Besi shares fall 3% on SemiAnalysis report that ASML is developing hybrid bonding tool
Shares in chip packaging equipment maker Besi fell about 3% after SemiAnalysis said ASML's patent filings indicate it is developing a hybrid bonding product. ASML has not confirmed this.
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The story, neutrally told
Centre · 1Shares in BE Semiconductor Industries (Besi) fell 3 per cent on Friday 16 October, to €158.50 at midday in Amsterdam, after research firm SemiAnalysis reported that one of the company's main growth products will face competition from larger rival ASML. CNAN “Shares in computer chip packaging equipment maker BE Semiconductor Industries (Besi) fell 3 per cent on Friday”“Besi shares were down 3 per cent at €158.50, while ASML was up 1.1 per cent at €1,480 in midday Amsterdam trading.” Read at CNA ↗ Centre · 2SemiAnalysis analysed ASML's patent filings, which it said indicated ASML was developing a hybrid bonding product; CNA put the number at 27 patent filings, while the South China Morning Post said 27 patent families were submitted between December 2022 and November 2024, and that the total could be higher because of publication delays. CNAN “The SemiAnalysis report analysed 27 patent filings by ASML” Read at CNA ↗ South China Morning PostN “ASML submitted 27 patent families related to hybrid bonding tools between December 2022 and November 2024” Read at South China Morning Post ↗ Centre · 1According to the SCMP, SemiAnalysis also said ASML had begun developing the architecture for a hybrid bonder with Dutch firms Prodrive Technologies and VDL ETG, citing industry media reports, and that ASML could gain an edge in alignment accuracy and particle control, which set bonding yield. South China Morning PostN “The company had also begun developing the architecture for a hybrid bonder with Dutch technology firms Prodrive Technologies and VDL ETG”““We believe ASML could gain an edge in alignment accuracy and particle control for hybrid bonding,” SemiAnalysis said.” Read at South China Morning Post ↗
Centre · 2Besi is a fraction of ASML's size, but is a leader in hybrid bonding, an advanced packaging technology used to build more powerful three-dimensional chips by directly joining chips or wafers. CNAN “Besi is a fraction of the size of ASML, the biggest maker of equipment used to make semiconductors, but Besi is a leader in hybrid bonding” Read at CNA ↗ South China Morning PostN “a technique that creates dense electrical connections by directly joining chips or silicon wafers” Read at South China Morning Post ↗ Centre · 1ASML has not confirmed it is developing such a tool and declined to comment on the report, and Besi did not respond to CNA's request for comment. CNAN “ASML has not confirmed it is developing such a tool. Besi did not respond to requests for comment.” Read at CNA ↗ Centre · 2ASML pointed to its launch of its first advanced packaging tool last year and said it would continue to look at which directions 3D integration will evolve and where its expertise can add value; CEO Christophe Fouquet said in April that ASML was continuing to look for opportunities to support customers in hybrid bonding. CNAN “pointed to the company's launch of its first advanced packaging tool last year” Read at CNA ↗ South China Morning PostN “CEO Christophe Fouquet said during an April earnings call that the company was “continuing to look for opportunities to support our customers” in hybrid bonding.” Read at South China Morning Post ↗
Centre · 1Reuters reported in March that ASML was planning additional packaging tools, citing Chief Technical Officer Marco Pieters, and Nick Rossolillo of Chip Stock Investor said packaging tools beyond EUV are critical to the growth needed to justify ASML's elevated valuation. CNAN “In March, Reuters reported that ASML was planning additional packaging tools, citing Chief Technical Officer Marco Pieters in an interview.”“We see the new batch of packaging tools, beyond an EUV pipeline, as critical to pulling off the growth needed to justify (ASML's) elevated valuation.” Read at CNA ↗ Centre · 1The SCMP placed the report in a Chinese context: Huawei and ChangXin Memory Technologies (CXMT) have recently used hybrid bonding to improve chip performance while US-led export restrictions block their access to ASML's most advanced EUV machines, though China remains heavily dependent on imported hybrid bonding equipment, according to Huaan Securities. South China Morning PostN “Recent breakthroughs by China’s Huawei Technologies and ChangXin Memory Technologies (CXMT) involved using the technique to improve performance”“China remained heavily dependent on imported hybrid bonding equipment, particularly advanced machines, according to a separate report by Huaan Securities.” Read at South China Morning Post ↗
Every sentence links to the reporting it rests on. The pill in front of each says where its sources sit: Left, Centre or Right when one side supplies at least half of them, Mixed when they are evenly split. The number is how many outlets it cites.
Left0 outlets
No left outlet in our sources has covered this story yet.
Centre2 outlets
- Framing
- Both outlets treat it as a technology and market story built on the SemiAnalysis report: CNA leads on Besi's share fall and market reaction, while the SCMP leads on ASML's move into hybrid bonding and links it to Chinese chipmakers' adoption.
- Emphasis
- CNA: share prices, ASML's non-confirmation and an analyst's view on ASML's valuation. SCMP: patent numbers, partners, Huawei, CXMT and Chinese equipment makers such as Piotech.
- Leaves out or plays down
- CNA does not mention the Chinese angle or the named partners. The SCMP does not report the Besi share move or Besi's lack of comment.
- For example
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“Shares in computer chip packaging equipment maker BE Semiconductor Industries (Besi) fell 3 per cent on Friday” — CNA
“The filings suggest ASML is moving beyond lithography, a market it dominates, into back-end processes” — South China Morning Post
Right0 outlets
No right outlet in our sources has covered this story yet.
What every side reports
- SemiAnalysis published a report saying ASML's patent filings point to a hybrid bonding product.
- The report cites 27 ASML patent filings or families.
- ASML has not confirmed it is developing a hybrid bonding tool and declined to comment on the report.
ASML organisation
ASML has not confirmed it is developing a hybrid bonding tool; it declined to comment on the report and said it continues to look at where 3D integration is heading and where its expertise can add value.
“ASML has not confirmed it is developing such a tool.” — CNA
“continue to look in which directions [the] 3D integration industry will evolve” — South China Morning Post
SemiAnalysis organisation
SemiAnalysis says ASML's patent filings indicate it is developing a hybrid bonding product and that ASML could gain an edge in alignment accuracy and particle control.
“which it said indicated ASML was developing a hybrid bonding product” — CNA
““We believe ASML could gain an edge in alignment accuracy and particle control for hybrid bonding,” SemiAnalysis said.” — South China Morning Post
BE Semiconductor Industries organisation
Besi did not respond to CNA's request for comment; it is described as a leader in hybrid bonding whose shares fell 3%.
“Besi did not respond to requests for comment.” — CNA
Left0 articles
No coverage yet.
Centre2 articles
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CNAN ·
Besi shares fall on report ASML is working on rival hybrid bonding product
Neutral Market-focused report on Besi's share fall, stressing that the ASML claim rests on patent analysis and is unconfirmed.
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ASML eyes hybrid bonding, report finds, as Chinese firms adopt chip packaging technique
Neutral Technology-focused report placing ASML's reported hybrid bonding push alongside Chinese chipmakers' adoption and export controls.
Right0 articles
No coverage yet.
- 16 Oct 11:51 First CNAN Besi shares fall on report ASML is working on rival hybrid bonding product
- 16 Oct 13:30 +1h 39m South China Morning PostN ASML eyes hybrid bonding, report finds, as Chinese firms adopt chip packaging technique
Times are when each article was published, or when we first saw it if the outlet gave no time.
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