Goldman Sachs Taps 3 Japanese Chip-Equipment Stocks to Benefit From Intel Capex Hike

Goldman Sachs has identified three Japanese semiconductor equipment manufacturers as prime beneficiaries of Intel's increased capital spending plans for 2026. The investment bank's analysis follows an announcement from the U.S. chipmaker that it would raise its 2026 capital expenditure (capex) outlook by approximately $3 billion, with a focus on wafer fabrication equipment.

Intel's Investment a Catalyst for Suppliers

According to a research note from Goldman Sachs, Intel's decision to boost its spending signals a significant opportunity for key suppliers in its manufacturing ecosystem. The bank expects the elevated investment in advanced chip production to directly benefit Japanese equipment makers that have significant business ties to Intel's most advanced manufacturing initiatives.

Goldman's Top Sector Picks

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Goldman Sachs maintained a 'Buy' rating on all three companies, highlighting specific areas where each is poised to gain from Intel's expansion. The firm's top selections include:

• Lasertec (6920.T): Named the top pick in the sector and placed on Goldman's "APAC Conviction List." The bank noted Lasertec's high sales exposure to Intel and its role in the accelerated ramp-up of advanced process technologies, including 18A and 14A. The price target was maintained at ¥70,000.
• Tokyo Electron (8035.T): The firm reiterated its 'Buy' rating due to the company's significant exposure to Intel's overall equipment budget. Goldman anticipates that Intel's investments in advanced-node manufacturing will drive stronger demand for Tokyo Electron's tools. The price target remains ¥83,000.
• Disco (6146.T): Highlighted as a key beneficiary of Intel's focus on advanced packaging. Goldman stated that Intel's plans to expand production capacity for its EMIB-T technology should increase demand for Disco's back-end semiconductor processing equipment. The price target was held at ¥100,000.