Semicap means wafer-fab equipment, process-control tools, purity and process materials, installed-base service, production test, and outsourced packaging capacity. Advanced packaging means the HBM, chiplet, hybrid-bonding, 2.5D, inspection, metrology, wet-process, and OSAT steps that let dense AI systems ship. Power semis means power-management and high-voltage conversion chips used inside AI servers, optical links, networking gear, industrial power, and dense compute racks. This node tests whether AI capex becomes shipped supplier revenue, gross margin, receivables quality, inventory discipline, debt or working-capital improvement, and free cash flow. AMAT, KLAC, LRCX, and MPWR remain the top four because they have the broadest or cleanest reported conversion routes. ENTG and MKSI now rank ahead of smaller specialty names because the June 21 knowledge lanes add process-critical materials, purity, vacuum, photonics, and process-material exposure with current Q1 2026 operating proof. NVMI, ONTO, CAMT, TER, and AMKR keep their relative metrology, inspection, test, and OSAT logic. ACMR is added as the high-growth China-local WFE and wet-process proof row; POWI adds the high-voltage power-conversion row; TRT and CVV are microcap tail rows where order conversion and margin absorption are still the gating evidence.
What the stack is: front-end wafer-fab equipment, process-control inspection and metrology, semiconductor test systems, outsourced assembly and test capacity, advanced packaging tools and capacity, and high-density power-management semiconductors.
What it does: the stack turns AI chip demand into manufacturable wafers, higher yield, tested devices, packaged chiplets and HBM systems, and reliable voltage conversion inside servers, optical links, switches, and racks.
Main pieces: deposition, etch, clean, ion implant, inspection, metrology, probe, final test, HBM stacks, chiplets, interposers, substrates, hybrid bonding, 2.5D packaging, OSAT lines, voltage regulators, power modules, and installed-base service.
Where it sits: WFE and process-control tools sit in fabs; test systems sit at wafer sort and final test; OSAT and advanced-packaging capacity sits in back-end assembly sites; power semis sit on accelerator boards, server trays, optical modules, and rack power shelves.
How AI infrastructure uses it: hyperscaler and AI-chip orders require foundries, memory makers, fabless designers, and OSAT partners to buy tools, qualify processes, improve yields, package dense compute, test devices, and deliver power-dense systems before data-center capacity can ship.
Terms used later: WFE means wafer-fab equipment; HBM means stacked high-bandwidth memory; OSAT means outsourced semiconductor assembly and test; process control means inspection, metrology, and analytics used to find yield problems; installed-base service means parts, upgrades, and support on tools already in customer fabs.
Report boundary: this node is a tactical report layer. It ranks the current semicap, materials, packaging, test, and power-semiconductor basket, confirmation triggers, invalidation evidence, and chart provenance. Durable research, claim IDs, raw source registries, and sector thesis maintenance stay in the linked knowledge pages. Price and volume context for the added June 21 names comes from the parent-provided read-only discovery check showing daily_ohlc rows through 2026-06-18. Static setup labels in the older sidecar metadata still use completed weekly bars through 2026-06-05 and are stale before use as current trading evidence.
Current Setup
Manufacturing conversion nodeAI chip demand needs to become shipped tools, materials, packages, test time, and power content.
The setup is strongest where reported revenue, margin, cash flow, and guide conversion show that customers are taking qualified product and capacity rather than only reserving future projects.
Reported proofWFE, process-control, materials, and process suppliers have current guide support.
AMAT, KLAC, LRCX, ENTG, and MKSI have reported Q1/Q2 evidence that ties the cycle to revenue, margin, or guide conversion.
Conversion gateSpecialty rows need shipment, margin, and cash evidence.
Watch NVMI, ONTO, CAMT, TER, AMKR, ACMR, POWI, TRT, and CVV for guide conversion, receivables, margin, utilization, and order quality.
Primary constraintExport access, customer timing, and working capital can dilute the read.
