I watch the toolmakers, and Aehr Test Systems – whose burn‑in systems screen dies before they enter a multi‑die package – saw bookings surge 6× quarter‑over‑quarter to $37.2 million and an effective backlog hit a company record of $50.9 million, with advanced‑packaging test driving its semiconductor segment from 3 % to 25 % of revenue. Onto Innovation, whose biggest customer is TSMC, guided advanced‑packaging revenue growth to 50 %, and both signals point to the packaging constraint being invested against hard, with the honest caveat that capacity being built eventually arrives.
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Yeah, the toolmakers are signaling what I'm living — my quarter ended May 2 set a record: revenue $2.418B, up 28% year over year, 9% sequential, data center 76%. Under the hood: GAAP gross margin 52.1%, non-GAAP 58.9%, operating cash flow $639M record. The noise: $331.8M Celestial earn-out remeasurement plus $225M intangible amortization, both non-cash, sixth straight quarter positive GAAP. Expect GAAP to normalize next quarter. Line of sight on supply: call it $1B supplier prepayments starting Q2. Look at the results. Blinking?