ASM Charts the Future of ALD: Scaling Innovation, Integration, and Intelligence Toward 2030

ASM used its 2025 Investor Day to set a bold 2030 ambition of more than €5.7 billion revenue, operating margins above 30%, and free cash flow above €1 billion. The company has consolidated a leading position in ALD with over 55% market share in their segments they where they chose to compete and is scaling its Epi business from 12% in 2020 to 25% in 2024. ALD remains the central growth driver, with the market for single-wafer ALD expected to outpace overall wafer fab equipment and reach $5.1–6.1 billion by 2030, while Si Epi is forecast at $2.5–3.2 billion with a 9–13% CAGR. 

The single-wafer ALD market is projected to grow strongly from about 3.0 billion dollars in 2024 to between 5.1 and 6.1 billion dollars by 2030, representing a 9–13 percent compound annual growth rate, outpacing the overall wafer fab equipment market, which is expected to grow at 6 percent annually from 110 billion dollars in 2024 to 155 billion dollars in 2030. This growth is driven by the increasing number of ALD layers required in leading-edge logic and foundry processes as well as in advanced DRAM, both in the cell and peripheral CMOS areas. By 2030, ASM aims to maintain a market share above 55 percent, sustaining its lead in logic and foundry while also expanding its position in memory.

Node and memory inflections significantly expand ASM’s served markets, adding $400 million in their served available market from 3nm FinFET to 2nm GAA, and a further $450–500 million from 2nm to 1.4nm, while DRAM transitions contribute another $400–450 million. FEOL ALD layers grow fastest, with roughly 60% of ALD demand at 1.4nm coming from the transistor front end. In advanced packaging, a total available market of $11.5 billion by 2030 supports ASM’s plan to double its served available market to more than 30% of that market. 

Services are projected to grow at more than 12% CAGR through 2030, with half of revenues moving to outcome-based models and new “dry clean” refurbish technology delivering ~10× selectivity, ~5× part life, over 95% CO₂e reduction, and more than 2× cost-of-ownership benefits. 

ASM also introduced its XP8E common platform integrating clean, treat, inhibit, and ALD steps for 2nm ASD flows, and highlighted AI/ML deployment in high-volume manufacturing for anomaly detection, predictive maintenance, and improved first-time-right performance.

ASM’s XP8E common platform is positioned as a key enabler for the 2nm and beyond era, where Area-Selective Deposition and advanced integration schemes require multiple tightly coupled process steps. By bringing clean, treat, inhibit, and ALD into a single cluster, XP8E reduces wafer handling, shortens cycle times, and improves process control. This integration is critical for scaling as the number of ALD steps grows with each node, and it directly addresses challenges in pattern fidelity, defectivity, and variability that can otherwise undermine yield at 2nm. The platform is designed to be modular and flexible, so customers can configure it for different ASD and high-k/metal gate flows, while also benefiting from a common hardware base that simplifies fab operations, service, and parts management.

Alongside new hardware, ASM is embedding AI and machine learning capabilities into high-volume manufacturing. These tools enable real-time anomaly detection to flag subtle deviations in process behavior before they impact yield, and provide “top contributor” insights that help engineers rapidly identify root causes. Predictive maintenance, including ASM’s PM-Bot automation, improves precision and ensures higher first-time-right rates, cutting downtime and labor intensity. Over time, this creates a closed-loop system where data from thousands of wafers continuously refines process windows, stabilizes tool performance, and enhances cost-of-ownership. In combination, XP8E’s process integration and AI-driven control systems aim to deliver the repeatability, selectivity, and productivity gains required for the 2nm transition and future GAA nodes.

ASMs ALD History - from 1974 to 2024, 50+ years of ALD

The timeline highlights key milestones in the history of ALD and ASM’s leadership in the field. It begins in 1974 with Dr. Tuomo Suntola’s invention of ALD, followed by the founding of Microchemistry in Helsinki in 1987. ASM entered the scene in 1998 with the release of its first 200 mm Pulsar tool and strengthened its position by acquiring Microchemistry from Neste in 1999 and securing Sherman PEALD patents in 2000. Growth continued with the acquisition of Genitech in 2004. In 2008, ASM’s Pulsar tool was recognized as Product of the Year, cementing its reputation. More recently, ASM expanded its product portfolio with the introduction of the dual-chamber Synergis ALD system in 2018, the XP8 quad chamber module in 2019, and the Prominis ALD and XP8E platform in 2024. Strategic acquisitions, such as Reno Sub-Systems in 2022, further enhanced ASM’s technology base, illustrating a steady path of innovation and consolidation in ALD leadership over five decades.

The timeline illustrates ASM’s journey in atomic layer deposition from its origins to modern platforms. ALD was invented by Dr. Tuomo Suntola in 1974, followed by the founding of Microchemistry in 1987. ASM entered the field with the release of its first 200 mm Pulsar tool in 1998, strengthened its position by acquiring Microchemistry from Neste in 1999 (Finland), and expanded its patent base with Sherman PEALD patents in 2000. Key milestones include the acquisition of Genitech (Korea) in 2004, industry recognition for Pulsar in 2008, the introduction of Synergis in 2018 and XP8 in 2019, and the acquisition of Reno Sub-Systems in 2022. Most recently, ASM launched the Prominis ALD and XP8E platform in 2024, underscoring more than 50 years of continuous innovation and leadership in ALD.

The Finnish angle in ASM’s ALD story is both historic and ongoing. Atomic Layer Deposition was invented in Finland in 1974 by Dr. Tuomo Suntola, originally called Atomic Layer Epitaxy. The technology was developed at Microchemistry Ltd., a Finnish company founded in Helsinki in 1987 under Neste. When ASM acquired Microchemistry in 1999, they started gaining the pioneering ALD patents, know-how, and expertise that underpin its leadership today. Finland continues to play an active role through the University of Helsinki and ASM’s Chemical Innovation Group in Helsinki, where precursor chemistry and process research are carried out in close collaboration with Finnish scientists. In this way, Finland provided both the origin of ALD for ASM and remains an important innovation hub supporting ASM’s growth and leadership.