China exposure, concentrated buyers, inventory days, receivables, and capex intensity remain live checks.
Demand sourceAI chips + HBM
Stack deliveredTools, materials, test, power
Accounting proofRevenue, GM, FCF
Live watchChina, cash, utilization
AI compute capacity needs wafer starts, yield learning, materials purity, process chemicals, HBM and chiplet packaging, production test, OSAT capacity, and efficient power conversion. The useful proof is operating conversion: tool shipments, materials and filtration demand, accepted inspection and metrology systems, power-chip revenue, test utilization, packaging margin, order backlog, receivables collection, inventory control, export access, debt reduction, and free cash flow.
The current source stack shows several supplier routes already reporting AI-linked or advanced-node demand. AMAT reported Q2 FY2026 revenue of $7.91B, non-GAAP gross margin of 50.0%, and Q3 revenue guidance of $8.95B plus or minus $0.50B. KLAC reported Q3 FY2026 revenue of $3.415B and guided Q4 revenue to $3.575B plus or minus $0.200B with non-GAAP gross margin around 61.75%. LRCX reported Q3 FY2026 revenue of $5.841B and June-quarter revenue guidance of $6.6B plus or minus $0.4B. MPWR reported Q1 2026 Enterprise Data revenue of $262.823M. ENTG and MKSI add materials, purity, vacuum, photonics, and process-material evidence through Q1 2026 sales, gross margin, EBITDA or segment-margin proof. NVMI, ONTO, CAMT, TER, AMKR, ACMR, POWI, TRT, and CVV broaden the route into metrology, inspection, test, OSAT, China-local WFE, high-voltage power conversion, burn-in boards, and niche thermal-process equipment.
The proof burden is high because the same demand routes carry export, customer, cash, balance-sheet, and valuation risk. AMAT, LRCX, KLAC, NVMI, ONTO, CAMT, and ACMR depend on leading-edge customer capex and China or Asia access. ENTG and MKSI must convert recovery into cash generation and debt or leverage improvement. MPWR and POWI have concentration or channel visibility risk. TER and TRT need proof that AI test and burn-in demand repeats after strong reported periods. AMKR has low-teens gross margin and a $2.5B-$3.0B FY2026 capex plan. CVV has cash but only $1.844M of Q1 continuing revenue, $4.7M backlog, and 8.0% gross margin.
Right-rail chart packages use the local report API and stored discovery daily_ohlc. The parent read-only coverage check for ACMR, ENTG, MKSI, POWI, TRT, and CVV found rows through 2026-06-18; older static setup labels in existing metadata remain tied to the completed 2026-06-05 weekly bar and should be refreshed before use as current trade evidence. Fundamental claims route to the knowledge theme page, sector lane, linked security lanes, and June 21 raw source outputs.
Basket
This basket is inherited from the parent theme's Semicap, packaging, and power semis group and hand-ranked by source-backed node economics before chart timing. AMAT, KLAC, LRCX, and MPWR keep the top four slots because they have the broadest WFE, process-control, process-intensity, or reported AI server-power evidence. ENTG and MKSI move into ranks five and six because the June 21 lanes add process-critical materials, purity, vacuum, photonics, and process-material exposure with current sales, margin, EBITDA, or segment evidence. NVMI, ONTO, CAMT, TER, and AMKR keep their existing relative logic as focused metrology, inspection, test, and OSAT packaging routes. ACMR is a high-growth China-local WFE and wet-process proof row because cash conversion and export access are still unresolved. POWI is a smaller high-voltage power-conversion semiconductor row with good cash conversion but thin current GAAP margin. TRT and CVV are microcap tail rows where the basket read depends on order repeatability, margin absorption, and cash discipline.
Broad WFE and installed-base service route across leading-edge logic, DRAM/HBM, GAA, and advanced packaging.
