SUMCO Corp (ADR)

Q4 CY2024 (Oct-Dec 2024): SUMCO reported ¥104.8B (~$690M) quarterly revenue. Full year CY2024 revenue ¥402.3B (~$2.7B). AI chip production now represented a structurally significant portion of leading-edge wafer demand. TSMC reported AI-related revenue growing over 100% YoY in late 2024. Multiple next-generation AI chips in production or qualification: NVIDIA B200/GB200, AMD MI350, Google TPU v6, Amazon Trainium2, Microsoft Maia, Apple M4 for AI inference. HBM4 development underway at all DRAM makers, requiring new wafer specifications. SUMCO's pure-play wafer exposure means AI demand is a larger fraction of their revenue than for diversified Shin-Etsu. 300mm wafer shipments were recovering, with leading-edge and HBM accounting for a growing share. Math: 75% from 300mm x 30% leading-edge share x 35% AI share of leading-edge = ~7.9%, rounded to 8.0%. ¥104.8B x 8.0% = ~¥8.4B (~$55M) estimated AI revenue. Full year: ¥402.3B x 6.5% (weighted average) = ~¥26.2B (~$175M).