Bank of America raised its semiconductor total addressable market forecast to $3.2 trillion by 2030 from $2.7 trillion, which had already been increased from an earlier $2 trillion projection. The industry took about 50 years to reach $1 trillion in annual sales, while BofA expects the market to nearly double from its current approximately $1.7 trillion level in roughly four years. The bank increased its compound annual growth rate forecast for 2026 through 2030 to 18% from 14% and lifted its 2026 wafer fabrication equipment spending forecast to $156 billion from $144 billion. That spending is projected to approach $360 billion by the end of the decade. Memory chips and data-center components are the main drivers of the revision, reflecting demand from AI infrastructure. BofA said ongoing customer orders and capacity commitments from data-center and AI enterprises argue against concerns over an AI spending slowdown. The bank identified Nvidia, AMD, Marvell, Analog Devices, onsemi, Micron, Lam Research, Applied Materials and Intel as semiconductor companies positioned for upside. Lam Research and Applied Materials supply the tools used by foundries and integrated device manufacturers to make chips, while Micron benefits from the increasing importance of high-bandwidth memory in memory-intensive AI workloads.