Market cap$345.6B
Next earningsNot confirmed
Latest qtr revenue$7.91B
Role in stack
AMAT sells wafer-fab equipment, process tools, services, and upgrades to foundry/logic, DRAM/HBM, and packaging customers. AI capex converts when those customers turn node ramps and packaging plans into tool shipments, Applied Global Services revenue, Semiconductor Systems margin, and free cash flow.
Revenue mix
Q2 FY2026 Semiconductor Systems revenue was $5.965B, about 75% of total revenue, and Applied Global Services revenue was $1.665B, about 21%. China was 27% of total revenue.
Proof burden
Q2 FY2026 revenue was $7.91B and Q3 guidance was $8.95B plus or minus $0.50B. The next proof is Q3 guide conversion with stronger free cash flow after Q2 working-capital use.
Yield-control anchor where HBM, leading-edge logic, and packaging complexity require more inspection and metrology.
Market cap$244.2B
Next earningsNot confirmed
Latest qtr revenue$3.415B
Role in stack
KLA sells inspection, metrology, analytics, specialty process, PCB/component inspection, and service tools to semiconductor manufacturers. AI capex converts when harder HBM, leading-edge logic, and advanced-packaging flows require more process-control steps and service support.
Revenue mix
Semiconductor Process Control represented about 90% of Q3 FY2026 segment revenue and nearly 97% of segment profit in the local lane. China was 31.2% of Q3 FY2026 year-to-date revenue.
Proof burden
Q3 FY2026 revenue was $3.415B and Q4 guidance was $3.575B plus or minus $0.200B. The next proof is guide conversion, high process-control margin, and cash generation.
Etch, deposition, clean, process-integration, packaging, and installed-base support route into AI process intensity.
Market cap$367.7B
Next earningsNot confirmed
Latest qtr revenue$5.841B
Role in stack
Lam sells etch, deposition, clean, process-integration, advanced-packaging, and installed-base support tools. AI capex converts when memory, foundry, and packaging customers turn capacity plans into systems revenue, support revenue, near-50% gross margin, and cash returns.
Revenue mix
Q3 FY2026 systems revenue was $3.731B and customer support-related revenue and other was $2.111B. China was 34% of Q3 revenue, while FY2025 market exposure was 45% foundry and 42% memory.
Proof burden
Q3 FY2026 revenue was $5.841B and June-quarter guidance was $6.6B plus or minus $0.4B. The next proof is memory/foundry demand converting into margin and support revenue despite China exposure.
Power-density route where AI servers, optical systems, and networking gear need more power-management content.
Market cap$78.6B
Next earningsNot confirmed
Latest qtr revenue$804.2M
Role in stack
MPWR sells power-management ICs and modules used in enterprise data, AI servers, optical systems, communications, storage, automotive, industrial, and consumer systems. Theme pressure converts through Enterprise Data revenue, gross margin, inventory turns, distributor quality, and clean controls.
Revenue mix
Q1 2026 Enterprise Data revenue was $262.823M, or 32.7% of total revenue. Distribution represented 88% of revenue, Asia ship-to revenue was 92%, and the top two distributors were 26% and 16% of revenue.
Proof burden
Q1 2026 revenue was $804.185M. The next proof is Enterprise Data durability, inventory normalization, distributor quality, and clean remediation of deferred-tax controls.
Process-critical materials, purity, filtration, FOUP, fluid-handling, CMP, etch, and deposition route into advanced-node content per wafer.
Market cap$27.2B
Next earningsLate Jul est.
Latest qtr revenue$811.9M
Role in stack
Entegris sells materials, filtration, purification, FOUPs, fluid handling, deposition materials, CMP products, selective etch, and implant gases to semiconductor customers. AI capex converts when advanced-node and HBM process complexity raises content per wafer and that revenue funds margin and debt reduction.
Revenue mix
Q1 2026 sales were $811.9M. Advanced Purity Solutions had Q1 sales of $463.6M and Materials Solutions had Q1 sales of $351.1M; both lanes are tied to process complexity and fab utilization.
