Record 2025 revenue was driven by a deliberate shift toward high-growth verticals, specifically OTT and semiconductors, reducing historical reliance on the Pay-TV market. The successful resolution of the Disney litigation after one year demonstrated the broad applicability of the media portfolio to major OTT services and reinforced management's ability to defend IP effectively. Non-Pay-TV recurring revenue grew 30% year-over-year in Q4; overall in 2025, this segment grew by more than 20% for the year ...

Investment Rating - The report does not explicitly provide an investment rating for the advanced packaging industry. Core Insights - Advanced packaging is essential for overcoming semiconductor performance bottlenecks, enabling higher speeds and efficiency through enhanced interconnect density and improved thermal management [1][4][8]. - The advanced packaging market is projected to grow at a compound annual growth rate (CAGR) of approximately 12% from 2024 to 2029, with high-end performance packaging expected to grow at a CAGR of 37% [4][54][55]. - Hybrid bonding technology is highlighted as a key evolution in semiconductor performance, offering significant advantages in terms of cost, efficiency, and application potential [4][89]. Summary by Sections Advanced Packaging Key to Future Scaling - Moore's Law has led to increased transistor density, but performance metrics like single-thread performance and power efficiency have not kept pace, creating bottlenecks [7][11]. - Advanced packaging addresses these limitations by improving interconnect density and thermal management, allowing chips to operate at higher speeds [8][11]. Semiconductor Architecture Evolution - The shift from monolithic System-on-Chip (SoC) designs to 2D chiplets allows for modular chip design, optimizing cost and performance [16][21]. - 2.5D and 3D packaging techniques enhance data transfer efficiency and increase transistor density [25][26]. Bonding and Packaging Technologies - The evolution of bonding technologies from wire bonding to hybrid bonding reflects the industry's need for higher precision and density in interconnects [62][64]. - Hybrid bonding enables direct copper-to-copper interconnects, significantly reducing latency and increasing interconnect density [95][89]. Market Growth and Trends - The advanced packaging market is expected to reach $84 billion by 2029, driven by innovations in AI, 5G/6G, and autonomous driving technologies [54][40]. - High-end performance packaging, particularly in segments like 3D NAND and HBM, is projected to contribute significantly to market growth [55][48]. Adoption of Hybrid Bonding - Hybrid bonding is currently limited to high-end applications but is expected to see wider adoption due to its performance advantages over traditional methods [4][89]. - Companies like AMD and Intel are early adopters of hybrid bonding, indicating a trend towards its increased use in advanced semiconductor applications [4][89]. Competitive Landscape - The advanced packaging equipment market features several competitors, with BE Semiconductor (Besi) noted for its strong position in hybrid bonding [4][54]. - The report emphasizes the need for semiconductor manufacturers to invest in advanced packaging technologies to remain competitive [84][85].