Shin-Etsu Chemical (ADR)
SHECYQ3 2023(SHECY Q1 FY2024)Estimated2% AI
AI Revenue %
2%
AI Fair Value
$544.0M
AI Revenue (Q)
$75.0M
Total Revenue (Q)
$3.8B
Analysis
FY2024 Q1 (Apr-Jun 2023): AI chip demand was now clearly surging at the foundry level. TSMC reported strong N5/N4 demand for AI accelerators (H100, A100). NVIDIA guided for massive revenue growth. However, wafer demand is a lagging indicator — fabs order wafers months before chip production ramps. Shin-Etsu's leading-edge 300mm EPI wafer shipments were beginning to benefit from increased TSMC utilization for AI. Total revenue ~¥570B (~$4.0B, reflecting weaker yen and still-soft non-AI semi demand). Semiconductor Materials ~40% = ~¥228B. Slight increase to 2.0% reflecting early signs of AI-driven wafer demand at leading-edge nodes. Math: ¥570B × 2.0% = ~¥11.4B (~$80M) estimated AI revenue.
Analyzed by claude-opus-4-6
Quoted Figures
TSMC reported leading-edge (N5/N4/N3) capacity utilization increasing in Q2 2023, driven partly by AI accelerator demand
TSMC Q2 2023 earnings call
Shin-Etsu noted signs of semiconductor demand recovery, particularly in logic chips
Shin-Etsu Chemical Q1 FY2024 earnings
AI Products Identified (Ring 1)
300mm EPI wafers for TSMC N5/N4/N3 AI chip productionAdvanced photoresists for EUV layersPellicles for EUV lithography
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.
200mm silicon wafers (automotive, IoT)300mm wafers for mature logic/memory nodesPVC/Chlor-Alkali segmentSilicones segmentSpecialty ChemicalsElectronics & Functional Materials
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix