Besi Shares Fall on Report ASML Is Working on Rival Hybrid-Bonding Product

3-line summary

• Research firm SemiAnalysis reported, based on an analysis of 27 ASML patent filings, that ASML may be developing a hybrid-bonding product; ASML has not confirmed this and declined to comment on the report. Hybrid bonding is an advanced packaging technique used in making 3D semiconductor chips.
• The report raised concerns that Besi, a leader in hybrid bonding, could face competition from much-larger ASML in Besi's core growth product. Besi shares fell about 3% to €158.50 in Amsterdam trading Friday morning, while ASML rose 1.1% to €1,480; Besi had not responded to requests for comment at the time of the article.
• Context: ASML launched its first advanced-packaging equipment last year and has said it continues to assess the direction of the 3D-integration industry; in March, ASML's chief technology officer Marco Pieters said the company was planning additional packaging equipment. One analyst noted packaging is seen as important to justifying ASML's growth and high valuation in the post-EUV era.

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