Management remarks
Call period: 2026 Q2 · 2026-07-29
Guidance: Gregory S. Smith: WFE CapEx is now forecasted to approach $250 billion, with 5% to 10% annual growth in 300-millimeter wafer production and 15% to 20% CAGR in total production over the midterm.Demand and orders: Michelle L. Turner: Compute revenue grew nearly 600% year-over-year on strong AI-related demand.Margins: Michelle L. Turner: Gross margins for the quarter were 59.8% up 250 basis points year-over-year driven by strong Semi Test volume and product mix.Analyst Q&A
Analyst Timothy Michael Arcuri asked: Gregory, in correlating the test TAM to the WFE TAM, typically, it is been about 8%. And if I look at your TAM slide, it looks like the upper end of the range, is, like, $16 billion to $17 billion for next year. When some of us like me think that WFE is going to be $200 billion. Management Gregory S. Smith answered: And so we have been going back and doing some homework on this. The thing that you are bringing up in terms of that 8% is a really interesting trajectory that if you look back to 2023, it was down near 4% of the total CapEx spent on test equipment. And by 2025, that had gone up to 7% The first five months of 2026, it is 8% of total semi CapEx has been on test equipment. So it is kind of this rocket trajectory. As I said in my prepared remarks, there are some reasons why we think that is happening connected to advanced packaging.管理层陈述
电话会期间：2026 Q2 · 2026-07-29
指引：格雷戈里·S·史密斯：晶圆制造设备资本支出目前预计接近2500亿美元，300毫米晶圆产量中期内将实现5%至10%的年增长率，总产量的复合年增长率将达15%至20%。需求与订单：米歇尔·L·特纳：受强劲人工智能相关需求推动，计算业务收入同比增长近600%。利润率：米歇尔·L·特纳：本季度毛利率为59.8%，同比增加250个基点，得益于半导体测试业务量和产品组合表现强劲。分析师问答
分析师蒂莫西·迈克尔·阿尔库里提问：通常测试可寻址市场（TAM）与晶圆厂设备（WFE）TAM的相关性约为8%，根据贵方TAM幻灯片，明年TAM区间上限为160亿至170亿美元，但包括我在内的部分人士认为WFE将达到2000亿美元，请问如何看待这一情况？管理层格雷戈里·史密斯回应：我们一直在就此调研，该8%比例是个有趣的趋势：2023年测试设备占半导体总资本支出的比例接近4%，2025年升至7%，2026年前五个月已达8%，呈迅猛增长态势，这与先进封装相关。This earnings research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报研究基于公司业绩公告、监管文件、财务报表，以及财报电话会议记录或官方回放整理。内容仅供参考，不构成投资建议。
