{"schema":"5lc-index-ledger/1","key":"chips-tools","layer":"chips","sublayer":"tools","asOf":"2026-10-22","about":"5LC Importance Index ledger for one sublayer: the measure card, the current ten with any editorial overrides and their reasons, the computed result for every scored company (Importance = share of AI output × years to replace, Reach, replacement years, Rising, the Monte Carlo rank simulation and its stability class, validation, the revenue baseline and rater agreement), each scored company's sourced inputs and irreplaceability ratings, and the sublayer's validation cases with their sources. Monte Carlo frequencies describe the stated input ranges, not true probabilities. Omitted: the free-text notes of the internal check passes and of rating reconciliations, and the location of the internal card review; references to local evidence files and to internal method decisions are replaced by plain descriptions.","roster":{"members":[{"entityId":"asml","slot":"importance","since":"2026-10-22"},{"entityId":"zeiss-smt","slot":"importance","since":"2026-10-22"},{"entityId":"applied-materials","slot":"importance","since":"2026-10-22"},{"entityId":"kla","slot":"importance","since":"2026-10-22"},{"entityId":"lam-research","slot":"importance","since":"2026-10-22"},{"entityId":"tokyo-electron","slot":"importance","since":"2026-10-22"},{"entityId":"advantest","slot":"importance","since":"2026-10-22"},{"entityId":"synopsys","slot":"importance","since":"2026-10-22"},{"entityId":"naura","slot":"rising","since":"2026-10-22"},{"entityId":"cadence","slot":"rising","since":"2026-10-22"}],"pending":{},"lastRun":"2026-10-22"},"card":{"schema":"5lc-index-card/1","key":"chips-tools","layer":"chips","sublayer":"tools","version":2,"scope":"Chip and package design software with non-processor design IP, front-end wafer fab equipment (with the optics and EUV lasers inside lithography machines as their own part), test equipment with probe cards, and wafer fab materials sold by suppliers; processor-core licensing belongs to Chip design, back-end assembly equipment, package substrates, build-up film and substrate glass cloth to Packaging, and photomasks made in chipmakers' own mask shops to Foundry and Memory, while other package materials, such as mould compound, underfill and solder, are counted in neither Tools nor Packaging.","outputMeasure":"Worldwide 2025 sales of chip design software, fab and test equipment, and wafer materials; AI chips use the same tools as all other chips.","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","hardToReplace":"Switching supplier means requalifying in each fab or design flow, often over years. ASML alone makes EUV machines, with ZEISS optics and TRUMPF lasers.","functions":[{"id":"design","name":"Design software and IP","why":"Every chip is designed with it.","weight":{"low":0.075,"central":0.082,"high":0.105},"weightSource":{"url":"https://www.prnewswire.com/news-releases/esd-alliance-reports-electronic-system-design-industry-posts-5-5-billion-in-revenue-in-q4-2025--302737536.html","title":"ESD Alliance Reports Electronic System Design Industry Posts $5.5 Billion in Revenue in Q4 2025","publisher":"SEMI Electronic System Design Alliance (PR Newswire distribution)","publishedDate":"2026-04-13","accessedDate":"2026-10-22","tier":"T4","locator":"Q4 2025 industry revenue $5,466.3M, including SIP $2,083.2M and PCB and MCM $484.6M. 2025 total of $21,220.4M sums the Q1-Q4 2025 releases (15 July 2025, 6 October 2025, 12 January 2026, 13 April 2026), less Arm's calendar-2025 revenue of $4,671M (Arm Q4 FYE26 shareholder letter on Form 6-K) and about $1.05B of other processor-core licensing (5LayerCake estimate) = $15.5B."},"shareData":"EDA and non-processor IP revenue"},{"id":"lithography","name":"Lithography machines","why":"Prints each layer's pattern.","weight":{"low":0.105,"central":0.12,"high":0.135},"weightSource":{"url":"https://www.sec.gov/Archives/edgar/data/937966/000162828026003701/a2026_01x28xpresentation.htm","title":"ASML Q4 and full-year 2025 investor presentation, furnished on Form 6-K","publisher":"ASML Holding N.V. / U.S. SEC","publishedDate":"2026-01-28","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 9: 2025 net system sales EUR 24,474M; slide 7: Metrology & Inspection system sales EUR 825M. Lithography systems EUR 23,649M x 1.1306 USD/EUR (Federal Reserve G.5A, 2025 average) = $26.7B, plus half of Canon's Industrial Group (JPY 361.1B) and Nikon's Precision Equipment (JPY 167.2B) sales at 149.5686 JPY/USD = $28.5B, less ZEISS optics and TRUMPF EUV lasers ($5.7B, own part) = $22.8B."