Goldman Sachs’ view: Demand for generative AI in China, semiconductor localization, and SMIC’s continued capacity expansion will jointly drive growth in 2H26, while supporting demand for both advanced processes and mature processes such as analog and power chips. Conditions: Orders for AI chips and related mature-process products may slow, localization progress may fall short of expectations, or capacity expansion may fail to translate into revenue growth.
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Goldman Sachs’ view: Demand for generative AI in China, semiconductor localization, and SMIC’s continued capacity expansion will jointly drive growth in 2H26, while supporting demand for both advanced processes and mature processes such as analog and power chips. Conditions: Orders for AI chips and related mature-process products may slow, localization progress may fall short of expectations, or capacity expansion may fail to translate into revenue growth.