Advantest (ADR)

Q4 FY2024 (Jan-Mar 2024): Advantest reported approximately ¥170B in quarterly revenue. Full FY2024 total was approximately ¥600B, up ~11% YoY from the ~¥540B downcycle year (FY2023). AI chip testing was now a clearly identified growth driver. NVIDIA H100/H200 were in massive production, AMD MI300X was ramping (AMD Data Center GPU revenue exceeded $1B in Q4 CY2023), and multiple custom ASICs (Google TPU v5, Amazon Trainium2, Microsoft Maia) were in production or late qualification. Advantest's V93000 was the dominant test platform for all of these. HBM test demand was surging — SK Hynix was shipping HBM3E in volume, Samsung and Micron were ramping. HBM test requires multiple test insertions per stack and is more test-time-intensive than standard DRAM. Semi Test approximately ¥136B. AI estimate: ~20% of Semi Test for AI GPU/accelerator test = ¥136B x 0.20 = ~¥27.2B. HBM test ~¥5B. Total AI-related ~¥32.2B / ¥170B = ~18.9%, rounded conservatively to 18.0%. Advantest has higher AI exposure than Teradyne (10% for same period) because V93000 dominates the AI GPU test market while Teradyne has stronger position in mobile/analog test.