Goldman Sachs: Japanese AI Semiconductor Stocks Create Buying Opportunities, Intel Raises Capital Expenditure

Goldman Sachs' Japan strategy report points out that the recent sharp sell-off of Japanese AI-related stocks has created buying opportunities, with strong earnings prospects likely to revive investor interest in semiconductor stocks. Intel has raised its capital expenditure outlook for 2026 by about $3 billion and stated that it will significantly increase spending on wafer fabrication equipment. Goldman Sachs believes that Intel's accelerated ramp-up of advanced process technologies (including the 18A and 14A nodes) and investments in advanced packaging will directly drive orders from Japanese equipment suppliers that are highly correlated with these developments, and the industry's trading logic has not been disrupted by short-term adjustments. Goldman Sachs has listed three Japanese semiconductor manufacturing equipment companies as priority recommendations. Lasertec is identified as the industry favorite, maintaining a buy rating with a target price of 70,000 yen, and remains on the high-confidence recommendation list for the Asia-Pacific region, benefiting directly from Intel's sales exposure and the advancement of process technologies. Tokyo Electron maintains a buy rating with a target price of 83,000 yen (currently about 62,800 yen), as Intel's increased budget for wafer fab equipment will support its manufacturing tool demand. Disco is expected to benefit from Intel's expansion of the EMIB-T advanced packaging capacity plan, with backend processing equipment demand likely to receive structural boosts.

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