如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自半导体行业观察综合，谢谢。 玻璃基板被认为是先进芯片封装的技术革新者。由于其超低凹凸度、更好的热稳定性和机械稳定性 等独特性能，玻璃基板比现有的树脂基板更耐用、更稳定，从而保证了头部中更高的互连密度。这 些优势使得高密度、高性能芯片封装可用于AI和数据中心等数据密集型工作负载。 此前，英特尔公司承诺到2028年投资1.3万亿韩元（9.431亿美元）实现玻璃大规模商业化。现 在，越来越多的巨头参与其中。 三星电子此举被解读为进军半导体玻璃基板市场、抢占先机的举措。随着人工智能（AI）的普 及，需要新的基材来替代现有的塑料材料，而玻璃被认为是最佳选择。三星电子准备于第二季度在 其世宗工厂启动玻璃基板试生产线。量产目标为2027年以后。不仅与三星电子半导体的协同效 应，与Nvidia、英特尔、高通等AI大型科技公司的合作也值得关注。 该研究实验室负责人表示："由于高性能计算（HPC）和人工智能（AI）的发展，半导体芯片之间 来回传输的数据量正在呈爆炸式增长。" "玻璃基板的优势在于可以在基板上绘制微电路并降低功 耗。" 他补充说，玻璃基板比传统基板的翘曲（翘曲 ...

Investment Rating - The report assigns an "Accumulate" rating for the semiconductor equipment industry, indicating a positive outlook for the sector [2][17]. Core Insights - The report highlights that hybrid bonding solutions are becoming a critical breakthrough for AI chips and advanced packaging, with significant developments expected in the coming years [3][4]. - Applied Materials (AMAT) has acquired a 9% stake in Besi, viewing hybrid bonding as a strategic long-term investment, and both companies will collaborate on developing hybrid bonding solutions [3][4]. - The demand for hybrid bonding technology is projected to surge, particularly in the logic process field starting in 2022, with a second wave of demand anticipated in 2024 [4]. Summary by Sections Industry Overview - Hybrid technology is expected to begin mass production in the logic process field in 2022, with further adoption in the memory sector by 2025-2026 and in advanced packaging (AP) by 2027-2028 [4]. - By 2030, the demand for hybrid bonding equipment is estimated to reach around 1,400 units [4]. Company Developments - AMAT's acquisition of Besi shares is part of a long-standing partnership aimed at developing the industry's first fully integrated equipment solution for wafer-based hybrid bonding [4]. - Besi's equipment orders are expected to increase significantly in 2024, driven primarily by demand from AI applications [4]. Financial Performance - Besi is projected to achieve revenues of €607.5 million in 2024, reflecting a year-on-year increase of 4.9%, with a gross margin of 65.2% [4]. - The company's order intake is expected to rise to €586.7 million, a 7.0% increase year-on-year, largely due to the growing demand for AI application equipment [4]. Recommended Companies - The report recommends companies such as Tuojing Technology and Northern Huachuang for investment, highlighting their potential benefits from the hybrid bonding technology [4][9].

Purchased 9 percent of outstanding shares to build upon four years of successful collaboration on hybrid bonding technology for advanced packagingSANTA CLARA, Calif., April 14, 2025 (GLOBE NEWSWIRE) -- Applied Materials, Inc. today announced it has purchased 9 percent of the outstanding shares of the common stock of BE Semiconductor Industries N.V. (Besi), a leading manufacturer of assembly equipment for the semiconductor industry. Applied and Besi have been successfully collaborating since 2020, and recent ...

Key Takeaways Investors can see insider buys as an overall net positive concerning the longer-term outlook. Recently, CEOs of GME, AMAT, and MSTR have bought shares. Investors closely monitor insider buys, as they can give hints surrounding the long-term picture.But it’s critical to note that insiders have a longer holding period than most, and many strict rules apply to their transactions.Recently, CEOs of several companies – GameStop (GME) , MicroStrategy (MSTR) , and Applied Materials (AMAT) – have made ...

