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Price · 1Y
$980.23
Thesis
ASM International is the leader in atomic layer deposition (ALD) — the deposition technique that becomes indispensable as logic scales to gate-all-around transistors and ever-thinner films. It rounds out the semicap "big five" (alongside ASML, Applied Materials, Lam, KLA) on the deposition step, with structural share gains as ALD intensity rises per node.
The investment case is a high-quality, cash-generative process-equipment leader levered directly to leading-edge logic and AI-memory capex. Risks: WFE-cycle sensitivity, customer concentration among a handful of leading-edge fabs, and export-control exposure to China demand.
Catalysts
- ALD intensity gains at gate-all-around (GAA) nodes
- Leading-edge logic and HBM capex cycles
- China revenue mix and export-control developments
- Gross-margin trajectory on advanced tool mix