SUMCO Corp (ADR)

Q1 CY2024 (Jan-Mar 2024): SUMCO reported ¥96.8B (~$645M) quarterly revenue. AI infrastructure spending was accelerating dramatically — hyperscalers collectively planning $200B+ AI capex for 2024. TSMC HPC segment exceeded 46% of revenue, with AI accelerators a major component. HBM capacity being doubled across all DRAM makers (SK Hynix, Samsung, Micron), each requiring additional 300mm wafer supply. SUMCO was beginning to see tighter 300mm wafer demand from the combination of AI GPU production ramp and HBM expansion. Leading-edge 300mm wafer starts for AI were growing as NVIDIA Blackwell entered tape-out at TSMC N4. AI's share of total wafer consumption was now more meaningful. Math: 75% from 300mm x 25% leading-edge share (up from trailing-edge recovery) x 27% AI share of leading-edge (accelerating) = ~5.1%, rounded to 5.0%. ¥96.8B x 5.0% = ~¥4.8B (~$32M) estimated AI revenue.