Tessara’s Advantest read says HBM4 is pulling tester demand into 2025
tengyanAI · x · 2026-07-29
A Tessara read on Advantest argues the company could beat expectations, with revenue modeled above ¥365B versus the Street’s roughly ¥335.6B–¥350B range.
- The thesis is built from supply-chain signals: TSMC’s record June quarter, Disco beating earnings, Teradyne’s record memory-test revenue, and SK hynix confirming HBM4 shipments began in Q2 with a larger ramp in H2.
- The key conclusion is that HBM4 is pulling tester demand forward.
- The main caveat is timing: Advantest books revenue when testers ship, so the demand wave could still show up later than the nowcast expects.
Related event: HBM4 Demand Pulls Testing Needs Forward, Advantest Revenue May Exceed ¥365B(2 posts)→
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