The ASM Pulsar “HIG source” for solids (or the solid precursor delivery subsystem) is a core enabler for ASM’s ability to use low-vapor-pressure solid precursors in ALD. The original innovation from ASM Microchemistry has been further developed over decades and is now still a key technology on the new platform for Molybdenum ALD seen below. It involves a heated sublimation mechanism (sometimes mounted close to or integrated with the reactor), controlled inert gas valves, purge isolation, and precise flux control to feed vapor from a solid into the ALD chamber. The architecture seeks to avoid cold spots or condensation and maintain consistent, controllable precursor delivery pulses.

Genitech was a South Korean company specializing in plasma enhanced ALD and thin film deposition. ASM acquired the company in 2004 to expand its capabilities in plasma based processes and complement its existing thermal ALD portfolio. The acquisition gave ASM a stronger position in PEALD for applications such as high k dielectrics and metal gate stacks used in advanced logic and memory. Genitech’s technology was integrated into ASM’s Pulsar and subsequent platforms, helping establish ASM’s leadership in both thermal and plasma ALD.

ASM acquired Reno Sub-Systems in 2022. Reno is a US-based company specializing in RF power delivery systems and matching networks for plasma tools. Their solid-state RF technology is valued for faster response times, higher precision, and better process stability compared to legacy RF solutions. By integrating Reno’s subsystems into its platforms, ASM strengthened its capability in plasma-based ALD and PEALD, where fine RF control is critical for uniformity, repeatability, and advanced film properties.

Future Outlook

ASM ties its deposition processing capability to its tool portfolio—Pulsar, EmerALD, Synergis, Prominis, XP8E, and others—which are engineered with small-volume reactors, advanced plasma control, and integrated multi-step clustering (clean, treat, inhibit, deposit).

Looking ahead, ASM is uniquely positioned to remain the clear leader in atomic layer deposition as the semiconductor industry advances to 2nm and beyond. The company’s deep history in ALD, dating back to Dr. Tuomo Suntola’s invention in 1974, has evolved into a robust technology portfolio that now commands more than 55 percent market share where ASM chooses to compete. 

With single-wafer ALD forecast to nearly double in size by 2030 and outpace overall wafer fab equipment growth, ASM is set to capture outsized value from both logic and memory inflections. Its proven expertise in solid source precursor delivery, trailing back to the the Pulsar HIG sublimation system and F120 Microchemistry research reactors, now expands to new material capabilities such as molybdenum ALD for advanced node metallization. At the same time, ASM is broadening its impact through the XP8E common platform, which integrates multiple critical steps into one cluster with embedded AI and machine learning into high-volume manufacturing for real-time control. ASM’s combination of process innovation, equipment integration, and data-driven intelligence places the company at the center of semiconductor scaling, ensuring its leadership in enabling Moore’s Law through the next decade.

Sources:

ASM InvestorDay 2025

JSR, Lam Research, and SK hynix Push the Boundaries of ASML´s EUV Semiconductor Manufacturing

JSR Corporation, including its subsidiary Inpria Corporation, and Lam Research have entered into a cross-licensing and collaboration agreement to accelerate the development of next-generation semiconductor manufacturing technologies. The partnership combines JSR’s expertise in photoresists and advanced materials—anchored by Inpria’s metal-oxide resists (MORs) for extreme ultraviolet (EUV) lithography—with Lam’s leadership in wafer fabrication equipment and process technology. By sharing intellectual property and integrating complementary capabilities, the companies aim to address scaling and patterning challenges as chipmakers pursue smaller, denser, and more energy-efficient devices for advanced logic and memory applications.

Inpria’s MORs, based on spin-on tin-oxide materials, provide high EUV photon absorption, excellent etch resistance, and reduced line edge roughness compared with conventional organic resists. These materials are fully compatible with existing lithography systems, making them attractive for high-volume production. To meet growing demand, JSR is expanding its global footprint with new R&D facilities in Japan and a production plant in Korea set to begin operations in 2026. Lam Research complements this with its Aether® dry resist technology, which replaces wet spin-coating and development with fully dry, vapor-phase processes. This innovation improves uniformity, reduces stochastic defects, and strengthens EUV absorption, enabling higher resolution and sensitivity. Aether has demonstrated direct-print 28 nm pitch patterning for logic and is already being adopted by leading memory manufacturers, offering both performance advantages and sustainability gains through reduced chemical and energy use.

These advances align with a broader industry shift toward tighter integration of materials and equipment solutions, exemplified by SK hynix’s installation of the world’s first commercial High-NA EUV lithography tool, ASML’s TWINSCAN EXE:5200B, at its M16 fab in Icheon, South Korea. Featuring a numerical aperture of 0.55—compared with 0.33 in current Low-NA EUV systems—the High-NA platform boosts resolution by 40%, enabling transistors about 1.7× smaller and wafer transistor densities nearly 2.9× higher. For SK hynix, this milestone supports the development of next-generation DRAM, reduces process complexity, lowers costs, and strengthens competitiveness in AI memory and advanced compute markets.

As one of the “big three” memory makers alongside Samsung and Micron, SK hynix has established itself as the leader in high-volume DRAM manufacturing. It was the first to mass-produce DDR5 and high-bandwidth memory (HBM3), both essential for AI and high-performance computing. Its early adoption of EUV lithography for DRAM production—and now the industry-first deployment of ASML’s High-NA EUV system—underscores its position at the forefront of DRAM scaling and density. Together, the innovations from JSR, Inpria, Lam Research, and SK hynix illustrate how collaboration across the semiconductor ecosystem is driving the breakthroughs required to sustain Moore’s Law in the era of AI and advanced computing.

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Sources:

JSR Corporation/Inpria Corporation and Lam Research Enter Cross Licensing and Collaboration Agreement to Advance Semiconductor Manufacturing

Dry Resist Patterning Progress and Readiness Towards High NA EUV Lithography

INPRIA | A world leader world leader in metal oxide photoresist design, development and manufacturing

Inpria Co-Developing Metal Oxide Resist with SK hynix to Reduce Complexity of Patterning for Next-Generation DRAM | 2022 | News | JSR Corporation

SK hynix Introduces Industry’s First Commercial High NA EUV

Global Semiconductor Sales Surge 20.6% in July, Driven by Americas and Asia Pacific

Global semiconductor sales surged in July 2025, reaching $62.1 billion — a 20.6% increase from the same month last year and 3.6% higher than June. The robust expansion was fueled by strong demand in the Americas and Asia Pacific, underscoring the industry’s momentum despite regional fluctuations. With the Americas up nearly 30% and Asia Pacific/All Other climbing over 35% year-on-year, July marked one of the strongest months of growth in recent years, highlighting continued strength in advanced computing, AI, and data-driven technologies.

