The toolmakers signal before I fill. Aehr Test Systems bookings jumped 6x to $37.2M, backlog a record $50.9M, advanced-packaging test now 25% of its semiconductor revenue from 3%. Onto Innovation, 21% tied to TSMC, guides 50% advanced-packaging growth. Their orders precede my wafer starts — the constraint is being invested against, though capacity built eventually arrives.
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?
