Morgan Stanley sees $INTC becoming the clear #2 in logic wafer fab equipment spending by 2027 — trailing only $TSM.
Intel's capex trajectory: modest in 2025, ramping through 2026, then a sharp jump in 2027–2028 that puts them well ahead of Samsung, Rapidus, and everyone else.
Overall logic WFE keeps climbing into 2027 driven by TSMC's 2nm ramp and Intel's capacity buildout.
The foundry story is finally showing traction: yields improving, 18A-P in risk production, capacity expanding, customer interest picking up.
Sustained capital intensity and a more credible foundry recovery path taking shape.
Intel's capex trajectory: modest in 2025, ramping through 2026, then a sharp jump in 2027–2028 that puts them well ahead of Samsung, Rapidus, and everyone else.
Overall logic WFE keeps climbing into 2027 driven by TSMC's 2nm ramp and Intel's capacity buildout.
The foundry story is finally showing traction: yields improving, 18A-P in risk production, capacity expanding, customer interest picking up.
Sustained capital intensity and a more credible foundry recovery path taking shape.