Advantest (ADR)

Q3 FY2025 (Oct-Dec 2024): Advantest reported approximately ¥210B+ in quarterly revenue, another record driven by AI test demand reaching new highs. NVIDIA Blackwell was in full volume production (NVIDIA reported record $39.3B Data Center revenue in their Q4 FY2025 ending Jan 2025). Every Blackwell GPU requires V93000 testing with longer test times than H100 due to chiplet complexity. AMD MI350 was entering qualification. HBM3E production volumes were at historic highs as every AI GPU requires 4-8 HBM stacks. Advantest management confirmed that AI-related demand was the 'primary growth driver' and raised FY2025 revenue guidance to ¥700B+. Semi Test approximately ¥170B. AI estimate: ~30% of Semi Test = ¥170B x 0.30 = ~¥51B for AI GPU/accelerator test. HBM test ~¥13B (growing with stack count increases). Total AI-related ~¥64B / ¥210B = ~30.5%, rounded conservatively to 28.0%. Conservative bias: not all V93000 testers deployed at OSAT partners are exclusively used for AI chips — some share capacity with non-AI high-performance computing SoCs.