Shin-Etsu Chemical (ADR)
SHECYQ1 2024(SHECY Q3 FY2024)Estimated3% AI
AI Revenue %
3%
AI Fair Value
$816.0M
AI Revenue (Q)
$112.5M
Total Revenue (Q)
$3.8B
Analysis
FY2024 Q3 (Oct-Dec 2023): AI chip demand accelerating. TSMC ramping N3 for Apple and AI chips. NVIDIA H200 launching. HBM3E production scaling at Samsung and SK Hynix. Data center GPU demand far exceeding supply. Total revenue ~¥600B (~$4.0B). Semiconductor Materials ~40% = ~¥240B. Leading-edge wafer demand is clearly growing, and Shin-Etsu as the #1 wafer supplier benefits from the tightening 300mm supply. However, overall semiconductor demand was still mixed (consumer/mobile weak, auto flat, AI strong). AI-driven wafer demand growing but still a fraction of total wafer shipments. Conservative increase to 3.0%. Math: ¥600B × 3.0% = ~¥18.0B (~$120M) estimated AI revenue.
Analyzed by claude-opus-4-6
Quoted Figures
Shin-Etsu reported semiconductor materials demand recovering, with particular strength in advanced logic wafers
Shin-Etsu Chemical Q3 FY2024 earnings
Global 300mm wafer demand began tightening in late 2023, driven by leading-edge logic and HBM ramps
SEMI industry data, Q4 2023
AI Products Identified (Ring 1)
300mm EPI wafers for N3/N4/N5 AI chip nodesAdvanced DRAM wafers for HBM3/HBM3EEUV photoresistsEUV pelliclesCMP slurries for advanced nodes
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