Deutsche Bank Initiates FormFactor at Buy With $200 Target on Nvidia GPU Probe Card Share
demian_ai · x · 2026-10-02
Deutsche Bank initiated FormFactor ($FORM) at Buy with a $200 target, arguing it is becoming a real second source for Nvidia GPU probe cards at TSMC, with room to take 20% share by 2028 and over $200M in sales from that alone. Probe cards are essential for testing every HBM wafer and GPU package; as Micron locks in most of FY27 HBM supply, test queues tighten. Last quarter probe cards brought in $209.7M of $258.2M total revenue, with Q3 guided to $270M.
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