According to Jin10, CITIC Securities said the allocation value of U.S. semiconductor equipment stocks has become more prominent after the July 2026 pullback. The firm expects the AI-driven equipment upcycle to last at least through 2028, and said the market still has some gap in expectations for downstream major customers' capital spending in 2027-2028. On the supply side, semiconductor equipment makers and their upstream suppliers are actively expanding capacity to match orders, and the firm said equipment deliveries are likely to be secured. It recommended focusing on semiconductor equipment makers with rising share in niche segments, greater exposure to memory, or unique investment logic.