• The Americas and Asia Pacific regions are the strongest contributors to both monthly and yearly growth.
• China is still growing year-to-year but slipped month-to-month, suggesting softer short-term demand.
• Japan is contracting in both comparisons, signaling structural weakness.
• Europe remains modest but positive year-to-year.

Global Overview

• Total sales: $62.07B
• Year-to-year growth: +20.6% (vs. $51.48B in July 2024)
• Month-to-month growth: +3.6% (vs. $59.91B in June 2025)
• Three-month-moving average growth: +8.9%

Regional Breakdown (Year-to-Year, July 2025 vs. July 2024)

• Asia Pacific/All Other: +35.6% (biggest growth driver)
• Americas: +29.3%
• China: +10.4%
• Europe: +5.7%
• Japan: -6.3% (only region in decline)

Month-to-Month (July vs. June 2025)

• Americas: +8.6%
• Asia Pacific/All Other: +4.9%
• Europe: 0.0%
• Japan: -0.2%
• China: -1.3%

Source:

Global Semiconductor Sales Increase 20.6% Year-to-Year in July - Semiconductor Industry Association

EU Expands Dual-Use Export Controls to Cover Atomic Layer Deposition, Etch, Epitaxy, Lithography, EUV Components and Quantum Technologies

On 8 September 2025, the European Commission adopted a Delegated Regulation updating the EU’s dual-use export control list (Annex I of Regulation (EU) 2021/821). The update aligns EU rules with commitments made in 2024 under the Wassenaar Arrangement, MTCR, Australia Group, and the Nuclear Suppliers Group, ensuring a uniform application of newly agreed controls across all Member States. The move reflects the EU’s broader strategy outlined in the 2024 White Paper on Export Controls, strengthening oversight of sensitive technologies while maintaining competitiveness and a level playing field for European industry.

The updated list introduces new controls on a range of emerging technologies. These include quantum technologies such as cryogenic components and amplifiers, advanced semiconductor manufacturing and testing equipment — notably Atomic Layer Deposition tools, epitaxial deposition systems, and EUV lithography materials — as well as high-performance computing circuits, additive manufacturing systems, peptide synthesisers, and specialized high-temperature coatings. The Delegated Regulation will enter into force following the standard two-month scrutiny period by the European Parliament and Council, reinforcing the EU’s role in safeguarding security and international stability through effective export controls.

Specifically, this update of the EU control list provides for the addition of new dual-use items, including: 

• Controls related to quantum technology (e.g. quantum computers, electronic components designed to work at cryogenic temperatures, parametric signal amplifiers, cryogenic cooling systems, cryogenic wafer probers);
• Semiconductor manufacturing and testing equipment and materials (e.g. Atomic Layer Deposition equipment, equipment and materials for epitaxial deposition, lithography equipment, Extreme Ultra-Violet pellicles, masks and reticles, Scanning Electron Microscope equipment, etching equipment);
• Advanced computing integrated circuits and electronic assemblies such as Field Programmable Logic Devices and Systems;
• Coatings for high temperature applications;
• Additive manufacturing machines and related materials (e.g. inoculants for powders);
• Peptide synthesisers, and;
• Modification of certain control parameters and update of certain technical definitions and descriptions.

By extending controls to core process equipment essential for leading-edge semiconductor production, the EU aims to close regulatory gaps and ensure uniform oversight across all Member States. For the semiconductor industry, this means that exports of critical manufacturing tools and materials outside the Union will now require authorisation, tightening compliance requirements but also ensuring fair competition and transparency within the internal market. The regulation highlights the EU’s growing focus on safeguarding supply chains for advanced chip technologies while balancing competitiveness with security concerns

For more information
Delegated Regulation
Comprehensive Change Note Summary – Update 2025: An overview of changes to the EU Dual-Use Control List across the 10 categories of Annex I

Chipmetrics expands metrology portfolio with advanced test chips and wafer solutions for next-gen ALD semiconductor processes

Finnish metrology specialist Chipmetrics has expanded its portfolio with a new range of advanced test chips and wafer solutions aimed at accelerating prototyping and enhancing precision in next-generation semiconductor process development. The new releases include the ASD-1b area-selective deposition chip, a High Surface Area wafer, and pre-coated High Aspect Ratio test structures such as PillarHall and VHAR1. These tools are designed to simulate real-world manufacturing conditions with greater accuracy, helping engineers optimise processes more efficiently and reduce development cycles in ALD and other thin-film applications.

The ASD-1b chip provides a tricolour material layout with metal, SiO₂ and Si₃N₄ surfaces, enabling detailed assessment of selectivity and defectivity across multiple deposition techniques. Meanwhile, the new HSA wafer delivers up to 300 times greater surface area sensitivity through deep trench designs, supporting ultra-sensitive material studies. By offering pre-coated HAR structures, Chipmetrics addresses the growing industry demand for realistic conformality and uniformity testing. According to CEO Mikko Utriainen, these solutions are set to streamline benchmarking of new chemistries and processes, giving development teams faster, clearer feedback to advance semiconductor innovation.

Chipmetrics’ new metrology tools for advanced thin film process development. Left: Pre-coated high aspect ratio test structures, including PillarHall® (lateral AR > 1000) and VHAR1 (vertical AR = 200), for evaluating conformality and film penetration. Centre: The ASD-1b area selective deposition test chip with tricolour material layout for testing selectivity across Cu, SiO₂ and Si₃N₄ surfaces. Right: High Surface Area (HSA) wafer combining a 150 mm VHAR1 wafer within a 300 mm pocket wafer, providing up to 300× enhanced surface area for sensitive material studies.

Source:

Chipmetrics Expands Product Line with Advanced ALD Test Chips and Wafer Solutions - Chipmetrics

SiCarrier Seeks $2.8 Billion to Advance Chipmaking Equipment

SiCarrier, a Chinese chip equipment manufacturer closely associated with Huawei and owned by the Shenzhen city government, is seeking $2.8 billion in funding to advance its ambitions of becoming China's leading chipmaking equipment provider. Founded in 2021, the company aims to surpass domestic rivals such as Naura and AMEC, amid U.S. export restrictions that have fueled China's drive for semiconductor self-sufficiency. The fundraising, targeting a valuation of $11 billion, is expected to conclude soon, with proceeds allocated primarily to R&D. State-owned firms and domestic investors have shown strong interest. Despite showcasing 30 products at Semicon China 2025, most of its tools remain under development and are not yet production-ready. SiCarrier has filed 92 patents, indicating plans to offer a comprehensive suite of chipmaking tools, including lithography and AI-driven inspection systems. However, its deep ties to Huawei have raised concerns among potential customers over data security and trade secret protection. Industry experts suggest full operational independence from Huawei is essential for broader market acceptance and long-term growth.

