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The HBM Stacking Robots — TC Bonders & Hybrid Bonders · The Memory Wall — HBM, DRAM, NAND & the AI Memory Cartel

BESI.AS

BE Semiconductor Industries (BESI)
Foreign listing — not directly tradable in a US brokerage. Editorial detail only.

Co-leader in hybrid bonders. The HBM4E / HBM5 generation runs on BESI's machines.

What they do

Dutch maker of hybrid bonders that join copper-to-copper at less than 10 nanometers of precision , required for HBM4E 16-high stacks and beyond. Applied Materials bought a 9% stake in April 2025, creating an effective "AMAT CMP + BESI bonder" alliance. Bernstein expects all three HBM makers (SK Hynix, Samsung, Micron) to adopt BESI for HBM4E/HBM5 from 2027 onward. The FT reports hybrid bonding revenue went from €36M (2023) to €476M projected (2026).