SUMCO Corp (ADR)

Q1 CY2025 (Jan-Mar 2025): SUMCO estimated quarterly revenue ~¥108B (~$700M), reflecting continued recovery. AI infrastructure spending remained at record levels — hyperscalers collectively spending over $250B on AI capex in 2025. NVIDIA Blackwell (B200/GB200) in full volume production at TSMC N4. TSMC N2 ramping for next-generation AI chips. HBM4 entering initial production at Samsung and SK Hynix, requiring new wafer specifications with tighter tolerances. The share of 300mm wafer consumption attributable to AI continued to grow: AI accelerators now represented a larger share of TSMC leading-edge wafer starts, and HBM was consuming an increasing fraction of total DRAM wafer capacity. SUMCO's pure-play wafer model means AI-driven wafer demand translates more directly to revenue share than for diversified peers. Math: 75% from 300mm x 32% leading-edge share x 38% AI share of leading-edge = ~9.1%, rounded to 9.0%. ~¥108B x 9.0% = ~¥9.7B (~$63M) estimated AI revenue.