLLMbuildersandAIfactoriesservingSemiconductors

enterpriseandsovereigncustomers.Weforecast2026tofeatureanother~30%growthVivekArya

towardsthefirst$1tnforsemiconductorsales,supportedbynearlydouble-digitYoYResearchAnalyst

BofAS

waferfabequipment(WFE)salesgrowth.Ourtop6large-cappicksfocusonqualityandvivek.arya@

sectorleadershipandincludeNVDA,AVGO,LRCX,KLAC,ADIandCDNS.AmongDuksanJang

SMidcapswelikeCRDO,MKSI,MTSI,TERandAEIS.WeupdatePOsforourcoverage.ResearchAnalyst

BofAS

AI:racestillinearly/midstages,focusonsectorleadersduksan.jang@

MichaelMani

Mid-agebluesinAIinvestments,butweforecastanotheryearofsolid50%+YoYgrowthResearchAnalyst

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