Proof burden
Q2 guidance is $815M-$845M of sales and adjusted EBITDA of 27.0%-28.0% of sales. The next proof is Q2 execution, APS/MS profit recovery, operating cash flow above capex, and continued deleveraging.
Vacuum, photonics, instruments, process materials, and Atotech chemistry route into semicap tools and advanced electronics.
Market cap$21.2B
Next earningsNot confirmed
Latest qtr revenue$1.078B
Role in stack
MKS supplies vacuum subsystems, photonics products, process materials, instruments, and Atotech process chemistry to semiconductor, advanced-electronics, and industrial customers. Theme pressure converts when semiconductor and advanced-packaging demand lifts revenue, segment margin, FCF, and debt reduction.
Revenue mix
Q1 2026 revenue was split across Vacuum Solutions at $425M, Photonics Solutions at $303M, and Materials Solutions at $350M. Materials had the highest disclosed segment gross margin at 52.2%.
Proof burden
Q2 guidance midpoint is $1.200B of revenue and $3.19 non-GAAP EPS. The next proof is Q2 delivery, margin conversion, stronger FCF than Q1's $29M, and continued leverage improvement after refinancing.
Focused metrology route into HBM, GAA, hybrid bonding, and advanced-packaging process measurement.
Market cap$16.6B
Next earningsNot confirmed
Latest qtr revenue$235.3M
Role in stack
Nova sells metrology and process-control systems to advanced-node, DRAM/HBM, GAA, hybrid-bonding, and advanced-packaging customers. AI capex converts when tool wins become product revenue, service revenue, high gross margin, and cash.
Revenue mix
The local lane ties the route to advanced-node, HBM/GAA, hybrid-bonding, and high-margin metrology. Source coverage also flags China/Taiwan and customer concentration as material.
Proof burden
Q1 2026 revenue was $235.3M and Q2 guidance was $245M-$255M. The next proof is guide conversion, HBM/GAA qualification turning into revenue, and concentration risk staying manageable.
Advanced-packaging inspection and process-control broadener tied to Dragonfly G5 and Atlas G6 adoption.
Market cap$14.2B
Next earningsNot confirmed
Latest qtr revenue$291.9M
Role in stack
Onto sells inspection and metrology platforms into advanced nodes, advanced packaging, and process-control workflows. AI capex converts when Dragonfly G5, Atlas G6, and related qualifications become shipments, GAAP earnings, and operating cash flow.
Revenue mix
The local lane ties ONTO to Dragonfly G5, Atlas G6, advanced packaging, advanced nodes, and the Rigaku investment. It also flags customer concentration and convert/Rigaku capital-allocation complexity.
Proof burden
Q1 2026 revenue was $291.9M and Q2 guidance was $320M-$330M. The next proof is qualification conversion, GAAP earnings quality, operating cash flow, and disciplined Rigaku/convert capital allocation.
Focused advanced-packaging inspection and metrology route for HBM, chiplets, and hybrid bonding.
Market cap$9.6B
Next earningsNot confirmed
Latest qtr revenue$121.7M
Role in stack
Camtek sells inspection and metrology systems for advanced packaging, HBM, chiplets, hybrid bonding, and related back-end flows. AI capex converts when accepted Hawk and Eagle G5 shipments become revenue, gross margin, receivables collection, and export continuity.
Revenue mix
The local lane supports HBM, chiplet, hybrid-bonding, Hawk/Eagle G5, and Visual Layer optionality, while highlighting APAC/China policy exposure and limited product-profit disclosure.
Proof burden
Q1 2026 revenue was $121.7M and Q2 guidance was $129M-$131M. The next proof is accepted HBM and chiplet inspection shipments with margin, receivable collection, and export continuity.
AI semiconductor-test route across merchant GPUs, custom ASICs, HBM/DRAM, networking, and photonics.