"Founded in 2021 and owned by the Shenzhen city government, SiCarrier is largely seen as a Huawei supplier. But it wants to become the leading domestic provider of chipmaking equipment in China, surpassing Naura and Advanced Micro-Fabrication Equipment China (AMEC), according to four people with knowledge of its goals."

A Reuters review of 92 patents filed by Shenzhen SiCarrier Industry Machines and its parent Shenzhen SiCarrier Technologies between October 2022 and March 2025 reveals the company’s ambitious plan to establish itself as a comprehensive supplier of semiconductor manufacturing equipment. Unlike domestic peers such as Naura and AMEC, which have taken more focused approaches, SiCarrier is pursuing an expansive product roadmap that spans the entire chip production chain—from wafer metrology and defect inspection to etching and atomic layer deposition (ALD) systems. These filings, verified through Anaqua’s AcclaimIP database, illustrate SiCarrier’s intention to compete head-on with established global players such as KLA, Lam Research, and Tokyo Electron, particularly in process-critical segments like thin-film deposition and etch uniformity control. Notably, SiCarrier is investing in AI-powered wafer defect recognition, a frontier area aimed at enhancing production yields, especially important in advanced nodes where precision is paramount. Industry observers cited by Reuters suggest metrology and inspection tools offer SiCarrier the most immediate opportunity, given the absence of a dominant Chinese competitor in that space. The patent portfolio also reveals efforts to close the technological gap in lithography by focusing on components for deep ultraviolet (DUV) systems and multi-patterning techniques. These are presented as domestic alternatives to extreme ultraviolet (EUV) lithography, which remains out of reach due to US export controls. However, experts like Dan Hutcheson of TechInsights caution that the multi-patterning approach—though pioneered by Intel and used by TSMC at 7 nm—carries known drawbacks such as increased complexity and yield challenges, stemming from its reliance on sequential deposition and several etch processes. 

Sources:

Exclusive: SiCarrier - Huawei partner in chips - seeks $2.8 billion in funds, sources say | Reuters

Tokyo Electron Delivers Record FY2025 Results Amid AI Boom, Eyes Growth Through CVD Innovation and Geopolitical Resilience

Tokyo Electron (TEL) achieved a record-breaking financial year in FY2025, with strong top- and bottom-line growth driven by robust global demand for advanced semiconductor equipment. Net sales rose by 32.8% year-on-year to approximately ¥2.43 trillion (around $15.7 billion USD), marking the highest in the company's history. Operating profit surged to ¥697.3 billion (about $4.5 billion USD), supported by an improved operating margin of 28.7%. Growth was underpinned by increased investment in leading-edge logic and memory, particularly High Bandwidth Memory (HBM) and advanced DRAM nodes, where TEL maintained or expanded market share through key Process of Record (POR) wins in etch and wafer bonding technologies. Revenue contributions diversified geographically, with notable gains in South Korea and Taiwan, even as China remained a key market. TEL also demonstrated strong cash flow, increased its R&D and capital investments, and returned significant value to shareholders through dividends and buybacks. Looking ahead, TEL forecasts continued growth in FY2026, positioning itself to capitalise on accelerating AI, 2nm logic, and heterogeneous integration trends.

Tokyo Electron TEL has demonstrated strong financial performance and strategic market expansion through FY2025, according to their investor presentation dated April 30, 2025. Their net sales, gross profit, operating profit, and net income have all reached record highs, signaling both operational efficiency and favorable market conditions.

LINK: Tokyo Electron Limited 2025 Q4 - Results - Earnings Call Presentation (OTCMKTS:TOELY) | Seeking Alpha

Tokyo Electron's Q4 FY2025 earnings call highlighted strong financial performance and an optimistic forward outlook amid geopolitical uncertainties. Despite global concerns around US tariffs and export controls—particularly in China, which saw its WFE market share fall to 35%—TEL stated that it has not observed any significant changes in customer investment sentiment or competitive dynamics. The company reaffirmed its strategy of focusing on long-term innovation rather than short-term regulatory shifts, underscoring its commitment to developing higher-productivity tools to offset potential external headwinds. Looking ahead, TEL forecasts continued double-digit WFE market growth into calendar 2026, driven by AI infrastructure demand, 2nm logic, and HBM scaling. The company plans record-high investments of ¥300 billion in R&D and ¥240 billion in CapEx for FY2026, reflecting confidence in sustained momentum across DRAM, advanced logic, and packaging technologies. TEL aims to expand global market share and reach ambitious mid-term goals, including over ¥1 trillion in operating profit and 35%+ OPM, by capitalising on technology transitions such as GAA, backside PDN, and heterogeneous integration.

LINK: Tokyo Electron Limited (TOELY) Q4 2025 Earnings Call Transcript | Seeking Alpha

Revenue and Profitability Growth:

Net sales increased significantly from ¥1,399.1 billion in FY2021 to ¥2,431.5 billion in FY2025, a 74% increase over four years. The gross profit also rose steadily, reaching ¥1,146.2 billion in FY2025, up from ¥564.9 billion in FY2021. Operating profit followed suit, more than doubling from ¥320.6 billion to ¥697.3 billion. These trends underscore TEL’s ability to scale profitably, with operating margins rising from 22.9% in FY2021 to 28.7% in FY2025. Return on equity (ROE) also remained strong, peaking at 37.2% in FY2022 and settling at 30.3% in FY2025, a testament to effective capital management.

Regional Sales Composition:

The revenue breakdown by region from Q1 FY2024 to Q4 FY2025 shows growing diversification. Notably, China has remained the single largest market, although its share declined from 47.4% in Q4 FY2024 to 34.3% in Q4 FY2025, reflecting a strategic balancing across geographies. South Korea, Taiwan, and North America significantly increased their contributions, with South Korea reaching ¥147.0 billion and Taiwan ¥135.8 billion in Q4 FY2025. This reflects growing demand from advanced logic and memory fabrication customers in these regions.