},"shareData":"Machine revenue, net of the subsystems part"},{"id":"lithography-subsystems","name":"Lithography optics and light-source lasers","why":"Each has a single supplier for EUV machines.","weight":{"low":0.027,"central":0.03,"high":0.035},"weightSource":{"url":"https://www.zeiss.com/corporate/en/about-zeiss/present/newsroom/press-releases/2025/end-of-year.html","title":"ZEISS concludes fiscal year 2024/25 with solid growth","publisher":"Carl Zeiss AG","publishedDate":"2025-12-18","accessedDate":"2026-10-22","tier":"T2","locator":"Segment table: Semiconductor Manufacturing Technology revenue EUR 5.055 billion in fiscal year 2024/25 (to 30 September 2025). ZEISS does not split the segment; optics taken as 85% of it (5LayerCake estimate, range 75-100%) x 1.1306 USD/EUR = $4.86B. Plus TRUMPF EUV business field: EUR 724M in FY2024/25 (release of 22 October 2025) and EUR 791M in FY2025/26 (release of 15 October 2026), averaged for calendar 2025 = EUR 758M = $0.86B. Part total $5.71B."},"shareData":"Revenue in the function"},{"id":"wafer-processing","name":"Wafer processing","why":"Deposits, etches and polishes each layer.","weight":{"low":0.355,"central":0.38,"high":0.405},"weightSource":{"url":"https://technode.global/prnasia/semi-reports-global-semiconductor-equipment-billings-reached-135-billion-in-2025-up-15-year-on-year/","title":"SEMI Reports Global Semiconductor Equipment Billings Reached $135 Billion in 2025, Up 15% Year-on-Year","publisher":"SEMI (PR Newswire Asia release, published by TNGlobal)","publishedDate":"2026-04-08","accessedDate":"2026-10-22","tier":"T4","locator":"2025 billings $135.1B (+15%), with 'wafer processing equipment sales increasing 12%' and 'other front-end segments rising 13%'. 2024 wafer fab equipment $104.2B ($115.7B / 1.11, SEMI release of 16 December 2025) x 1.12 = $116.7B in 2025, less lithography ($28.5B) and process control ($16.3B) = $71.9B."},"shareData":"Revenue in the function"},{"id":"process-control","name":"Inspection and metrology","why":"Finds defects in each layer.","weight":{"low":0.075,"central":0.086,"high":0.1},"weightSource":{"url":"https://www.electronicsweekly.com/news/business/metrology-and-inspection-equipment-market-tops-18bn-2026-06/","title":"Metrology and Inspection equipment market tops $18bn","publisher":"Electronics Weekly (David Manners), citing Yole Group","publishedDate":"2026-06-22","accessedDate":"2026-10-22","tier":"T4","locator":"'accounts for approximately 14% of total wafer fab equipment spending'; 'The market grew 15% in 2025.' 14% of SEMI's 2025 wafer fab equipment ($116.7B) = $16.3B. Cross-check: KLA Form 10-K FY2026 product revenue $10,453.5M; Semiconductor Process Control segment $12,244.7M."},"shareData":"Revenue in the function"},{"id":"test","name":"Test equipment","why":"Testers and probe cards check every chip.","weight":{"low":0.065,"central":0.076,"high":0.085},"weightSource":{"url":"https://technode.global/prnasia/semi-reports-global-semiconductor-equipment-billings-reached-135-billion-in-2025-up-15-year-on-year/","title":"SEMI Reports Global Semiconductor Equipment Billings Reached $135 Billion in 2025, Up 15% Year-on-Year","publisher":"SEMI (PR Newswire Asia release, published by TNGlobal)","publishedDate":"2026-04-08","accessedDate":"2026-10-22","tier":"T4","locator":"'Test equipment billings surged 55% year-over-year.' 2024 test $7.56B ($11.2B / 1.481, SEMI release of 16 December 2025) x 1.55 = $11.7B, plus probe cards $2.6B ($2,443M in 2024 from Yole, slide 13 of the Technoprobe Company Presentation, May 2026, grown at Yole's 6.2% 2024-28 rate) = $14.3B."