Market cap$56.3B
Next earningsNot confirmed
Latest qtr revenue$1.282B
Role in stack
Teradyne sells automated test equipment for semiconductor devices and systems, with AI exposure through GPUs, ASICs, HBM/DRAM, networking, silicon photonics, and package/system-level programs. Theme pressure converts when Semiconductor Test revenue, margin, and repeat orders hold after the record quarter.
Revenue mix
Q1 2026 Semiconductor Test revenue was $1.111B, about 86.6% of total revenue. The local lane says nearly 70% of Q1 revenue was AI-related, while Robotics and Product Test remain smaller adjacent lines.
Proof burden
Q1 2026 revenue was $1.282B and Q2 guidance was $1.15B-$1.25B. The next proof is repeat AI semiconductor-test demand after the record quarter and margin normalization without order deterioration.
Capital-intensive OSAT and advanced-packaging capacity route for HDFO, 2.5D, wafer-level processing, probe, and final test.
Market cap$19.0B
Next earningsNot confirmed
Latest qtr revenue$1.685B
Role in stack
Amkor sells outsourced assembly, advanced packaging, wafer-level processing, probe, burn-in, and final-test capacity. AI capex converts when HDFO, 2.5D, Arizona capacity, and customer commitments raise utilization, gross margin, and free cash flow after heavy capex.
Revenue mix
Q1 2026 advanced products were about 81% of sales, with communications and computing the largest end markets. The local lane frames customer concentration, Arizona, and capex as the main conversion gates.
Proof burden
Q1 2026 revenue was $1.685B and Q2 guidance was $1.75B-$1.85B. The next proof is higher utilization, gross margin above the low teens, Arizona execution, and FCF after heavy capex.
High-growth China-local WFE and wet-process route across cleaning, ECP, furnace, PECVD, track, and advanced-packaging tools.
Market cap$7.6B
Next earningsNot confirmed
Latest qtr revenue$231.3M
Role in stack
ACM sells wet cleaning, ECP, furnace, PECVD, track, stress-free polishing, and wafer or panel-level packaging tools. AI capex converts when China-local and non-mainland customers accept tools as revenue, margins stay in range, and shipments become operating cash flow.
Revenue mix
Q1 2026 revenue was $231.3M. Cleaning and Tahoe tools were $122.5M, ECP/furnace/other technologies were $84.2M, and advanced packaging, services, and spares were $24.5M.
Proof burden
FY2026 revenue guidance is $1.08B-$1.175B and Q1 gross margin was 46.4%, but Q1 operating cash flow was -$29.5M. The next proof is positive OCF, slower inventory and receivable growth, export continuity, and Oregon/global acceptance evidence.
High-voltage power-conversion semiconductor route through switchers, gate drivers, motor drivers, PowiGaN, grid, industrial, and AI data-center power.
Market cap$4.1B
Next earningsNot confirmed
Latest qtr revenue$108.3M
Role in stack
Power Integrations designs high-voltage power-conversion ICs, switchers, gate drivers, motor-driver ICs, and PowiGaN products. Theme pressure converts when industrial, grid, automotive, and AI data-center power design wins become revenue and gross-margin recovery.
Revenue mix
Q1 2026 revenue was $108.3M. Industrial was 41% of revenue, consumer was 38%, computer was 11%, and communications was 10%; distributor revenue and top-customer concentration remain important visibility checks.
Proof burden
Q2 guidance is $115M-$120M of revenue and 53.5%-54.5% GAAP gross margin. The next proof is guide delivery, industrial/GaN/AI-grid conversion, and FCF that supports dividends or any renewed buyback.
Microcap back-end reliability and burn-in route where AI GPU board orders must become repeatable SBS revenue and margin.
Market cap$0.12B
Next earningsNot confirmed
Latest qtr revenue$16.5M
Role in stack
Trio-Tech sells semiconductor back-end reliability testing services, burn-in equipment, burn-in boards, and industrial electronics distribution. Theme pressure converts when AI GPU and automotive/EV reliability orders repeat and lift SBS utilization, gross margin, and operating cash flow.