In FY2025, Tokyo Electron’s semiconductor production equipment (SPE) sales reached ¥1.86 trillion, driven by a sharp rise in DRAM-related investments, particularly for high-bandwidth memory (HBM), which accounted for 31% of total sales. Non-volatile memory (NAND) remained stable at 7%, while non-memory segments, including logic and foundry, continued to dominate with 62%, reflecting robust demand from both advanced and mature nodes. The overall recovery and expansion of customer investments across segments underpinned this strong performance.

Market Segment Performance

Tokyo Electron’s global market share in CY2024 demonstrates its leadership across multiple core segments of the semiconductor production equipment market. The company holds a commanding 92% share in coater/developer systems, underlining its unparalleled position in photoresist processing for advanced lithography applications. It also leads the wafer prober segment with a 38% share and maintains robust positions in key deposition categories, including 38% in CVD and 37% in oxidation/diffusion systems. In contrast, TEL’s market share in ALD stands at 16%, notably behind ASM International, highlighting an opportunity for expansion in this strategically important technology as the industry moves towards GAA and other 3D device structures. Performance in dry etch (27%), cleaning systems (21%), and wafer bonding (32%) rounds out a broadly competitive portfolio that positions TEL to effectively support ongoing advancements in scaling, heterogeneous integration, and high-performance packaging across logic, memory, and AI-related applications.

To further expand our future profit, we made steady progress in penetrating into new technology domains. Specifically, we released multiple new outstanding products contributing to the semiconductor technology innovation. For example, penetration to untapped segments such as single-wafer plasma CVD and PVD, gas cluster beam system which improves efficiency of leading-edge lithography, and laser-lift-off system to drastically decrease environmental footprint of processing. In fiscal 2025, we conducted share repurchase of about ¥150 billion in total.

- Toshiki Kawai - Representative Director, President and CEO

 

New product 2025 Episode™ single-wafer CVD platform

Episode™ 1 is Tokyo Electron's latest single-wafer CVD platform, launched in 2024 to address the challenges of advanced device scaling in logic, DRAM, and future AI processors. It supports up to eight process modules, enabling complex, uninterrupted multi-step processing. The system integrates the OPTCURE™ module for native oxide removal and ORTAS™ for titanium CVD, allowing immediate Ti deposition to minimise contact resistance in advanced interconnects. Episode™ 1 replaces traditional PVD with CVD to achieve uniform, low-resistivity films in high aspect ratio structures such as deep contact holes. With a 45% smaller footprint than its predecessor and advanced edge computing, data analytics, and environmental tracking capabilities, the system enhances fab productivity, engineer efficiency, and readiness for new materials in next-generation device manufacturing.

The TEL Episode™ 1 system shown in the image seems to feature twin or dual single-wafer process chambers, which is typical in modular CVD tools designed for high throughput. Each visible module (with two load ports per unit) likely contains two process chambers within the same footprint to maximise wafer handling efficiency and enable parallel processing—common in tools aimed at advanced logic and memory manufacturing.

Episode™ 1 offers a reduced footprint. Compared with the Triase+™ series, twice as many smaller modules can be installed in a system. With the same number of modules installed, Episode™ 1 takes up about 45% less fab space than its predecessor

LINK: Episode™ 1 Single-Wafer Deposition System for Semiconductors: Driving the Evolution of AI Semiconductors to Transform Everyday Life | Blog | Tokyo Electron Ltd.

ASM International Strengthens ALD Market Leadership Amid Strong Q1 Results, Growing GAA Adoption, and Strategic Positioning for Advanced Node Demand

ASM International’s Q1 2025 results reaffirm its leadership in Atomic Layer Deposition (ALD), a technology central to enabling advanced semiconductor nodes such as 2nm and beyond. With ALD accounting for more than half of its equipment revenue and strong customer engagement in leading-edge logic and memory, ASM is well-positioned to capitalise on rising demand driven by GAA architectures, high-bandwidth memory, and ongoing technology node transitions.

ASM International’s Q1 2025 results reinforce its leadership in ALD, a foundational technology for enabling advanced semiconductor nodes. ALD represented more than half of ASM’s equipment revenue, with the market expected to grow at a compound annual rate of 10–14% through 2027, and ASM maintaining a leading market share above 55% in the segments they compete in:

Single-Wafer ALD Tools

ASM’s flagship ALD platforms are single-wafer systems, which provide high precision, conformality, and process flexibility. These are used primarily in leading-edge logic and memory production.

• Key Platforms:

  • XP8 and XP8 QCM: High-productivity platforms supporting multiple process chambers; widely used for high-volume manufacturing.

  • Previum and Previum Pro: Previum systems incorporate an integrated epitaxial (EPI) pre-clean step that effectively removes 15–20 monolayers of native oxide from the substrate surface. This step is crucial for ensuring high-quality EPI film growth.

  • Pulsar®: Specialised for high-k dielectrics, such as hafnium oxide (HfO₂) typically used in gate stacks.

  • Eagle® XP8: Designed for advanced metal ALD (e.g. TiN, W), often used in logic and memory applications including barrier and liner layers.

ASM International’s strategic alignment with the prevailing trends in the wafer fab equipment (WFE) market and its concentrated customer base. Logic and foundry applications are set to remain the dominant segment of WFE spending through 2026, reinforcing ASM’s focus on enabling advanced nodes such as FinFET and GAA, where Epitaxy (Epi) and atomic layer deposition (ALD) are critical. The company’s FY24 revenue profile shows that its top five customers accounted for 51% of sales, while the top ten represented 70%, indicating strong relationships with leading-edge semiconductor manufacturers. These likely include TSMC, Samsung, Intel, SK hynix, and Micron—ASM’s probable top customers given their leading-edge node adoption and high ALD utilisation. Others may include GlobalFoundries, UMC, SMIC, and select IDMs. 

The industry’s shift to gate-all-around (GAA) transistor architectures at 2 nm and beyond is driving increased demand for single-wafer ALD and silicon epitaxy (Si Epi) processes, which are essential for integrating high-k dielectrics, advanced metals, and high aspect ratio features in both logic and memory devices. ASM’s deep engagement with leading-edge customers—particularly in logic/foundry and high-bandwidth memory (HBM) DRAM—has already translated into strong revenue contributions. Additionally, early tool shipments for the 1.4nm node reflect continued confidence from top-tier clients and extend ASM’s growth visibility as chipmakers prepare for more complex architectures requiring precise material deposition.

