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We propose finite-alphabet equalization, a new paradigm that restricts the entries of the spatial equalization matrix to low-resolution numbers, enabling high-throughput, low-power, and low-cost hardware equalizers. To minimize the performance loss of this paradigm, we introduce FAME, short for finite-alphabet minimum mean-square error (MMSE) equalization, which is able to significantly outperform a naïve quantization of the linear MMSE matrix. We develop efficient algorithms to approximately solve the NP-hard FAME problem and showcase that near-optimal performance can be achieved with equalization coefficients quantized to only 1-3 bits for massive multi-user multiple-input multiple-output (MU-MIMO) millimeter-wave (mmWave) systems. We provide very-large scale integration (VLSI) results that demonstrate a reduction in equalization power and area by at least a factor of 3.9× and 5.8×, respectively.