Revenue mix
Q3 FY2026 revenue was $16.511M. Nine-month FY2026 SBS revenue was $36.888M, or 77.4% of total revenue, with disclosed $5.3M AI GPU burn-in board orders plus $2.5M since March.
Proof burden
Nine-month FY2026 gross margin was about 16.0% and operating income was only $0.062M. The next proof is repeat orders, SBS backlog conversion, margin recovery, cash conversion, and no new dilution without clear capacity returns.
Microcap custom CVD, CVI, PVT, and thermal-process equipment turnaround with cash but limited current operating proof.
Market cap$0.054B
Next earningsNot confirmed
Latest qtr revenue$1.844M
Role in stack
CVD Equipment sells custom CVD, CVI, PVT, thermal-process, and related systems for advanced-materials customers. Theme pressure converts only if advanced-materials and microelectronics demand becomes larger systems orders, backlog, revenue, and gross-margin absorption.
Revenue mix
After the SDC sale, the ongoing business is CVD Equipment. Q1 2026 continuing revenue was $1.844M, Q1 orders were $1.8M, backlog was $4.7M, and the balance sheet had about $23M of post-SDC cash with no debt.
Proof burden
Q1 continuing gross margin was 8.0% and operating cash flow was negative. The next proof is CVD-only systems order growth, backlog conversion, margin recovery, controlled cash burn, and a credible use of SDC proceeds.
Market caps for the original nine cards use the prior local discovery instruments.market_cap check from 2026-06-13; market caps for ACMR, ENTG, MKSI, POWI, TRT, and CVV use the parent-provided read-only instruments check tied to the June 21 integration pass. Next-earnings dates remain Not confirmed except ENTG, where the knowledge lane gives an expected late-July 2026 Q2 reporting window rather than a confirmed date. FORM, AEIS, VICR, NVTS, and AOSL remain outside the ranked basket because this task only adds the clear-fit June 21 durable-lane names. ASML and TSM remain excluded because local DuckDB coverage is missing for this report surface.
What Confirms Or Weakens
AreaWhat confirmsWhat weakens or invalidatesWatch next
01Node thesisDemand becomes shipped output
What confirms
WFE, materials, purity, process materials, metrology, inspection, power-chip, test, packaging, and niche equipment demand convert into shipped revenue, stable gross margin, receivables collection, inventory discipline, debt reduction, and free cash flow.
What weakens or invalidates
Orders slip, customers digest capacity, advanced-packaging or HBM programs pause, or working capital, leverage, dilution, and capex absorb the reported growth before shareholders see cash conversion.
Watch next
AMAT Q3 guide conversion
ENTG Q2 execution
MKSI Q2 FCF
MPWR Enterprise Data
02Scale WFE and China-local toolsTools and service
What confirms
AMAT, KLAC, LRCX, and ACMR deliver revenue and margin near or above guide, service/support or accepted-product revenue stays resilient, and China/export access remains workable enough for shipments, field support, and customer acceptance.
What weakens or invalidates
Guide misses, gross-margin pressure, support rollover, WFE digestion, export rules, ACMR working-capital drag, or customer acceptance delays reduce shipments, service access, deposits, or collections.
Watch next
China revenue
Service/support revenue
ACMR OCF
Export-control updates
03Materials, purity, and process materialsContent per wafer
What confirms
ENTG and MKSI convert advanced-node, HBM, semiconductor-capex, and advanced-electronics demand into sales growth, segment profit, adjusted EBITDA or gross margin, FCF, and debt or leverage improvement.
What weakens or invalidates
Advanced-node demand does not broaden, APS/MS or Materials margins weaken, MKSI FCF remains thin after interest, or leverage and refinancing risk stay more visible than operating recovery.