ASMI presented a robust growth trajectory of the single-wafer Atomic Layer Deposition (ALD) market, projected to reach between US$4.2 billion and US$5.0 billion by 2027, with a compound annual growth rate (CAGR) of 10–14% from 2022.

Summary from ASM International Q1 2025 Earnings Call:

1. ALD Market Outlook:
ALD continues to be a key growth driver for ASM, with equipment sales led by ALD and expectations of a strong increase in GAA (gate-all-around) related demand throughout 2025. ALD intensity is rising as leading-edge nodes (2 nm and 1.4 nm) require more deposition steps for complex 3D structures, high-k dielectrics, and metal gate stacks. ASM confirmed ongoing R&D engagement for 1.4nm and highlighted that ALD demand will further accelerate in next-gen nodes, backside power delivery, and in advanced DRAM (e.g. HBM), which increasingly adopt logic-like ALD layers. ASM remains confident in long-term ALD market growth, forecasting double-digit increases in application layers per node.

2. Trade, Tariffs, and Geopolitical Risk:
ASM addressed potential impacts from new US tariff announcements, noting no immediate effect on equipment, but acknowledging possible indirect macroeconomic consequences. The company has prepared multiple mitigation scenarios, including flexible global manufacturing—already expanding in Korea and establishing capability in Arizona (set to scale in 2H 2026). ASM emphasised its ability to localise production quickly if needed. While there’s been no pull-forward of tool orders due to tariff concerns, the company is monitoring the situation closely and maintaining optionality in its supply chain to navigate shifting trade conditions.

ASM International NV (ASMIY) Q1 2025 Earnings Call Transcript | Seeking Alpha

"ASM International: Upgrade To Strong Buy On Better Growth Visibility And Strength"

ASM International (ASMIY) delivered a strong Q1 FY25, exceeding expectations in revenue, margins, and orders, driven by robust AI infrastructure demand, early ramp-up of 2nm nodes, and resilient performance in China. Despite macroeconomic risks and export controls, ASM saw solid contributions from mature logic foundries and high-bandwidth memory (HBM), which relies on advanced techniques like ALD and Epi. The company’s improved operational efficiency, growing AI demand, and clearer long-term growth visibility led the author to upgrade the stock to a “strong buy,” supported by a belief that ASM can reach the high end of its FY27 revenue target with continued margin expansion.

LINK: ASM International: Upgrade To Strong Buy On Better Growth Visibility And Strength (OTCMKTS:ASMIY) | Seeking Alpha

Semiconductor Equipment Stocks: Analysis of Decline and Recovery (Feb–May 2025)

Between February and May 2025, the semiconductor equipment sector experienced significant market volatility, driven by a combination of geopolitical developments, trade policy shifts, and evolving industry dynamics. Notably, U.S. tariff announcements and uncertainty in AI infrastructure investment led to sharp downturns in stock valuations across key players such as ASML, Applied Materials, KLA, Lam Research, and ASM International. Despite the initial decline, the sector showed resilience with signs of recovery emerging in late April. Here is an overview of the key events influencing these market movements, along with insights into the partial rebound observed by early May.

📉 February 24, 2025: Tariff Concerns and AI Sector Weakness

On February 24, 2025, semiconductor equipment stocks experienced a downturn due to escalating concerns over new U.S. tariffs and a slowdown in the AI sector. President Trump's administration announced a series of tariffs that heightened trade tensions, particularly affecting technology companies with significant exposure to international markets. Additionally, the AI sector faced headwinds as companies like Super Micro Computer Inc. issued profit warnings, citing delays in AI infrastructure investments. These factors collectively contributed to a decline in investor confidence, leading to a sell-off in semiconductor-related stocks.

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📉 March 25, 2025: Temporary Relief Amid Ongoing Uncertainty

On March 25, 2025, there was a brief respite in the downward trend as President Trump announced exemptions for semiconductor equipment and other electronics from the newly imposed tariffs. This announcement provided temporary relief to the market, leading to a modest rebound in semiconductor stocks. However, the relief was short-lived as uncertainties persisted regarding the broader implications of the trade policies and their potential impact on global supply chains.

Stock Market News, March 26, 2025: Nasdaq Falls; Nvidia, Tesla Drop More Than 5%

📉 April 1, 2025: Market Crash Triggered by Sweeping Tariffs

On April 1, 2025, the semiconductor sector was significantly impacted by a broader market crash initiated by the announcement of sweeping tariffs by the U.S. administration. These tariffs affected a wide range of imports, leading to fears of a global trade war and potential recession. The semiconductor industry, being highly globalized and reliant on complex international supply chains, was particularly vulnerable. The market reacted sharply, with semiconductor equipment stocks experiencing substantial declines.

Watch Tariff-Driven Turmoil Drags Stocks to Multiyear Lows | Bloomberg: The Close 04/04/2025 - Bloomberg

Tariffs Won’t Stop Companies Buying ASML’s Machines—Heard on the Street

📈 Partial Recovery: Resilience Amid Challenges

Despite the challenges, semiconductor equipment stocks have shown signs of recovery in the subsequent weeks. Several factors have contributed to this partial rebound:

- Strong Earnings Reports: Companies like Cadence Design Systems reported robust earnings, indicating resilience in certain segments of the semiconductor industry.

- Continued AI Demand: The ongoing demand for AI-related technologies has provided support to the semiconductor sector, with companies like ASM International projecting sales growth driven by AI chip demand.

- Tariff Exemptions: The exemption of semiconductor equipment from certain tariffs has alleviated some immediate pressures on the industry, allowing for cautious optimism among investors.

While uncertainties remain, particularly concerning global trade policies and geopolitical tensions, the semiconductor equipment sector has demonstrated a degree of resilience, adapting to the evolving landscape and capitalizing on areas of sustained demand.

The Score: Meta Platforms, McDonald’s, Kohl’s and More Stocks That Defined the Week - WSJ

Stocks to Watch: Nvidia, AMD, Abbott Laboratories, ASML

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ASML Posts Strong Q1 2025 Results Amid AI-Driven Demand and Tariff Uncertainty

ASML kicked off 2025 with solid first-quarter performance, beating expectations on both earnings and revenue as demand for advanced lithography tools—driven by AI and next-generation semiconductor nodes—remained robust. While the company reaffirmed its growth outlook for 2025 and 2026, it also flagged increasing geopolitical uncertainty, particularly around US-China tariffs, as a risk factor for the months ahead.

