Advantest (ADR)

Q1 FY2023 (Apr-Jun 2022): Advantest does not file with the SEC (Japanese ADR). Using knowledge of public financials and industry context. Advantest reported approximately ¥130B in quarterly revenue. The Semiconductor and Component Test Systems segment comprised roughly 80% of revenue (~¥104B), with the balance from Mechatronics and Services. AI chip testing demand was growing — NVIDIA A100 was in high-volume production and H100 was being qualified — but AI chips were still a minority of overall semiconductor test demand. Advantest's V93000 SoC tester is the dominant platform for complex AI accelerator testing (NVIDIA GPUs, AMD MI-series), giving Advantest higher AI exposure than competitor Teradyne. However, the V93000 also tests non-AI SoCs (mobile processors, automotive chips, FPGAs). Memory test serves HBM production but HBM was still in early ramp (HBM2E was mainstream, HBM3 not yet in volume). Conservatively estimating ~7.5% of Semi Test segment is AI-related (AI GPU test + early HBM test): ¥104B x 0.075 = ~¥7.8B. ¥7.8B / ¥130B = ~6.0%. This is modestly higher than Teradyne's 5% reflecting Advantest's stronger position in AI GPU test.