Watch next
ENTG Q2 sales guide
ENTG EBITDA margin
MKSI Q2 guide
MKSI debt/FCF
04Process-control and metrologyYield intensity
What confirms
KLAC, NVMI, ONTO, and CAMT convert HBM, GAA, advanced-node, and advanced-packaging qualifications into tool shipments, service revenue, high gross margin, and cash conversion.
What weakens or invalidates
Qualifications slip, customers delay packaging or memory capex, GAAP margins lag adjusted margins, or receivables outrun revenue.
Watch next
NVMI Q2 guide
ONTO Q2 guide
CAMT H2 shipments
Receivable turns
05Power and test conversionContent and utilization
What confirms
MPWR Enterprise Data and Communications revenue stay strong; POWI delivers Q2 revenue and gross-margin guidance while industrial/GaN/AI-grid evidence improves; TER and TRT convert AI semiconductor test or burn-in orders into repeat revenue and better margin.
What weakens or invalidates
MPWR Enterprise Data slows, POWI guide or margin misses, distributor or customer concentration weakens visibility, TER Q2 guide misses, or TRT AI GPU burn-in orders fail to repeat at better margin.
Watch next
MPWR inventory days
POWI Q2 guide
TER Q2 margin
TRT SBS orders
06Packaging capacity and niche equipmentUtilization and orders
What confirms
AMKR HDFO/2.5D programs, advanced-products mix, Arizona milestones, and customer commitments support higher utilization and gross margin; CVV rebuilds CVD-only systems orders and backlog from the post-SDC base.
What weakens or invalidates
AMKR capex runs ahead of demand, customer commitments remain undisclosed, gross margin stays in the low teens, or CVV remains spare-parts-driven with low backlog and weak gross margin.
Watch next
AMKR Q2 guide
AMKR FY2026 capex
CVV systems orders
CVV cash use
07Funding, leverage, and valuationPer-share capture
What confirms
High revenue growth arrives with gross-margin durability, operating cash flow, limited dilution, debt reduction where relevant, and buyback or capex discipline that protects per-share economics.
What weakens or invalidates
Convertible financing, acquisition debt, heavy capex, stock compensation, buybacks above FCF, microcap dilution, or working-capital demands absorb the operating improvement.
Watch next
ENTG deleveraging
MKSI FCF/debt
AMKR capex
TRT/CVV cash use
08Policy and customer accessShipments stay legal and funded
What confirms
China, Taiwan, Korea, U.S., and Europe customer routes remain open enough for tool shipments, materials, services, power content, and packaging/test utilization without new compliance charges or customer pauses.
What weakens or invalidates
Export controls, sanctions, customer-country restrictions, tariff or logistics shocks, or large-customer capex pauses interrupt shipments, field support, materials supply, power-chip demand, or order timing.
Watch next
BIS updates
China revenue mix
Customer concentration
Asia receivables
09Stale conditionData and source freshness
What confirms
Discovery daily_ohlc remains current, setup labels are refreshed after each completed week, and linked knowledge lanes cover the latest earnings, filings, guidance, policy, and channel evidence.
What weakens or invalidates
A new completed trading week, filing, earnings release, export-control update, guidance update, or source-lane refresh arrives before this static page is updated.
Watch next
Refresh chart API metadata
Refresh security lanes
Update earnings dates
Recheck revenue sources
Source Trail
Canonical Thesis
AI Capex Cycle defines the parent capex-to-cash proof burden and routes this node into semicap, packaging, and power semis.
Information Technology supports the AI infrastructure demand route across cloud, data-center systems, semiconductors, networking, servers, and software.
Memory And Component Scarcity owns the HBM, DRAM, NAND, packaging, and component-cost pressure that can help upstream suppliers while squeezing downstream margins.
CAMT supports HBM, chiplet, hybrid-bonding, Hawk/Eagle G5, Q2/H2 shipment timing, China revenue, gross margin, and receivables.
TER supports Semiconductor Test, AI compute, HBM/DRAM, networking, silicon photonics, Robotics optionality, margin normalization, and customer program timing.
