The Bonders — Advanced Packaging Outliers · AI Chain
BESIY
BE Semiconductor Industriesloading…
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The hybrid bonder duopoly — fusing chips at the nanometer
What they do
Dutch company that makes the machines that fuse two chips together with nanometer accuracy (called 'hybrid bonders'). Required to build the most advanced AI chips. Q1 2026 orders €269.7M — a record. Applied Materials owns 9% of them and may try to buy them outright. ADR is on the pink sheets, which is why most American investors have never bought it.