ASML delivered strong Q1 2025 results, with earnings per share of $6.82 and revenue of $8.80 billion, reflecting a 56% year-over-year increase. The company met or exceeded guidance across major financial metrics, with gross margins at 54%, supported by favorable EUV system configurations and higher average selling prices. Net system sales reached €5.7 billion—€3.2 billion from EUV and €2.5 billion from non-EUV—while Installed Base Management sales added €2 billion. Bookings totaled €3.9 billion, mostly from logic customers. Despite a seasonal dip in free cash flow due to payment timing and capital investments, ASML remains financially strong with €9.1 billion in cash.

CEO Christophe Fouquet and CFO Roger Dassen emphasized the ongoing strength of AI as a demand driver, particularly in advanced logic and memory, while acknowledging growing macroeconomic and geopolitical uncertainties—especially around tariffs. They reiterated revenue expectations for 2025 between €30 billion and €35 billion, with 2026 also anticipated to be a growth year. However, they cautioned that new tariff dynamics introduce significant unknowns for both ASML and its customers, which may affect gross margins and the broader supply chain.

On the technology front, ASML made progress with both its Low NA and High NA EUV systems. The NXE:3800E tool is now shipping at full spec and is seeing strong adoption among logic and memory customers aiming for single-expose EUV. Meanwhile, the High NA NXE:5000 has demonstrated better maturity compared to the Low NA at a similar stage, with customers like Intel and Samsung reporting substantial gains in productivity and process simplification. ASML shipped its fifth NXE:5000 in Q1 and is beginning shipments of the NXE:5200, which will be critical for phase two customer evaluations. Full-scale adoption is expected from 2026–2028, contributing to ASML’s long-term revenue forecast of €44 billion to €60 billion by 2030.

ASML addressed growing concerns over US and China tariffs, highlighting the high level of uncertainty surrounding their scope and impact. The company is actively assessing both direct and indirect consequences, including tariffs on system sales, parts imports, and servicing operations. ASML emphasized that it is working closely with customers and suppliers to mitigate disruptions and ensure that tariff-related costs are fairly distributed across the value chain, rather than being absorbed solely by ASML. While management acknowledged that these discussions are still evolving and outcomes remain unclear, they cautioned that tariffs could introduce volatility in margins, supply chain planning, and customer delivery schedules. Despite this, ASML noted that the current business conversations with customers remain unchanged and the long-term strategic investment momentum—especially in logic and AI-related capacity—appears resilient.

Sources:

ASML Holding N.V. 2025 Q1 - Results - Earnings Call Presentation (NASDAQ:ASML) | Seeking Alpha

ASML Holding N.V. (ASML) Q1 2025 Earnings Call Transcript | Seeking Alpha

Applied Materials Unveils Industry-First Ruthenium-Cobalt Liner and Next-Gen Dielectrics to Enable 2nm Chip Wiring and Boost 3D Stacking for Energy-Efficient AI Computing

Applied Materials has announced new materials engineering breakthroughs aimed at improving energy efficiency in computing by enabling copper wiring to scale down to the 2nm node and beyond. Central to this innovation is the industry’s first high-volume use of ruthenium in a binary metal liner with cobalt (RuCo), which allows for thinner liners, improved copper fill, and up to 25% lower electrical resistance. This innovation, part of the new Endura™ Copper Barrier Seed IMS™ system, combines six process technologies in one high-vacuum system and is already being adopted by major logic chipmakers. These advances address the increasing challenges of interconnect resistance and mechanical weakness as chip feature sizes shrink.

Applied Materials’ new Endura™ Copper Barrier Seed IMS™ with Volta™ Ruthenium CVD combines six different technologies in one high-vacuum system, including an industry-first combination of materials that enables chipmakers to scale copper wiring to the 2nm node and beyond.

Complementing this, Applied also introduced an enhanced version of its long-standing Black Diamond™ low-k dielectric material, designed to reduce capacitance and reinforce chip strength — critical for advanced 3D stacking in logic and memory chips. These solutions help overcome scaling limitations associated with Moore’s Law and are critical for sustaining AI-driven computing advancements. As demand for high-performance, energy-efficient chips grows, Applied’s innovations are expanding its served market for interconnect technologies, which is projected to reach $7 billion per 100K wafer starts per month with the addition of backside power delivery.

With the semiconductor industry’s first use of ruthenium in high-volume production, Applied Materials' new binary metal combination of ruthenium and cobalt (RuCo) enables copper chip wiring to be scaled to the 2nm node and beyond and reduces electrical line resistance by as much as 25 percent.

Applied Materials today introduced an enhanced version of the company’s Producer™ Black Diamond™ PECVD dielectric film. This new material enables chip scaling to 2nm and below, while offering increased mechanical strength to help take 3D logic and memory stacking to new heights.

The new Producer™ Enhanced Black Diamond™ dielectric is a revolutionary product, enabling next-generation chips of the AI era. Enhanced Black Diamond™ addresses two key issues in leading-edge chips. As wires become closer together, parasitic capacitance increases. The phenomenon slows signals down, worsening performance and energy consumption. Additionally, damaging plasma manufacturing processes can cause the thinner insulating dielectric material between wires to fracture or collapse, potentially leading to chip failure (Embedded from Youtube : https://youtu.be/uJju9KNA-yE?si=ae-Eqc0Qaf5J8e0W).

Sources:

Applied Materials Unveils Chip Wiring Innovations for More Energy-Efficient Computing | Applied Materials

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/96098774-3afd-4e4a-9f5c-e0ba8d523bc2

https://www.globenewswire.com/NewsRoom/AttachmentNg/fd0d0edb-65ea-49ab-a66b-1f5bc5265b16

https://www.globenewswire.com/NewsRoom/AttachmentNg/8c6a061b-92da-4b37-a475-8f57e3884ef4

AlixLabs to Demonstrate APS™ on 300-millimeter UMC wafers at the 2025 CMC Conference

Atomic Layer Etching Pitch Splitting (APS) proven on more industry-leading wafers, doubling fin density and proving flexibility without EUV.

Austin, TX, USA/Stockholm, Sweden – April 10th, 2025 – AlixLabs AB, a Swedish semiconductor startup specializing in Atomic Layer Etching (ALE), today demonstrates the latest in its line of groundbreaking development in advanced chip fabrication unveiling additional research into its novel semiconductor manufacturing process known as APS™ (Atomic Layer Etching Pitch Splitting) capable of doubling fin density while introducing the unprecedented flexibility to vary pitch and critical dimensions within the same wafer area.

Proven on 300-millimeter wafers provided by United Microelectronics Corporation (UMC), the APS™ technology successfully halved pitch compared to current industry benchmarks. This significant advancement was achieved entirely without relying on expensive and energy-intensive Extreme Ultraviolet (EUV) lithography.

Instead, APS™ leverages advanced etching techniques that substantially enhance sustainability, drastically reducing energy consumption without compromising throughput. Previous demonstrations of the APS™ process, validated through Intel’s Test Vehicle Program[1], confirmed its potential by achieving metal pitches as small as 25 nanometers.

“Today we are sharing more proof that the APS™ process can be a game changer for leading foundries. Thanks to UMC, we have been able to verify our process on production wafers that are shipped in quantities measured in millions of wafers annually,” said Dr. Robin Athle, Principal Researcher at AlixLabs. “Our mission is to create equipment that allows companies that don’t have access to EUV tools to scale down their production to 5 nanometer and beyond. By eliminating the dependency on EUV lithography, we are offering the industry a path towards more sustainable and economically feasible high-density chip production.”

Detailed results from AlixLabs’ UMC wafer tests and further insights into APS™ technology will be presented at the 2025 CMC Conference, scheduled for April 10th in Austin, Texas. Dr. Athle’s presentation “Atomic Layer Etching Pitch Splitting (APS™): a New Alternative to Multi Patterning” will be held at 4:00 PM at the Bergstrom Ballroom in Hilton Austin Airport Hotel.

Semiconductor Equipment Not Listed in Tariff Exemptions and EU and Japanese Suppliers Show Market Resilience

As of April 6, 2025, semiconductor equipment is not explicitly included in the list of exempted products under the U.S. tariffs detailed in Annex II of President Donald Trump’s executive order. While semiconductors and electronic components such as integrated circuits and diodes are covered, the exemption does not extend to manufacturing equipment.

Since the April 2, 2025 tariff announcement, ASML’s stock fell about 9.5%, showing more resilience than the Philadelphia Semiconductor Index (SOX), which dropped approximately 16.7% (deepest point).

Semiconductor equipment not listed in tariff exemptions, but EU and Japanese suppliers show market resilience

Despite this, European and Japanese semiconductor equipment companies have shown relative resilience in the wake of the April 2 tariff announcement. ASML, the Netherlands-based manufacturer of advanced lithography tools, saw its stock fall by about 9.5 percent, compared to a sharper 16.7 percent drop at the lowest point for the Philadelphia Semiconductor Index (SOX). This suggests continued investor confidence in ASML’s position and the essential nature of its equipment in semiconductor manufacturing.

Other global equipment firms also experienced moderate declines. ASM International, also from the Netherlands, saw an 8.3 percent drop. Tokyo Electron, Japan’s leading chip tool supplier, declined by 8.1 percent. In contrast, US-based companies faced more significant losses: Applied Materials dropped 14.1 percent, Lam Research fell 19.9 percent, and KLA Corporation declined by 16 percent between April 2 and April 4.

The broader tariff policy applies a 10 percent baseline rate on most imports starting April 5, with higher rates—up to 50 percent—for goods from 83 countries (including EU members) beginning April 9. Annex II outlines exemptions across multiple sectors: critical minerals, pharmaceuticals, energy products, integrated circuits, and fertilizers. However, semiconductor manufacturing equipment is not among the listed exemptions, indicating it remains subject to the new tariffs unless otherwise specified in future regulatory clarifications.

Despite this, the muted market response for EU and Japanese equipment makers highlights their global significance and the likelihood that US firms will continue to source vital tools from these suppliers, tariffs notwithstanding.

Background:

Starting on April 5, a 10% baseline tariff will be applied to nearly all products from all countries, with a few notable exceptions explained later. The executive order’s Annex I lists 57 countries (83 when accounting for all European Union member states) that will face higher tariffs of up to 50%, which go into effect on April 9. The new tariffs will stack on previous product-specific tariff rates. As a reminder, a tariff is a tax paid at the border by an importer seeking to bring products into the United States from a foreign country.

The exempted items in Annex II include, but are not limited to: copper, pharmaceuticals, semiconductors, lumber articles, certain critical minerals, energy/energy products, and products facing section 232 tariffs from the current administration (steel, aluminum, automobiles and any future section 232 investigations). While some of these industries were exempted due to their important roles in the economy (energy and critical minerals), others were excluded as they are a target for future restrictions (copper, lumber, pharmaceuticals and semiconductors).

Annex II lists a range of products exempted from trade actions, categorized across several sectors. It includes critical minerals and ores, such as copper, cobalt, lithium, tungsten, manganese, rare-earth elements, and graphite.

It also covers a wide array of chemicals and industrial compounds, including hydrofluoric acid, titanium dioxide, aluminum oxide, and various oxides, chlorides, and sulfates.

A significant portion of the list includes energy products, such as crude oil, natural gas (liquefied and gaseous), coal, petroleum derivatives, lubricants, and electricity.

The Annex lists several electronic components, including integrated circuits (processors, memory, amplifiers, other ICs), semiconductor devices (diodes, transistors, thyristors, optical isolators), and parts for these devices.

In agriculture, exempted products include fertilizers containing potash and NPK compounds, peat, and veterinary vaccines.

The document also includes many pharmaceuticals and medical products, such as antibiotics, hormones, vitamins, vaccines, and active pharmaceutical ingredients (APIs), along with cell therapy products and clinical trial materials.

There are exemptions for polymers and plastics in primary forms, including polyethylene, polypropylene, PTFE, silicones, and epoxide resins.

Additionally, doped materials for electronics, such as silicon wafers (HTS 38180000), and pigments and colorants like titanium dioxide and copper phthalocyanine, are listed.

Sources:

Understanding the New Tariffs | Market Intel | American Farm Bureau Federation

Tariffs Won’t Stop Companies Buying ASML’s Machines—Heard on the Street