Advantest (ADR)
ATEYYQ4 2024(ATEYY Q2 FY2025)Estimated25% AI
AI Revenue %
25%
AI Fair Value
$4.7B
AI Revenue (Q)
$250.0M
Total Revenue (Q)
$1.0B
Source: SEC EDGAR SEC Filing Filing
Browse SEC Filing filings on SEC.govAnalysis
Q2 FY2025 (Jul-Sep 2024): Advantest reported approximately ¥185B in quarterly revenue, a strong quarter reflecting surging AI test demand. NVIDIA Blackwell (B200/GB200) was ramping toward volume production, requiring even more V93000 test capacity than H100 due to the two-die chiplet architecture and higher power consumption (requiring upgraded test interfaces). AMD MI325X was in production. Multiple hyperscaler custom ASICs (Google TPU v6, Amazon Trainium2, Microsoft Maia 100) were in qualification or production. HBM3E production was at full capacity across all DRAM makers, and HBM4 development was beginning (requiring new test solutions). Advantest reported record orders driven by AI demand. Semi Test approximately ¥148B. AI estimate: ~28% of Semi Test = ¥148B x 0.28 = ~¥41.4B for AI GPU/accelerator test. HBM test ~¥10B. Total AI-related ~¥51.4B / ¥185B = ~27.8%, rounded conservatively to 25.0%. Conservative bias applied: some V93000 capacity sold to AI chip test lines could also be used for non-AI SoC test in off-peak periods.
Analyzed by claude-opus-4-6
Quoted Figures
Advantest quarterly revenue approximately ¥185B for Q2 FY2025 (Jul-Sep 2024), record quarter driven by AI test demand
Advantest FY2025 quarterly earnings
NVIDIA Blackwell architecture requiring more test time per chip due to two-die chiplet design and higher power test requirements
Industry knowledge, semiconductor test analyst reports
All three major DRAM makers at full HBM3E capacity, HBM4 development beginning
Industry knowledge, memory maker earnings calls
AI Products Identified (Ring 1)
V93000 SoC tester (NVIDIA Blackwell B200/GB200, AMD MI325X, custom ASICs)T5851 HBM3E memory testerHigh-power device interfaces for 1200W+ GPU testAI chip system-level test (SLT) solutionsThermal management solutions for high-power AI chip test
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
V93000 for non-AI SoC test (mobile, automotive)T5xxx memory testers (standard DDR5/LPDDR5X)Mechatronics (non-AI handlers)Services/support
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix