Tokyo Electron (ADR)
TOELYQ4 2023(TOELY Q2 FY2024)Estimated9% AI
AI Revenue %
9%
AI Fair Value
$2.3B
AI Revenue (Q)
$337.5M
Total Revenue (Q)
$3.8B
Analysis
Q2 FY2024 (Jul-Sep 2023): Tokyo Electron reported ¥427.83B in quarterly revenue, recovering sequentially (+9.2% QoQ). AI infrastructure buildout was intensifying — hyperscalers (Microsoft, Google, Amazon, Meta) were placing massive GPU orders. NVIDIA H100 backlog exceeded 12 months. Equipment demand for AI chip production was accelerating: TSMC was expanding CoWoS advanced packaging capacity and HBM producers (SK Hynix, Samsung, Micron) were ramping HBM3 production. TEL's HBM etching and bonding equipment demand was growing — management received 'over double the inquiries initially expected for bonders' (per Q3 FY2024 earnings call). Ring 1 estimate: HBM-related equipment (~¥9B, growing from Q1) + incremental advanced logic for AI fabs (~¥30B, ~7% of revenue) = ~¥39B of ¥427.83B = ~9.0%. Equipment delivery still lagged the AI demand surge but orders were converting to revenue faster as existing capacity was redirected.
Analyzed by claude-opus-4-6
AI Products Identified (Ring 1)
Etch systems for HBM DRAM layersCoater/developer for advanced logic nodes (AI accelerators)Synapse temporary bonder/debonder for HBM die stackingDeposition systems for advanced packaging (CoWoS)Metal etch tools for HBM interconnects
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.
Equipment for AI-enhanced smartphone SoC manufacturingEquipment for general data center chip upgradesWafer probers for AI chip testing
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix