Veeco Instruments Inc.
Information Technology · Semiconductors & Semiconductor Equipment
Structural: niche semi-cap with three distinct exposure legs - (1) advanced packaging / HBM via laser annealing + wet processing into $TSM, $INTC, $SSNLF advanced-node fabs, (2) EUV mask-blank ion beam deposition (effective monopoly into $ASML mask-blank supply chain), (3) MOCVD + MicroLED + photonics into compound-semi customers.
Smaller and lumpier than $AMAT / $LRCX / $KLAC but levered to the same AI-compute capex wave through packaging intensity, not wafer count.
HBM stack count rising (8-Hi to 12-Hi to 16-Hi) drives laser anneal + wet-process tool intensity per wafer; EUV mask-blank IBD is single-source into the $ASML ecosystem with multi-year visibility; MicroLED + photonics + SiC power optionality on top of the semi base; book-to-bill running above 1 through the AI-packaging cycle; balance sheet net-cash with convert overhang manageable.
revenue concentration in 4-5 customers means a single fab push-out is a quarter; data storage + scientific segments are structurally declining and obscure the semi growth; MOCVD share war with $AIXXY compresses gross margin; smaller scale than $AMAT / $LRCX / $KLAC means it gets de-rated first in any semi-cap risk-off; MicroLED commercialization keeps slipping right.
No major news in the last 7 days for VECO - only listicles and opinion pieces, which we filter out by default. See everything anyway.