Investors interested in Electronics - Semiconductors stocks are likely familiar with Qualcomm (QCOM) and Applied Materials (AMAT) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style S ...

Amid big downdrafts in stocks, it's always interesting to see if company insiders are buying the dip.While not a guarantee of future financial performance, when insiders use their own money to buy a significant amount of stock in the open market -- over and above the stock they already receive as part of their compensation -- it's usually a promising sign of confidence.While last week's reciprocal tariff announcements shook the world on international trade, sending most tech stocks swooning, two brave insid ...

Core Insights - Applied Materials (AMAT) shares increased by 4.7% to close at $132.85, following a 18.5% loss over the past four weeks, indicating a potential recovery driven by strong fundamentals in the semiconductor sector [1] - The company is expected to report quarterly earnings of $2.30 per share, reflecting a year-over-year increase of 10.1%, with revenues projected at $7.11 billion, up 7% from the previous year [2] - The consensus EPS estimate for AMAT has been revised slightly higher in the last 30 days, suggesting a positive trend that may lead to further price appreciation [3] Company Performance - AMAT's recent stock performance is attributed to the perception that semiconductor companies with strong fundamentals will thrive in the current market, potentially benefiting from tariff exemptions [1] - The correlation between earnings estimate revisions and stock price movements highlights the importance of monitoring AMAT's earnings trends for future price strength [2][3] Industry Context - AMAT is part of the Zacks Electronics - Semiconductors industry, which is currently experiencing varied performance among its members, such as Impinj (PI), which saw a 4.6% decline and a 27.3% loss over the past month [3] - Impinj's EPS estimate remains unchanged at $0.09, representing a significant decline of 57.1% year-over-year, indicating challenges within the industry [4]

Market Overview - The US stock market opened with all three major indices declining significantly, with the Dow Jones dropping over 1400 points, a decrease of 3.48%, the Nasdaq falling by 4.47%, and the S&P 500 down by 4.10% [1] - Major technology stocks experienced substantial declines, with Tesla down over 9%, Nvidia down over 7%, resulting in a market capitalization loss of $176.9 billion (approximately 1.28 trillion RMB) [2] - Chip stocks collectively fell, with AMD, Intel, and Broadcom each dropping over 6%, and TSMC down over 4% [3] Chinese Stocks - Popular Chinese stocks also saw significant declines, with Bilibili down over 9%, Alibaba, JD.com, and iQIYI down over 8%, and Xpeng and NIO down over 7% [5] Commodity Prices - Spot gold prices fell by over 1%, while silver prices dropped by over 4% [6] - International crude oil prices plummeted, with both Brent and WTI crude oil down over 7% [7][9] European Market - European stock markets experienced rapid declines, with Germany's DAX index down over 4%, France's CAC40 down 3.90%, the UK's FTSE index down 4.36%, Italy's FTSE MIB index down over 6%, and Spain's IBEX35 down over 5% [10] Employment Data - The US non-farm payrolls report for March showed an increase of 228,000 jobs, surpassing expectations of 140,000, while the unemployment rate rose to 4.2%, above the expected 4.1% [10][11] - Average hourly earnings increased by 0.3% month-over-month, matching expectations, while year-over-year growth was reported at 3.8%, slightly below the expected 4.0% [10] Trade Policies - The US government announced a 34% tariff on all imports from the US starting April 10, which may lead to increased layoffs in the private sector [11][12] - President Trump signed an executive order imposing a 10% "minimum baseline tariff" on trade partners, with higher tariffs for countries with significant trade deficits with the US [11][12]

