Goldman Sachs has flagged three Japanese makers of semiconductor capital equipment as preferred names following Intel’s decision to raise its projected capital spending for 2026 by about $3 billion and to lift its planned outlays on wafer fabrication tools.
The brokerage's recommendations rest on the view that elevated investment from Intel will flow through to suppliers that have meaningful sales exposure to the chipmaker's advanced manufacturing programs.
Lasertec (6920.T) - Goldman Sachs selected Lasertec as its top pick within the sector. The firm noted that Lasertec has substantial sales exposure to Intel and is well positioned to benefit from Intel’s accelerated ramp of advanced process technologies, specifically 18A and 14A. Goldman retained a Buy rating on Lasertec and set a ¥70,000 price target, also keeping the stock on its APAC Conviction List.
Tokyo Electron (8035.T) - Goldman Sachs reiterated a Buy rating on Tokyo Electron, highlighting the company’s significant exposure to Intel’s equipment spending. The brokerage expects Intel’s higher wafer fab equipment budget and its investments in advanced nodes to underpin stronger demand for Tokyo Electron’s semiconductor manufacturing tools. Goldman maintained a ¥83,000 target price for Tokyo Electron.
Disco (6146.T) - Goldman Sachs pointed to Disco as another company likely to gain from Intel’s stepped-up investment, particularly in advanced packaging. The brokerage said Intel’s plans to expand EMIB-T production capacity should support demand for Disco’s back-end semiconductor processing equipment.
The report also included a separate note that a Buy rating and a ¥100,000 price target were maintained, though the available information did not specify which security that additional target applied to.
Additional lines in the material listed tickers and short movement indicators in-line: 8035-0.02% 6146+2.55% 6920+0.86%.
Goldman Sachs’ guidance centers on the direct link between Intel’s capital plans and the revenue profiles of select Japanese equipment suppliers. The bank’s actions - naming top picks, preserving Buy ratings and assigning price targets - reflect an expectation that heightened spending on wafer fabrication equipment and expanded advanced packaging capacity will lift demand for tools and processing equipment where those suppliers are exposed.
Information in the commentary is limited to the statements described above; certain elements, such as the attribution of the ¥100,000 target, were not specified within the available text.