},"shareData":"Revenue in the function"},{"id":"silicon-wafers","name":"Silicon wafers","why":"The starting material of every chip.","weight":{"low":0.055,"central":0.06,"high":0.065},"weightSource":{"url":"https://www.prnewswire.com/news-releases/semi-reports-2025-annual-worldwide-silicon-wafer-shipments-and-revenue-results-302683028.html","title":"SEMI Reports 2025 Annual Worldwide Silicon Wafer Shipments and Revenue Results","publisher":"SEMI Silicon Manufacturers Group (PR Newswire distribution)","publishedDate":"2026-02-10","accessedDate":"2026-10-22","tier":"T4","locator":"'Worldwide silicon wafer shipments in 2025 increased 5.8% to 12,973 million square inches (MSI)' 'while wafer revenue slipped 1.2% to $11.4 billion'. Chart: semiconductor applications only."},"shareData":"Revenue in the function"},{"id":"fab-materials","name":"Process materials","why":"Resists, gases, chemicals and photomasks.","weight":{"low":0.15,"central":0.166,"high":0.18},"weightSource":{"url":"https://www.prnewswire.com/news-releases/global-semiconductor-materials-market-revenue-reaches-record-73-2-billion-in-2025--semi-reports-302768700.html","title":"Global Semiconductor Materials Market Revenue Reaches Record $73.2 Billion in 2025, SEMI Reports","publisher":"SEMI (PR Newswire distribution)","publishedDate":"2026-05-12","accessedDate":"2026-10-22","tier":"T4","locator":"'Wafer fabrication materials revenue increased 5.4% to $45.8 billion.' Less silicon wafers ($11.4B, SEMI SMG) and an estimated $3.0B of photomasks made in chipmakers' own mask shops = $31.4B."},"shareData":"Revenue in the function"}],"risingFloorPct":1,"validationCaseIds":["chips-tools-asml-euv-sole-supplier"],"knownGaps":["No public source splits these markets by AI use, so weights and shares use worldwide 2025 markets.","AI chips are made on leading-edge logic and memory lines, which use more EUV lithography and inspection per wafer than the industry mix; worldwide shares also include mature-node lines, including China's.","SEMI publishes 2025 equipment growth rates but not segment dollar values; 2025 values apply those rates to the 2024 values implied by its December 2025 release.","Canon and Nikon report lithography inside wider segments and SMEE publishes no reachable figures, so other makers' lithography sales are estimated as half of Canon's Industrial Group and Nikon's Precision Equipment sales.","ZEISS reports its semiconductor segment as one figure that also holds mask and process-control tools, and its year ends in September; its lithography optics sales are estimated as 85% of the segment, part of which serves upgrades rather than new machines.","TRUMPF's years end in June, so its 2025 EUV laser sales average the years to June 2025 and June 2026; they include service and spares for ASML.","Wafer processing is a remainder: SEMI's wafer fab equipment less lithography and process control, so it also holds fab-support and mask-making equipment.","The process-control market size rests on one market-research estimate, cross-checked against KLA's revenue.","The ESD Alliance does not list its contributors; Arm's revenue and an estimated $1.05B of other processor-core licensing are removed, and board design is counted with package design because the two are reported together.","The 2025 probe card market extends a 2024 market-research figure at its forecast growth rate.","No current public figure splits photomasks between chipmakers' own mask shops and merchant suppliers; the captive part is removed by estimate.","ZEISS SMT, Siemens EDA, SK Siltron and other units or private suppliers report segment totals at best, so their shares rest on segment disclosures and estimates."],"approval":{"approver":"Claude (delegated by Dachi)","date":"2026-10-22","sha256":"b86657cba0acc618d906e2a6888e46a4b9d7ae5e1595bfe7d8446bc3262f71ec","delegatedOn":"2026-10-22"},"versionReason":"Scope text only: substrate glass cloth is now counted in Packaging (Packaging version 2); no parts or weights 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Annual Report on Form 20-F for 2025","publisher":"ASML Holding N.V. / U.S. SEC","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}}},"screening":{"lithography":{"levelLow":4,"levelHigh":5},"process-control":{"levelLow":3,"levelHigh":4.