@Mrzorro:Semiconductor Testing: AI's Next Growth Bottleneck Over the past two years, AI hardware investment has focused mainly on GPUs, HBM, and advanced packaging. But as chips become more powerful and structurally complex, another part of the supply chain is becoming increasingly important: semiconductor testing. Nomura believes AI chip upgrades are steadily increasing the value of back-end manufacturing. Longer test times, tighter capacity, outsourced orders, and higher equipment requirements are improving the strategic position of testing suppliers. The core investment logic is simple: even if AI chip shipment growth slows, testing content per chip can continue to rise. Why Testing Matters More in the AI Era AI chips cannot be shipped immediately after production. They must pass wafer probing,