Core Viewpoint - ASML Holding and Applied Materials are key players in the semiconductor supply chain, with ASML holding a dominant position in EUV lithography and Applied Materials providing a broad range of semiconductor fabrication equipment [1][2]. Group 1: ASML Holding - ASML Holding has a near-monopoly on extreme ultraviolet (EUV) lithography, crucial for producing advanced semiconductors [3][4]. - The company is investing in next-generation technologies like High-NA EUV, which are essential for smaller semiconductor nodes [5]. - In Q4 2024, ASML reported a 24% increase in revenues and a 30% increase in earnings year-over-year, with a record backlog of €36 billion indicating strong future revenue visibility [6]. - ASML's revenue growth guidance for Q1 2025 is 46.5%, and for the full year 2025, it is 15% [6]. - Geopolitical risks, particularly export restrictions to China, pose challenges, as China accounted for approximately 41% of ASML's lithography shipments in 2024 [7]. Group 2: Applied Materials - Applied Materials is the largest supplier of semiconductor fabrication equipment, with a strong position in AI-driven semiconductor technology [8]. - In fiscal 2024, revenues from advanced semiconductor nodes exceeded $2.5 billion, with expectations to double in fiscal 2025 [9]. - In Q1 fiscal 2025, Applied Materials reported a 7% increase in revenues and a 12% increase in non-GAAP EPS [9]. - The company faces challenges from U.S. export restrictions to China, which are expected to reduce fiscal 2025 revenues by $400 million [10]. - A slowdown in the ICAPS segment could negatively impact Applied Materials' overall performance [11]. Group 3: Price Performance and Valuation - Year-to-date, ASML shares have decreased by 10.1%, while Applied Materials shares have declined by 16.7% [13]. - ASML is trading at a forward earnings multiple of 23.56X, below its three-year median of 30.04X, while Applied Materials has a forward sales multiple of 14.13X, significantly lower than its median of 18.14X [14]. - ASML's valuations reflect high growth expectations and improving profitability, suggesting that its premium may be justified if execution is sustained [15]. Group 4: Estimates Comparison - The Zacks Consensus Estimate for ASML's 2025 sales and EPS implies year-over-year growth of 12.4% and 21.9%, respectively [18]. - For Applied Materials, the estimates for fiscal 2025 sales and EPS imply a year-over-year increase of 6% and 8.2%, respectively, with recent downward revisions [20]. Conclusion - ASML Holding has a stronger growth profile and a monopoly in EUV technology, making it a more compelling long-term investment compared to Applied Materials, which faces more uncertain growth prospects [21].

Core Viewpoint - Applied Materials, Inc. (AMAT) is experiencing short-term challenges but has strong long-term growth potential driven by its technological leadership and attractive valuation [2][16]. Group 1: Short-Term Challenges - AMAT's stock has declined 7.3% year to date due to weaker-than-expected guidance and broader market headwinds [1][4]. - The company projected second-quarter revenues of $7.1 billion (± $400 million), slightly below the Zacks Consensus Estimate of $7.13 billion, leading to an 8.2% drop in stock price in a single session [4]. - U.S. export restrictions on semiconductor equipment sales to China are expected to reduce fiscal 2025 revenues by $400 million, with half of this decline impacting the second quarter [5]. - The slowdown in the IoT, Communications, Automotive, Power, and Sensors (ICAPS) segment, which had been a key growth driver, raises concerns about AMAT's overall performance [6]. Group 2: Long-Term Growth Catalysts - AMAT's leadership in AI-driven semiconductor technology positions it well for future growth, with AI chip demand fueling new investments [7]. - Revenues from advanced semiconductor nodes surpassed $2.5 billion in fiscal 2024, with expectations to double in fiscal 2025 due to growing customer adoption of GAA and backside power delivery solutions [8]. - The advanced packaging segment is becoming a significant revenue driver, with Integrated Hybrid Bonding technology attracting volume orders from leading-edge customers [9]. Group 3: Financial Resilience and Valuation - AMAT has consistently delivered better-than-expected earnings, beating the Zacks Consensus Estimate for four consecutive quarters with an average surprise of 5.6% [10]. - Analysts expect revenues and EPS to grow in the mid-single digits for fiscal 2025 and 2026, indicating the company's resilience [11]. - The stock trades at a 12-month forward P/E ratio of 15.77, significantly below the industry average of 24.44, suggesting strong upside potential [12][15].