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"2e321d6e687bd782b3f2fc1b92ffec1fd91260e66e2d3be9c1c835fadf54542c"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"2e321d6e687bd782b3f2fc1b92ffec1fd91260e66e2d3be9c1c835fadf54542c"}},"priorShares":{"lithography":{"low":89.865,"central":89.865,"high":89.865,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/937966/000162828026011378/asml-20251231.htm","title":"ASML Holding N.V. Annual Report on Form 20-F for 2025","publisher":"ASML Holding N.V. / U.S. SEC","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T2","locator":"Note 3 Disaggregation of revenue, 2024 column: net system sales EUR 21,768.7M less Metrology & Inspection EUR 645.5M; read in the local copy of the filing"},"note":"Prior-year estimate: (EUR 21,768.7M - EUR 645.5M) x 1.0820 = $22.86B, less the optics and lasers part ($5.06B on the card's scale) = $17.80B. 2024 function size $19.6B = the card's 2025 size $22.8B x (2024 / 2025 lithography machine market net of optics and lasers): ASML 2024 net system sales EUR 21,768.7M less metrology EUR 645.5M = EUR 21,123.2M x 1.0820 = $22.86B, plus half of Canon's Industrial Group (JPY 351.7B) and Nikon's Precision Equipment (JPY 201.9B, year to March 2025) at 151.4551 JPY/USD = $1.83B, less ZEISS optics and TRUMPF lasers $5.17B = $19.51B (2025 by the same method $22.67B). Share = $17.80B / $19.63B, scaled by 0.991."},"process-control":{"low":4.6112,"central":4.6112,"high":4.6112,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/937966/000162828026011378/asml-20251231.htm","title":"ASML Holding N.V. Annual Report on Form 20-F for 2025","publisher":"ASML Holding N.V. / U.S. SEC","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T4","locator":"Note 3 Disaggregation of revenue, 2024 column: Metrology & Inspection EUR 645.5M; read in the local copy of the filing"},"note":"Prior-year: EUR 645.5M x 1.0820 = $0.698B. 2024 function size $14.2B = the card's 2025 size $16.3B / 1.15 (Yole: the market grew 15% in 2025). Share = $0.698B / $14.2B, scaled by 0.9358."}},"activityGrowth":{"current":{"low":21960692760,"central":21960692760,"high":21960692760,"unit":"USD","basis":"ASML net system sales in the card's lithography and inspection-and-metrology functions (lithography machines net of the optics and lasers part, plus metrology and inspection), calendar year, US dollars","period":"FY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/937966/000162828026011378/asml-20251231.htm","title":"ASML Holding N.V. Annual Report on Form 20-F for 2025","publisher":"ASML Holding N.V. / U.S. SEC","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T2","locator":"Note 3 Disaggregation of revenue, 2025 column"},"note":"Sum of the two function revenues used for the shares (service and field-option sales are excluded). In euros net system sales grew 12.4%; the rest is the stronger euro (1.1306 against 1.0820 dollars)."},"prior":{"low":18496122149,"central":18496122149,"high":18496122149,"unit":"USD","basis":"ASML net system sales in the card's lithography and inspection-and-metrology functions (lithography machines net of the optics and lasers part, plus metrology and inspection), calendar year, US dollars","period":"FY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/937966/000162828026011378/asml-20251231.htm","title":"ASML Holding N.V. Annual Report on Form 20-F for 2025","publisher":"ASML Holding N.V. / U.S. SEC","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T2","locator":"Note 3 Disaggregation of revenue, 2024 column"}}},"committedExpansion":{"low":1.585,"central":1.585,"high":1.585,"unit":"ratio","basis":"Backlog of accepted system orders not yet recognised in sales at 31 Dec 2025 / net system sales 2025","period":"Backlog at 31 December 2025","periodEnd":"2025-12-31","source":{"url":"https://ourbrand.asml.com/m/3136300aa4999bc1/original/2026_01_28_Presentation-Investor-Relations-Q4-2025.pdf","title":"ASML 2025 fourth-quarter and full-year results (investor presentation)","publisher":"ASML Holding N.V.","publishedDate":"2026-01-28","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 12: backlog in value, FY 2025 total EUR 38,797 million (FY 2024 EUR 35,938 million). Net system sales EUR 24,474.3M: 20-F, Consolidated statements of operations"},"note":"The company says its backlog was EUR 38,797 million at the end of 2025 (Q4 2025 investor deck, slide 12; it covers system sales orders only). Annual activity: net system sales EUR 24,474.3M (20-F, 2025). 