Concerns have emerged regarding the necessity for key clients to adopt Besi's advanced hybrid bonding technology for their high-end chip stacking product lines.
A semiconductor wafer being processed under ultraviolet light, photographed at the Shanghai International Semiconductor Exhibition. Besi Semiconductor is a leading manufacturer of advanced hybrid bonding equipment.
Report of clients postponing implementation of its advanced hybrid bonding technology sent Besi shares plunging 6.7%.
Following a report that some of the Dutch equipment maker's core customers are delaying the adoption of its advanced hybrid bonding technology, Besi's share price fell sharply.
The stock declined 6.7% to €254.80. However, the Amsterdam-listed company remains up more than 90% for the year, benefiting from sustained strong demand for chips from downstream customers.
South Korean tech media ZDNet, citing anonymous industry sources, reported that two of Besi's major memory chip customers—Samsung Electronics (005930, up 2.75%) and SK Hynix (000660, down 3.38%)—are questioning the need to introduce hybrid bonding technology into their top-tier chip stacking products.
Besi is the industry leader in the advanced hybrid bonding field. This technology bonds and interconnects chips at the molecular level; compared to the lower-cost thermal compression bonding process, hybrid bonding allows for smaller gaps between stacked chip layers, enabling greater storage capacity to be integrated within a limited space.
This stock plunge mirrors a significant drop in March of this year: at that time, another ZDNet report stated that the Microelectronics Association planned to relax standards related to memory chip stacking, which would reduce short-term market demand for Besi's equipment, causing the stock to plummet over 17% in a single day.
Investment firm Elmentraute Capital posted on social platform X that the latest report suggests the realization timeline for the Dutch company's core growth engine may be longer than market expectations.
"The company's next major growth phase was originally predicated on the widespread adoption of hybrid bonding technology for High Bandwidth Memory (HBM) production. If the pace of integrating hybrid bonding into HBM mass production is delayed, it would be a significant negative for Besi."
Besi Semiconductor, SK Hynix, and Samsung Electronics did not immediately respond to requests for comment.
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