“In 2025, WFE came in close to $110 billion. Our initial 2026 view is for WFE to be in the $135 billion range, with the growth in spending remaining constrained by a shortage of available clean room space.”

Lam raised this initial view to $140 billion with an upward bias in April 2026; actual calendar-2026 WFE will be known in early 2027.