Leroy Groffier(@LeroyGroffier):SPE ESTIMATES RAISED AT MS: Raising 26/27 DRAM WFE spending by about 10% each, while not tweaking NAND much at all. Outcome favors AMAT, but maintaining pref for LRCX. Given that the YoY deltas will be much higher for Chinese names CXMT (DRAM) and YMTC (NAND), Chinese local SPEs (benefiting from captive clients) are clearly leveraged to theme, with AMEC 688012 best positioned.

2026.06.22 12:59

SPE ESTIMATES RAISED AT MS: Raising 26/27 DRAM WFE spending by about 10% each, while not tweaking NAND much at all. Outcome favors AMAT, but maintaining pref for LRCX. Given that the YoY deltas will be much higher for Chinese names CXMT (DRAM) and YMTC (NAND), Chinese local SPEs (benefiting from captive clients) are clearly leveraged to theme, with AMEC 688012 best positioned.