Goldman Sachs: Cloud Vendors capex Raised to $220 Billion, ASML and Other Semiconductor Equipment Manufacturers Directly Benefit

TechFlow reports, according to TechFlow Research, Goldman Sachs pointed out in its July 31 research report that the capital expenditures of the four major cloud providers were continuously raised in Q2. Amazon raised its 2026 cash capex guidance from $200 billion to $220 billion, Google raised it to $195-205 billion, and Meta narrowed its range to $130-145 billion. TSMC revised its revenue guidance up to growth of over 40%, and capital expenditure was raised to $60-64 billion. Lam Research raised its 2026 WFE estimate to the $150 billion range, KLA also raised it to over $150 billion, and believes $190 billion is a reasonable level for 2027.

Goldman Sachs believes that the AI capital expenditure transmission chain is strengthening progressively, from cloud providers to foundries to equipment vendors, with every link confirming demand. ASML benefits from EUV and advanced DUV demand, ASMI benefits from ALD and epitaxy demand, BESI benefits from the proliferation of custom chips and advanced packaging investment, Nebius benefits from the expanding compute gap, and Technoprobe benefits from increased test intensity. Goldman Sachs judges that the market may have underestimated the sustainability and breadth of the benefits for the upstream equipment segment.