38,797 / 24,474.3 = 1.59. Both in euros, so no currency effect; the tier is the lower of the two (T2 and T1)."},"baselineRevenueUsd":{"low":36933649380,"central":36933649380,"high":36933649380,"unit":"USD","basis":"Total net sales, calendar year, US dollars at 1.1306 USD/EUR (Federal Reserve G.5A, 2025 average)","period":"FY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/937966/000162828026011378/asml-20251231.htm","title":"ASML Holding N.V. Annual Report on Form 20-F for 2025","publisher":"ASML Holding N.V. / U.S. SEC","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T1","locator":"Consolidated statements of operations: total net sales EUR 32,667.3M in 2025"}}},"zeiss-smt":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"zeiss-smt","name":"ZEISS SMT","kind":"unit","parentId":"carl-zeiss","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://pressat.co.uk/releases/zeiss-concludes-fiscal-year-2024-25-with-solid-growth-908000f42cf040140462fa8450a21abd/","title":"ZEISS concludes fiscal year 2024/25 with solid growth","publisher":"Carl Zeiss AG (release distributed on PressAT)","publishedDate":"2025-12-18","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://pressat.co.uk/releases/zeiss-concludes-fiscal-year-2024-25-with-solid-growth-908000f42cf040140462fa8450a21abd/","title":"ZEISS concludes fiscal year 2024/25 with solid growth","publisher":"Carl Zeiss AG (release distributed on PressAT)","publishedDate":"2025-12-18","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"low":85.2469,"central":85.2469,"high":85.2469,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2025 (ASML's purchases)","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/937966/000162828026011378/asml-20251231.htm","title":"ASML Holding N.V. Annual Report on Form 20-F for 2025","publisher":"ASML Holding N.V. / U.S. SEC","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T2","locator":"Note 26 Related parties and variable interest entities: Carl Zeiss SMT GmbH is ASML's single supplier of optical columns and ASML is its single customer; total purchases from Carl Zeiss SMT Holding GmbH & Co. KG and its subsidiaries EUR 4,406.9M in 2025 (2024: EUR 3,946.5M); read in the local copy of the filing"},"note":"Full-inputs estimate, replacing the screening assumption (85% of the segment, T5). ASML's 20-F states that ASML is Carl Zeiss SMT's single customer for optical columns and that its total purchases from the ZEISS SMT group were EUR 4,406.9M in 2025; x 1.1306 = $4.982B. TRUMPF's EUV business field (average of FY2024/25 EUR 724M and FY2025/26 EUR 791M = EUR 757.5M, x 1.1306 = $0.856B) is the other part of this function. Share = ZEISS / (ZEISS + TRUMPF) = 4.982 / 5.838 = 85.34%, scaled by 0.999. This is 87% of ZEISS's FY2024/25 segment revenue of EUR 5.055B, which agrees with the earlier 85% assumption. ASML's purchases may include some non-optics items and R&D-linked supply, so a modest overstatement is possible; the T2 band covers it."},"wafer-processing":{"participates":false,"evidence":{"url":"https://pressat.co.uk/releases/zeiss-concludes-fiscal-year-2024-25-with-solid-growth-908000f42cf040140462fa8450a21abd/","title":"ZEISS concludes fiscal year 2024/25 with solid growth","publisher":"Carl Zeiss AG (release distributed on PressAT)","publishedDate":"2025-12-18","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"process-control":{"low":1.4353,"central":2.8706,"high":4.191,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY2024/25 (to 30 Sep 2025)","periodEnd":"2025-09-30","source":{"url":"https://pressat.co.uk/releases/zeiss-concludes-fiscal-year-2024-25-with-solid-growth-908000f42cf040140462fa8450a21abd/","title":"ZEISS concludes fiscal year 2024/25 with solid growth","publisher":"Carl Zeiss AG (release distributed on PressAT)","publishedDate":"2025-12-18","accessedDate":"2026-10-22","tier":"T5","locator":"Semiconductor Manufacturing Technology segment revenue EUR 5.055 billion in fiscal 2024/25 (EUR 4.122 billion a year earlier), +23%"},"note":"Full-inputs estimate (T5, unchanged central). The ZEISS SMT segment (EUR 5.055B, FY2024/25) less ASML's calendar-2025 purchases (EUR 4.407B) leaves about EUR 0.65B = $0.73B for everything else the segment sells (mask repair and metrology tools, process-control tools, service); about two thirds of it, $0.5B (range $0.25-0.73B), is taken as inspection and metrology equipment. The periods differ (ZEISS's year ends in September), so the residual is rough. Share = $0.5B / card size $16.3B = 3.07%, scaled by 0.9358."