Morgan Stanley: WFE
A lot of growth coming in memory and foundry/logic WFE in 2026 and 2027. $Lam Research(LRCX.US) $Onto Innovation(ONTO.US) $ASML(ASML.US) $MKS(MKSI.US) $Sunnova Energy(NOVA.US) $Applied Materials(AMAT.US)
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Semiconductor test and metrology have become the key factor in AI chip yield, cost, performance and mass production speed, moving this formerly behind-the-scenes work to the fore, media report, citing SEMI Taiwan President Terry Tsao. Instead of just catching defects, modern test and metrology equipment now feeds real-time insights back to the design, fabrication and packaging stages for faster troubleshooting. System-Level Testing (SLT), burn-in testing, and reliability verification have all moved up in importance. #Advantest $Teradyne(TER.US) $Applied Materials(AMAT.US) $KLA(KLAC.US) $Onto Innovation(ONTO.US) $Nova(NVMI.US)
Source: Dan Nystedt
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Testing: The critical bottleneck in CPO mass production (TrendForce)
The current testing approach is manual + non-standardized.Which creates a severe throughput bottleneck.For Testing exposure:-> $Formfactor(FORM.US): probe cards/systems-> $Onto Innovation(ONTO.US): inspection + metrology-> $Camtek(CAMT.US): inspection + metrology-> $Keysight Tech(KEYS.US): photonic/optical test-> $Viavi Solutions(VIAV.US): photonic/optical test-> $Aehr Test(AEHR.US): burn-in + testIn case anyone wanted to do further research.Names like $Teradyne(TER.US), Advantest, and Chroma ATE also fall here.So since $Taiwan Semiconductor(TSM.US)'s COUPE targets volume production in 2026...solving the testing bottleneck is one of the key unlocks for CPO to scale.Along with things like lasers, FAU, substrates, and advanced packaging.Disclosure: I personally have a position in Aehr. - F
$Onto Innovation(ONTO.US) is a semi-conductor testing company. This is an interesting look on the weekly.
PT1: 300 - M
$Semiconductor(CP00062.US). Jack
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$Onto Innovation(ONTO.US) for those who like IHS patterns on the daily look at this one. None here, scrolling charts.
Source: Sunrise Trader
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Advanced Packaging is running on all cylinders. Don't forget that beyond assembly, you need to test those packages too!
$Camtek(CAMT.US) $KLA(KLAC.US) $Onto Innovation(ONTO.US) #Winway #HanPrecisionSource: Chips & Wafers
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Taiwan’s big memory chip packaging OSAT firms have hiked prices 30% amid strong demand, media report, adding Powertech, Walton and ChipMOS may have to hike prices again amid “overwhelming orders” and nearly full capacity. The 3 companies declined to comment. $BESI $Onto Innovation(ONTO.US) $KLA(KLAC.US) #semiconductors #semiconductor
Source: Dan Nystedt
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Laura Peters from @SemiEngineering talks about the latest trends discussed at #ECTC. A few things stood out:
· "Chip Manufacturing and Assembly/Packaging are only going to get closer and closer"· RE: Hybrid Bonding - a major issue still not solved is metrology. Keep an eye on $KLA(KLAC.US) $Onto Innovation(ONTO.US) $Camtek(CAMT.US)· The industry seems to have coalesced around Liquid Cooling to deal with large sever thermal issues.Source: Chips & Wafers
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Onto runs into 2.5D tool capability gap at a customer. Share loss. Hoping to regain next year. Meaningful pause in memory in QJun. Expectation changes to market perform from WFE outperform.
Source: Sravan Kundojjala