AMKR supports OSAT capacity, HDFO, 2.5D, advanced products mix, Arizona milestones, customer commitments, capex, and FCF pressure.
June 21 knowledge lanes and raw source routes checked ACMR, ENTG, MKSI, POWI, TRT, and CVV operating snapshots, proof burdens, market caps, and local discovery freshness. No new web source was added in this subagent pass.
Nasdaq earnings-date pages for AMAT, KLAC, LRCX, MPWR, NVMI, ONTO, CAMT, TER, and AMKR were checked on 2026-06-13. Each page returned no available earnings date, so Basket cards show Not confirmed rather than an estimated date.
Discovery And Chart Provenance
The chart API reads daily_ohlc from the local discovery store and returns weekly packages using first open, maximum high, minimum low, final close, and summed volume.
Read-only DuckDB checks on 2026-06-13 showed local daily_ohlc rows through 2026-06-12 for AMAT, KLAC, LRCX, MPWR, NVMI, ONTO, CAMT, TER, and AMKR. Parent-provided read-only checks for ACMR, ENTG, MKSI, POWI, TRT, and CVV showed daily_ohlc rows through 2026-06-18.
Read-only instruments.market_cap supplied original-card market caps on 2026-06-13: AMAT $345.6B, KLAC $244.2B, LRCX $367.7B, MPWR $78.6B, NVMI $16.6B, ONTO $14.2B, CAMT $9.6B, TER $56.3B, and AMKR $19.0B. The June 21 parent check supplied added-name market caps: ACMR about $7.6B, ENTG about $27.2B, MKSI about $21.2B, POWI about $4.1B, TRT about $0.12B, and CVV about $0.054B.
Static setup labels in existing sidecar metadata use completed weekly bars through 2026-06-05. The local chart API and parent coverage facts have newer daily rows for the added names, so static thresholds remain stale before use as current trading evidence.
Lineage status for daily_ohlc previously showed older source freshness around 2026-05-08 for checked AMAT runs while the canonical table had stored rows through 2026-06-12. Reconcile provider-lineage freshness before using lineage as live provider freshness.
Charts show 20W EMA, 100W EMA, weekly volume, and 20W average volume. The API route should be treated as the live chart source; static setup labels and any sidecar chart dates should be refreshed before current trading use.
Chart order matches basket rank: AMAT, KLAC, LRCX, MPWR, ENTG, MKSI, NVMI, ONTO, CAMT, TER, AMKR, ACMR, POWI, TRT, CVV. No full OHLC arrays are embedded in this HTML; the right rail uses the local report API route /api/securities/{ticker}/chart?frequency=weekly&window=3y&as_of=latest.
Known Gaps
FORM, AEIS, VICR, NVTS, and AOSL remain outside this ranked basket. ACMR moved from watch-only to ranked because a durable June 21 knowledge lane now exists.
ASML and TSM are economically relevant but remain excluded because local DuckDB coverage is missing for this report surface.
The excluded ticker set from the implementation brief was not added, and verification-only pages were not touched.
AMAT, LRCX, KLAC, NVMI, ONTO, CAMT, ACMR, ENTG, and MKSI need ongoing export-control, China/Asia access, tariff, and supply-chain checks as new filings and guidance arrive.
CAMT still needs fuller product-level profitability, Visual Layer economics, exact current geography extraction, and post-guide shipment evidence.
MPWR still needs clearer end-customer and platform exposure, inventory normalization, distributor quality, and deferred-tax control remediation evidence.
AMKR still needs customer-commitment detail, Arizona milestone evidence, and proof that capex-heavy growth converts into per-share cash economics.
TRT and CVV have microcap proof gaps around order repeatability, margin absorption, cash conversion, disclosure depth, and volatility.
Local benchmark and ETF OHLC proxies were not used for this page, so charts are timing context only and do not support relative-return or causality claims.