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12:30
Jul 29 ◎

TER FY2026 Q2 Watch

Teradyne, Inc. (TER) FY2026 Q2 Earnings Call

TER ATE IFNNY MU NVDA ▾

Greg Smith

Despite Q3 guidance being sequentially lower, management explicitly calls 2027 another healthy growth year on structural tailwinds, reinforcing a positive multi-year outlook.

"We expect 2027 to be another year of healthy growth for Teradyne, consistent with the transistor and bit growth dynamics I described earlier."

TER WATCH

Greg Smith

Teradyne's CEO acknowledges Advantest's TAM estimates as broadly accurate, implying competitive alignment on market sizing rather than a material share shift.

"The numbers that Admin Test put out for the total TAM, both SOC and for memory, are kind of in the right zip code."

ATE WATCH

Greg Smith

The Infineon strategic partnership is specifically aiding Teradyne in wide-bandgap discrete testing, a niche expected to grow robustly.

"The part of that market where the Infineon deal that we did is most helpful is in wideband gap discrete tests."

IFNNY WATCH

Michelle Turner

Memory book-to-bill ratio exceeded 2x in Q2, signaling strong future revenue from HBM, DRAM, and NAND capacity additions. — A >2x book-to-bill is rare and implies memory test revenue should remain elevated for multiple quarters, directly benefiting memory makers' own production plans.

"Demand signals remain strong as memory manufacturers are planning capacity additions further out in time, driving our book-to-bill ratio in the quarter over two."

MU WATCH

Michelle Turner

Teradyne's compute share gain timeline: fast-follower phase takes 9-12 months per qualification, then share rises from zero to ~30% over several years. — This provides an explicit roadmap for Teradyne's share gains in the compute test market, helping investors model revenue inflection from dual-vendor qualifications at hyperscalers and GPU merchants.

"Demand signals remain strong as memory manufacturers are planning capacity additions further out in time, driving our book-to-bill ratio in the quarter over two."

NVDA WATCH

Michelle Turner

CPO test market could be $300-$700M by 2028, but wide range reflects uncertainty over pace of scale-out adoption. — This wide range signals that CPO test is still at an inflection point; the upside case (fast scale-out ramp) could more than double the market size within two years, influencing Teradyne's optical test investments.

"Demand signals remain strong as memory manufacturers are planning capacity additions further out in time, driving our book-to-bill ratio in the quarter over two."

AMD WATCH

Greg Smith

"During the fast follower phase, we expect market share to grow incrementally from zero up to about 30%."

GOOGL WATCH AMZN WATCH

Greg Smith

"We expect CPO alone will be a $300 to $700 million market by 2028."

MRVL WATCH

Greg Smith

Test equipment spending as a % of semi-capEX has risen from 4% in 2023 to 8% in first half 2026, reversing a decade-long trend. — This structural shift implies ATE is now growing faster than wafer fab equipment, a permanent re-rating of the test TAM that benefits Teradyne and its competitors.

"If you look back to 2023, it was down near 4% of the total capex spent on test equipment. And by 2025, that had gone up to 7%. The first five months of 2026, it's 8%."

AMAT WATCH LRCX WATCH KLAC WATCH

HIGH

12:30
Apr 29 ◎

TER FY2026 Q1 Watch

Teradyne, Inc. (TER) FY2026 Q1 Earnings Call

TER NVDA AMD MU SNDR ▾

Michelle Turner

Record Q1 and strong Q2 guidance, but cautious on second-half lumpiness; full-year target model reiterated at $6B revenue and $9.50–$11 EPS.

"we continue to expect first half weighted revenue with approximately 55 to 60% of annual revenue expected in the first half"

TER WATCH

Greg Smith

Teradyne booked first multi-system production test orders for a Merchant GPU in Q1, shipping in Q2; signals potential share gains in GPU ATE market currently dominated by Advantest. — Breaks Advantest's near-monopoly on high-volume GPU test; Teradyne can now capture a slice of the fastest-growing ATE segment.

"we recently demonstrated a complex physical AI work cell in partnership with Generalist as part of the recent NVIDIA GTC"

NVDA WATCH AMD WATCH 6857.T WATCH

Greg Smith

Memory test demand is stronger than January view, with both HBM and DRAM accelerating; beginning to see flash test demand from SSDs. — Signals higher memory test TAM in 2026 than consensus expected; benefits Micron and Samsung's equipment spending.

"Memory test demand appears to be even stronger than our view in January, with AI compute demand for both HBM and DRAM continuing to act as an accelerator."

MU WATCH SNDR WATCH

HIGH

13:30
Feb 03 ◎

TER FY2025 Q4 Watch

Teradyne, Inc. (TER) FY2025 Q4 Earnings Call

IFX.DE NVDA MU STX WDC ▾

Greg

Teradyne acquired Infineon's power group to enhance its position in wide band gap power testing.

"We are in a position to gain share in the industrial and automotive space because of the acquisition of the power group that we got from Infineon last year to cover the wide band gap power market."

IFX.DE WATCH

Greg

In 2025, the SOC TAM reached nearly $5.0 billion for compute, about $1.0 billion for mobility, just under $1.0 billion for auto/industrial, and $700 million for service; the memory TAM was just under $1.4 billion with 1.2 billion in DRAM. — Provides a detailed breakdown of the ATE TAM by end-market and reveals the massive scale of AI-driven compute testing demand versus other segments, directly benefiting companies driving this demand.

"Our expectation was that compute was in the neighborhood of $5 billion for the year. Mobility in about a billion. Auto industrial just under a billion. And service was in the $700 million range. For memory overall, we think that the TAM"

NVDA WATCH MU WATCH

Greg

Teradyne's HDD test revenue is expected to double between 2025 and 2026, driven by a new customer win for its commercial test platform, which is replacing in-house test systems. — The new HDD test customer and doubling revenue indicate increasing complexity or a shift by HDD manufacturers to external test suppliers, reflecting a strategic win for Teradyne and a shift in the supply chain for HDD testers.

"our HDD revenue is going to double between 2025 and 2026."

STX WATCH WDC WATCH

Greg

Robotics revenue from a large e-commerce customer is projected to triple in 2026, indicating a significant ramp in physical AI deployments. — The tripling of revenue from a single e-commerce customer highlights the rapid scaling of physical AI deployments in logistics, offering a unique signal not visible from the headline numbers.

"In terms of the large e-commerce customer, we think that that revenue is going to triple-ish. between 2025 and 2026, and then grow substantially post-26 as the deployments go to a larger number of facilities."

AMZN WATCH

Greg

Guidance is strongly positive for Q1 with record sales, driven by AI. While full-year visibility is limited, the company raised its long-term target model significantly, indicating a bullish outlook.

"The run rate that we have in Q1 is, you know, like we have a fair amount of strength in Q1. ... We don't have great visibility into the second half. So we're a little bit cautious that, you know, we don't want people to sort of take that"

TER WATCH

HIGH

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