Advantest (ADR)

Q1 FY2025 (Apr-Jun 2024): Advantest reported approximately ¥160B in quarterly revenue. AI chip testing demand continued to accelerate. NVIDIA Blackwell (B100/B200) was in qualification/early production and existing H100/H200 lines were running at full capacity. The V93000 was being deployed in increasing volumes for Blackwell test development. AMD MI300X production was ramping and MI350 was in development. HBM test demand was at all-time highs — HBM3E was in high-volume production at SK Hynix and Samsung, Micron was ramping HBM3E, and each HBM3E stack (8-12 layers) requires more test insertions than HBM3. Advantest management indicated in FY2025 guidance that they expected significant growth driven by AI demand, with FY2025 revenue forecast of ¥680-720B (up 15-20% YoY). Semi Test approximately ¥128B. AI estimate: ~25% of Semi Test = ¥128B x 0.25 = ~¥32B for AI GPU/accelerator test. HBM test ~¥7B. Total AI-related ~¥39B / ¥160B = ~24.4%, rounded conservatively to 22.0%. The step-up from 18% to 22% reflects the compounding of more AI chip programs entering volume production and HBM layer counts increasing (more test per stack).