According to CoinMeta, Goldman Sachs has raised its expectations for the semiconductor equipment cycle, anticipating that global wafer factory equipment spending will continue to expand from 2026 to 2028. Goldman Sachs expects global wafer factory equipment spending to reach $150 billion in 2026, rise to $218 billion in 2027, and increase to $281 billion in 2028, with year-on-year growth rates of 36%, 45%, and 29%, respectively. DRAM, HBM, and the expansion of advanced process foundry production are driving the growth in spending. DRAM The tight supply is expected to continue until 2028, and memory manufacturers' capital expenditures will remain high.