Huatai Securities Forecasts Global Chipmakers Capex to Reach $341.7B by 2028

Huatai Securities forecast that global semiconductor manufacturers capital expenditure will reach $341.7 billion in 2028, up 103.3% from $168.1 billion in 2025, according to 36Kr. The brokerage said the capex upgrade would feed through to equipment demand, projecting the global wafer fab equipment (WFE) market will hit $241.4 billion in 2028, about 108% higher than 2025. Huatai also projected the global back-end semiconductor equipment market will reach about $38.3 billion in 2028, up 136.9% from $16.16 billion in 2025. By downstream demand, it ranked growth as memory (+150%) ahead of foundry (+91.4%).