Semiconductor manufacturing equipment
Severe bottleneckLithography, deposition, etch, ion implantation, inspection, metrology, and test equipment used inside fabs.
EUV lithography is a monopoly; deposition, etch, and metrology are oligopolies. The slope of AI compute supply is set in these companies' factories years before any chip ships.
Companies
8
8 pub · 0 priv
Public mcap
$1.93T
Public revenue
$133.44B
Wtd YoY
18%
Wtd GM
52%
Wtd OM
35%
Avg fund
71
Avg tech
82
Market structure
Current TAM
$115.00B
5y TAM
$180.00B
5y CAGR
9.0%
Companies
8
Margin structure
Cyclical
Concentration
Oligopoly
Capex intensity
High
Commoditization
Low
Drivers
What grows the pie
- ↑EUV ramp
- ↑Advanced packaging tools
- ↑China indigenization spend
Constraints
What can break the thesis
- ↓Export controls
- ↓Multi-year tool lead times
- ↓Cyclical end demand
Upstream dependencies
Downstream consumers
Companies in Equipment
Ranked by composite score| Company | Mkt Cap | Growth | FCF% | Val | 1Y | Tech | Fund | AI | Score | View |
|---|---|---|---|---|---|---|---|---|---|---|
| ATEYYAdvantest | $124.16B | 41.2% | 21.3% | 113x | 78 | 82 | 80 | 75 | High-growth Infrastructure Bet | |
| KLACKLA Corp | $238.98B | 11.5% | 22.1% | 37x | 85 | 71 | 78 | 70 | Strategic Compounder | |
| ASMLASML | $597.45B | 13.2% | 24.5% | 33x | 82 | 76 | 88 | 67 | Critical Bottleneck | |
| LRCXLam Research | $365.28B | 23.8% | 20.1% | 37x | 84 | 74 | 78 | 65 | Cyclical AI Beneficiary | |
| AMATApplied Materials | $338.75B | 11.4% | 10.9% | 26x | 84 | 66 | 82 | 64 | Cyclical AI Beneficiary | |
| TERTeradyne | $53.90B | 87.0% | 7.9% | 36x | 80 | 73 | 65 | 63 | Cyclical AI Beneficiary | |
| TOELYTokyo Electron | $142.67B | 8.6% | 9.4% | 38x | 83 | 63 | 78 | 62 | Cyclical AI Beneficiary | |
| COHRCoherent | $70.14B | 20.5% | -3.0% | 44x | 82 | 59 | 78 | 60 | High-growth Infrastructure Bet |