BE Semiconductor Industries (Besi), a prominent Dutch chip equipment manufacturer, announced an upward revision of its long-term financial projections ahead of its investor day held on Thursday. The adjustment was driven by growing optimism around the adoption of its advanced chip stacking tools, particularly the hybrid bonding technology that has become increasingly critical in the semiconductor industry.
The company, known for producing what is widely considered the most accurate hybrid bonding tool available globally, has positioned itself at the forefront of a transformative shift in chip manufacturing. Hybrid bonding, a technique allowing multiple chips to be directly stacked on top of each other, has gained significant traction as traditional methods of performance enhancement through miniaturization encounter physical limits.
In a presentation delivered during the investor event, Besi’s Senior Vice President of Technology, Chris Scanlan, indicated that several major players in the AI chip design space were exploring the integration of this technology into their manufacturing processes. Among them were Nvidia and Broadcom, two key names in the global semiconductor industry, who were reportedly evaluating hybrid bonding processes developed by Taiwan Semiconductor Manufacturing Co. (TSMC). This trend, if it continues, was expected to contribute to a surge in demand for Besi’s proprietary bonding tools.
Scanlan also noted that chipmakers such as Intel and AMD had been expanding their usage of hybrid bonding as they seek innovative solutions to maintain performance growth amid scaling limitations. The announcement was perceived positively by investors, with shares of Besi experiencing a notable 8.4% increase by mid-afternoon trading, outperforming all other listings on the Netherlands’ AEX index.
As part of its revised financial guidance, Besi projected that its long-term revenue could reach between €1.5 billion and €1.9 billion, a considerable increase from its previous forecast of €1 billion. Additionally, the company expected operating margins to lie in the 40% to 55% range, up from an earlier target of 35% to 50%. This optimistic outlook was underpinned by expectations of increased tool adoption across the industry and an expanding customer base prioritizing advanced packaging technologies.
The semiconductor sector has been undergoing significant changes, largely due to the diminishing returns associated with shrinking chip geometries. The physical boundaries of Moore’s Law, which historically predicted the doubling of transistors on a chip every two years, have led chipmakers to seek alternatives that can support enhanced computing power. Technologies like hybrid bonding now represent one of the most promising solutions in this new era of chip design.
The situation has been further compounded by the constraints of current lithography systems, particularly those supplied by ASML, another Dutch giant in the semiconductor supply chain. Chipmakers have reportedly reached the maximum feasible reticle exposure limits of these lithography tools, which has made it impractical to simply enlarge chip size as a way to boost performance. In response, a shift towards multi-chip module packaging — including chip stitching and stacking — has taken center stage.
Evidence of this strategic pivot was demonstrated earlier in the year when TSMC unveiled an ambitious chip package roughly the size of a dinner plate, comprising over sixteen large computing chips integrated into a single package. Such innovation highlights the increasing demand for high-precision bonding tools — a niche in which Besi has claimed significant expertise.
Despite the enthusiastic market response and heightened investor interest, some industry analysts advised caution. Analysts at Degroof Petercam observed that although Besi’s revised projections appeared promising, the company had not yet achieved its earlier long-term targets. This discrepancy raised questions about the timing of the new forecast and whether the optimism was fully supported by recent operational performance. They emphasized the importance of monitoring actual execution and customer adoption trends over the coming quarters before forming a conclusive assessment.
Nevertheless, Besi’s leadership appeared confident that the market’s trajectory aligned with its technological strengths. The firm’s strategy has been to place itself at the center of next-generation semiconductor packaging solutions, and it views the rise of hybrid bonding as an affirmation of its long-term vision.
As the semiconductor industry continues to evolve in response to both technical constraints and heightened demand from AI and high-performance computing sectors, companies like Besi are likely to play an increasingly vital role. The latest announcements serve not only to elevate its financial targets but also to signal a broader transformation in how the future of chipmaking is being reimagined.
