BE Semiconductor Industries (Besi)
Dutch maker of chip assembly and hybrid-bonding equipment for AI chip packaging.
On the record
Checkpoint: Q3-26 revenue guidance and update on Samsung/SK Hynix hybrid-bonding adoption for HBM4/5
The call
Besi's growth now rides on AI memory demand, and its main open question is how fast Samsung and SK Hynix commit to hybrid bonding, not whether a bigger rival will crush it.
Besi builds machines that assemble semiconductor chips, especially advanced memory chips used in AI systems. The company is hard to replace because it owns patented bonding technology and works closely with major chip makers like TSMC and Micron, who depend on its equipment; even Applied Materials, the world's largest chip-equipment maker, chose to buy a stake in Besi rather than build a competitor. But the stock has stumbled twice in 2026 because nobody knows exactly when Samsung and SK Hynix will start using Besi's newest technology for their AI memory chips, and if that adoption slows or takes longer than expected, the company's growth story falls apart.
Why
01
AI pressure: None apparent. AI chip demand is filling Besi's order book, not eating it; the risk is customers delaying hybrid-bonding adoption for HBM. Could AI do the core job? Unlikely.
02
Bigger players: ASMPT. ASMPT already sells competing hybrid-bonding tools and is fighting Besi for HBM packaging orders at Samsung and SK Hynix. Could a giant copy it? No, they are blocked.
03
What protects it. Patented hybrid-bonding IP and co-engineering ties with TSMC and Micron make switching tool suppliers costly for customers.
What would change this call
ASMPT wins majority of new HBM hybrid-bonding tool orders for two consecutive quarters. Would show Besi losing its lead position in the AI memory-bonding market.
Samsung and SK Hynix both publicly delay or skip hybrid bonding adoption for HBM5. Would show the core growth driver behind Besi's recent order surge is stalling.
Applied Materials ends its co-development deal with Besi and launches its own bonding tool. Would show the giant peer that avoided competing has reversed into direct rivalry.
Samsung and SK Hynix both publicly delay or skip hybrid bonding adoption for HBM5. Would show the core growth driver behind Besi's recent order surge is stalling.
Applied Materials ends its co-development deal with Besi and launches its own bonding tool. Would show the giant peer that avoided competing has reversed into direct rivalry.
Key numbers
- H1-26 revenue €434.7M, up 48.8% year over year
- Q2-26 orders €292.9M, up 128.8% year over year
- AI-related orders were about 50% of FY2025 total
Named risks
- Samsung and SK Hynix may delay or skip hybrid bonding for HBM5, hitting Besi's top growth line.
- Possible relaxation of memory stacking standards reducing near-term need for hybrid bonding.
- New US tariffs (10-12.5%) and Middle East oil price spikes could dent global chip capex.
- Semiconductor capital equipment demand remains cyclical, evidenced by FY2025 revenue decline of 2.7%.
- Heavy reliance on a small number of large customers like TSMC and Micron for hybrid-bonding revenue.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| ASMPT | contesting | Gaining HBM packaging share alongside Besi per channel checks, 2025-07-27 |
| Kulicke & Soffa | losing to | Runs 40-50% gross margins versus Besi's 60%+ structural advantage, 2025-02-19 |
| Hanmi Semiconductor and Hanwha | losing to | Korean TCB suppliers reportedly losing HBM bonding share to Besi/ASMPT, 2025-07-27 |
| Applied Materials | gaining on | Chose 9% equity stake and co-development over building rival hybrid-bonding tools, 2025-04-15 |
Questions people ask
- Is BE Semiconductor Industries (Besi) profitable in 2026?
- Yes. Besi posted H1-26 net income of EUR140.6 million on revenue of EUR434.7 million (+48.8% YoY), with Q2-26 net income of EUR89.0 million, up 177.3% YoY, per its July 23, 2026 results release.
- Who is Besi's biggest competitor?
- ASMPT (Singapore/Hong Kong) is Besi's closest rival in thermo-compression and hybrid-bonding equipment, and industry channel checks from July 2025 show ASMPT gaining HBM packaging share alongside Besi rather than losing to it.
- Could AI replace Besi's business?
- No, Besi makes physical chip-assembly and hybrid-bonding hardware that AI software cannot substitute. AI is instead Besi's growth driver: AI-related orders were about 50% of FY2025 total orders per its February 19, 2026 results.
- Who owns Besi and is a takeover likely?
- Besi is publicly listed on Euronext Amsterdam (BESI). Applied Materials bought a 9% stake in April 2025, becoming the largest shareholder, but stated it does not intend to seek board seats or buy more shares.
- Why did Besi's stock crash in 2026?
- Besi shares fell over 17% around March 6, 2026 on reports an industry body might relax memory-stacking specs, and dropped about 7% around July 6, 2026 on reports Samsung and SK Hynix were reconsidering hybrid-bonding adoption for HBM.
- What is Besi's biggest risk going forward?
- The key risk is whether Samsung and SK Hynix delay or skip hybrid bonding for HBM5, which drove two 2026 stock shocks; this directly threatens Besi's highest-growth product line and its raised June 2026 long-term revenue targets.
Timeline
- 2026-07-24New US tariffs of 10-12.5% on 60 trading partners announced, macro risk to chip capex
- 2026-07-23Q2-26/H1-26 results: Q2 revenue EUR249.9M up 68.7% YoY, stock still fell about 7%
- 2026-07-06Besi stock drops about 7% on reports Samsung/SK Hynix reconsidering hybrid bonding
- 2026-06-17Investor Day: long-term revenue target raised to EUR1.7-2.2B, margin target to 45-55%
- 2026-03-06Besi shares plummet over 17% on fears of relaxed memory stacking standards
- 2026-02-19FY2025 results: revenue EUR591.3M, orders EUR685.0M up 16.8%, AI orders about 50%
- 2025-04-15Applied Materials buys 9% stake, becomes largest Besi shareholder
Revision history
24 July 2026
First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Company Profile
- BE Semiconductor Industries N.V. Announces Q2-26 and H1-26 Results (2026-07-23)
- Applied Materials buys 9% stake in chip equipment supplier BESI (2025-04-15)
- gurufocus.com (2026-07-24)
- Besi Q2 2026 slides: AI demand drives record orders, stock dips (2026-07-23)
- Besi Q4-25 and Full Year 2025 Results (2026-02-19)
- Besi Q2 2026 slides: AI demand drives record orders, stock dips (2026-07-23)
- What We Learned from the Latest HBM Supply Chain (2025-07-27)
- BE Semiconductor's Hybrid Bonding Opportunity Keeps Progressing (2025-02-19)
- Besi Increases Long-Term Financial Targets at 2026 Investor Day (2026-06-17)
- BE Semiconductor Industries (AMS) Employees (2026-07-05)
- Besi press release (2025-04-15)