Shin-Etsu Chemical (ADR)
SHECYQ3 2024(SHECY Q1 FY2025)Estimated4% AI
AI Revenue %
4%
AI Fair Value
$1.3B
AI Revenue (Q)
$150.0M
Total Revenue (Q)
$3.8B
Analysis
FY2025 Q1 (Apr-Jun 2024): AI chip demand continues accelerating. TSMC reporting record HPC revenue. HBM capacity doubling year-over-year across Samsung, SK Hynix, and Micron. NVIDIA Blackwell ramping. Total revenue ~¥620B (~$4.0B at ~¥155/USD). Semiconductor Materials ~40% = ~¥248B. The increasing share of TSMC's wafer starts dedicated to AI accelerators (N3/N4 for H100/H200/B100/B200) and the HBM ramp both pull through more wafers from Shin-Etsu. Advanced 300mm EPI wafers command premium pricing and are supply-constrained. AI's share of total wafer demand is growing but remains a single-digit fraction of Shin-Etsu's total diversified revenue base (60% of revenue is non-semiconductor). Math: ¥620B × 4.0% = ~¥24.8B (~$160M) estimated AI revenue.
Analyzed by claude-opus-4-6
Quoted Figures
TSMC HPC segment reached 52% of revenue in Q2 2024, with AI accelerator demand cited as primary growth driver
TSMC Q2 2024 earnings
Global HBM production capacity expected to more than double in 2024, requiring significant additional wafer supply
Industry analyst estimates, mid-2024
AI Products Identified (Ring 1)
300mm EPI wafers for N3/N4/N5 AI accelerator productionAdvanced DRAM wafers for HBM3E/HBM4EUV photoresists for multi-patterningEUV pelliclesAdvanced CMP materials
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 logic300mm wafers for standard DRAM/NANDPVC/Chlor-Alkali segmentSilicones segmentSpecialty ChemicalsElectronics & Functional Materials
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix