As a reminder, at the end of 2024 nearly the entire semicap complex guided to a decline in China fab spending in 2025, with expectations of a return to normalized historical levels.
Instead, 2025 spending has come in slightly higher vs. 2024, and $Avino Silver & Gold Mines(ASM.US) just highlighted stronger-than-expected China demand in its Q4 '25 bookings.If 2026 ends up being driven simultaneously by advanced logic demand, memory expansions, and sustained China spend, it would mark an unprecedented year for semicap within this supercycle.$Avino Silver & Gold Mines(ASM.US)L $Lam Research(LRCX.US) $Applied Materials(AMAT.US) $Tokyo Electron(TOELY.US)Source: Chips & Wafers
