SUMCO Corp (ADR)

Q3 CY2025 (Jul-Sep 2025): SUMCO estimated quarterly revenue ~¥115B (~$750M). AI chip demand continued to grow as a share of total semiconductor production. Key drivers for SUMCO's AI wafer demand: (1) TSMC N3/N2 nodes heavily weighted toward AI accelerators (NVIDIA, AMD, Google, Amazon, Microsoft, Meta all with active AI chip programs), (2) HBM4 entering volume production requiring premium 300mm wafers with tighter specifications, (3) advanced packaging (CoWoS, SoIC) requiring additional silicon interposer wafers. SUMCO's competitive position as #2 globally in 300mm wafers means they capture a proportional share of AI-driven incremental demand. However, the majority of wafer output still serves non-AI applications: smartphones (~25% of total wafer demand), automotive (~15%), PC (~8%), industrial/IoT (~12%). AI (data center GPUs + HBM + custom ASICs) now estimated at ~12-15% of total 300mm wafer demand. SUMCO's pure-play exposure translates this directly. Math: 75% from 300mm x 34% leading-edge x 42% AI share = ~10.7%, plus incremental HBM DRAM wafer attribution ~0.3% = ~11.0%. ~¥115B x 11.0% = ~¥12.7B (~$83M) estimated AI revenue.