We met with over 35 investors during our marketing trip in Singapore over the past week. Overall, we continued to observe a resurgence in sentiment particularly around AI while sentiment towards non-AI segments remains subdued. However, we feel that investors' positioning remains on the cautious side despite the recent recovery in sentiment. From a positioning perspective, many investors did not fully participate in the rally over the past few months and are still largely underexposed or waiting on the side ...

Core Insights - Lam Research Corporation is positioned to benefit from increased capital expenditures driven by the generative AI industry, contrasting with the soaring valuations of companies like Nvidia [2] - The global capital expenditure on advanced chip-making equipment is expected to nearly double from 2023 to 2028, with spending anticipated to exceed $100 billion in 2025 [3] - Lam's primary clients include major players like TSMC, Samsung, and Intel, and the company is expanding its focus from memory chips to advanced logic chips and packaging technologies [3] Financial Performance - Lam's stock has decreased by approximately 9% over the past 12 months, trading at around 24 times forward earnings, compared to Nvidia's 35 times [4] - Revenue growth for Lam is projected at around 22% for FY25, but is expected to cool to roughly 2% in FY26 due to challenges related to the Chinese market [4] - If demand related to AI continues and export restrictions to China are relaxed, Lam's revenue could increase by approximately 1.8 times over the next three years [5] Market Dynamics - The U.S. and China have established a trade framework that may lead to a relaxation of technology restrictions, potentially benefiting companies like Lam [6] - The chip manufacturing process is becoming more capital-intensive, which favors companies that produce manufacturing equipment like Lam [6] - Advanced packaging methods for AI tasks are expected to boost demand for Lam's high-end machinery [7] Competitive Landscape - Lam faces competition from companies like Applied Materials and Tokyo Electron, but the long-term outlook for the semiconductor market remains strong, with forecasts suggesting it will surpass $1 trillion in annual revenue by 2030 [8] - The demand for sophisticated manufacturing tools is likely to remain high as chip manufacturers adopt next-generation technologies to enable AI [8]

July 1, 2025 11:10 AM GMT Semiconductor Production Equipment | Japan M Idea From CoWoS to CoPoS Investment has kicked off for CoPoS, a type of advanced package that uses rectangular panel substrates. A growing number of companies are using the smaller 310mm2 substrates. Main manufacturers of PLP equipment used in 310mm2 substrates include Disco, Ulvac, and Screen HD. Key Takeaways The rising tide of CoPoS: TSMC (covered by Charlie Chan) has decided to construct a pilot line for PLP using 310mm2 substrates, ...

ANCHOR REPORT Global Markets Research 19 February 2025 Global Advanced Packaging The evolution of CoWoS, SoIC and InFO Given the growing importance of advanced packaging (AP) in enabling the integration of multiple heterogeneous chips with improved performance, we believe AP is likely to evolve in the following ways from 2025F onwards: (1) CoWoS technology will shift from CoWoS-S to CoWoS-L/R; (2) SoIC adoption could increase further driven by HBM5 and potential adoption in Apple products beyond 2026F; and ...

Investor Presentation December 2024 Forward-Looking Statements; Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the U.S. Securities Exchange Act of 1934 and the Securities Act of 1933. The forward-looking statements include statements concerning, among other things, our future business model and strategies, our financial model and structure, market and market share growth, industry trends, customer demand and growth opportunities. In some instances, yo ...

Onto Innovation Investor Presentation Q1 2024 Safe Harbor The information presented herein contains forward-looking statements that relate to anticipated future operating results and performance. These statements are only predictions based on management's current expectations and assumptions, including market size and forecasted growth, Total Available Market (or "TAM"), Served Available Market (or "SAM") and revenue estimates, and necessarily involve risks and uncertainties. We do not assume any obligation ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容 来自 moneydj 。 继CoWoS之后，台积电「以方代圆」的CoPoS封装技术，成为市场最焦点。业界最新实验传出，台 积电预计于2026年设立首条CoPoS线，并将落脚引入采钰，而真正的大规模量产厂也已敲定将落脚在 嘉义AP7，目标2028年底至2029年之间实现大规模量产，首家客户将由英伟达拔得头筹。 台积电的CoPoS是一种类似「形状」的CoWoS-L或CoWoS-R技术变形概念，尺寸规格为310x310毫 米，初步于传统圆形，在主轴可利用空间加大下，可增加增量并有效降低成本。据悉，未来CoPoS封 装的方向，主要锁定AI等高级应用，其中采用CoWoS-R制程的将锁定博通，而CoWoS-L则目标服务 英伟达及AMD。 今年1月份，台媒报道称，台积电将在采钰建置首条CoPoS实验线，主要看准相关公司在光学领域的 能力，未来有望进一步整合硅光、CPO等技术趋势。不过这只是研究院研究所采用的实验线，真正的 量产厂会在嘉义AP7。 目前，台积电嘉义AP7共规划八个阶段，其中P2、P3厂将优先补充SoIC，而P1部分，苹果「专厂专 用」的WMCM（多芯 ...

KLA (KLAC) 2025 Conference June 03, 2025 04:20 PM ET Speaker0 Okay, excellent. All right, good afternoon everyone. Thank you for joining us for this session. I'm Vivek Arya from BofA Semiconductor Semiconductor Equipment Research team. Really delighted to have the team from KLA join us, Bren Higgins, Chief Financial Officer. And as usual, I'll go through my fireside questions, but please feel free to raise your hand if you would like to bring something up. But really welcome to you, Brent. Really glad that ...

Fit-for-purpose Facility Will Provide Significant Operational Flexibility as the Company Continues to Execute on its Long-Term Growth StrategyLIVERMORE, Calif., June 02, 2025 (GLOBE NEWSWIRE) -- FormFactor, Inc. (NASDAQ: FORM), a leading provider of test and measurement technologies for the semiconductor industry, today announced that it has purchased a manufacturing site in Farmers Branch, Texas. The site, which comprises four structures and includes 50,000 square feet of clean room space, was purchased fo ...

Group 1 - Deca Technologies has signed an agreement with IBM to implement its M-Series™ and Adaptive Patterning® technologies in IBM's advanced packaging facility in Bromont, Quebec [1][2] - The collaboration aims to enhance IBM's advanced packaging capabilities, positioning the Bromont plant as a critical hub for high-performance packaging and chiplet integration [2][4] - Deca's M-Series platform is recognized as the highest-volume fan-out packaging technology globally, with over seven billion units shipped, and the MFIT™ technology offers cost-effective alternatives for chiplet integration [3][6] Group 2 - The partnership reflects a shared commitment to advancing semiconductor packaging, combining IBM's capabilities with Deca's technology to expand the global supply chain for high-performance chiplet integration [4][5] - Advanced packaging and chiplet technology are essential for improving computing solutions in AI and data-heavy applications, with Deca's involvement ensuring IBM's Bromont facility remains innovative [5] - Deca Technologies is a leading provider of advanced packaging technology, with its M-Series™ fan-out technology emerging as a key industry standard for future semiconductor applications [6]