},"test":{"participates":false,"evidence":{"url":"https://pressat.co.uk/releases/zeiss-concludes-fiscal-year-2024-25-with-solid-growth-908000f42cf040140462fa8450a21abd/","title":"ZEISS concludes fiscal year 2024/25 with solid growth","publisher":"Carl Zeiss AG (release distributed on PressAT)","publishedDate":"2025-12-18","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://pressat.co.uk/releases/zeiss-concludes-fiscal-year-2024-25-with-solid-growth-908000f42cf040140462fa8450a21abd/","title":"ZEISS concludes fiscal year 2024/25 with solid growth","publisher":"Carl Zeiss AG (release distributed on PressAT)","publishedDate":"2025-12-18","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"participates":false,"evidence":{"url":"https://pressat.co.uk/releases/zeiss-concludes-fiscal-year-2024-25-with-solid-growth-908000f42cf040140462fa8450a21abd/","title":"ZEISS concludes fiscal year 2024/25 with solid growth","publisher":"Carl Zeiss AG (release distributed on PressAT)","publishedDate":"2025-12-18","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}}},"screening":{"lithography-subsystems":{"levelLow":4.5,"levelHigh":5},"process-control":{"levelLow":3,"levelHigh":4.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"122801976a2dcc5270c233edf1bb4711e5e10767ff5617913e000b1b52d397da"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"122801976a2dcc5270c233edf1bb4711e5e10767ff5617913e000b1b52d397da"}},"priorShares":{"lithography-subsystems":{"low":82.4802,"central":82.4802,"high":82.4802,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2024 (ASML's purchases)","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/937966/000162828026011378/asml-20251231.htm","title":"ASML Holding N.V. Annual Report on Form 20-F for 2025","publisher":"ASML Holding N.V. / U.S. SEC","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T2","locator":"Note 26 Related parties and variable interest entities: total purchases from Carl Zeiss SMT Holding GmbH & Co. KG and its subsidiaries EUR 3,946.5M in 2024; read in the local copy of the filing"},"note":"Prior-year: ASML's 2024 purchases from the ZEISS SMT group EUR 3,946.5M x 1.0820 = $4.270B; TRUMPF's average EUV sales for 2024 (average of FY2023/24 EUR 943M and FY2024/25 EUR 724M, TRUMPF release of 17 October 2024) = $0.902B. Share = 4.270 / 5.172 = 82.56%, scaled by 0.999."},"process-control":{"low":1.2881,"central":2.5761,"high":3.7612,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY2023/24 (to 30 Sep 2024)","periodEnd":"2024-09-30","source":{"url":"https://pressat.co.uk/releases/zeiss-concludes-fiscal-year-2024-25-with-solid-growth-908000f42cf040140462fa8450a21abd/","title":"ZEISS concludes fiscal year 2024/25 with solid growth","publisher":"Carl Zeiss AG (release distributed on PressAT)","publishedDate":"2025-12-18","accessedDate":"2026-10-22","tier":"T5","locator":"Semiconductor Manufacturing Technology segment revenue EUR 4.122 billion in fiscal 2023/24 (prior-year column of the FY2024/25 release)"},"note":"Prior-year: the same fraction of the segment (the 2025 amount x EUR 4.122B / EUR 5.055B, converted at the 2024 rate) = $0.39B. 2024 function size $14.2B = the card's 2025 size $16.3B / 1.15 (Yole: the market grew 15% in 2025). Share = $0.39B / $14.2B, scaled by 0.9358. Assumes an unchanged fraction, so it follows the segment's growth."}},"activityGrowth":{"current":{"low":5482441140,"central":5482441140,"high":5482441140,"unit":"USD","basis":"ZEISS SMT sales in the card's lithography-optics and inspection-and-metrology functions (ASML's purchases from ZEISS plus an estimated two thirds of the rest of the segment), US dollars","period":"CY2025 (ASML's purchases) plus FY2024/25 residual","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/937966/000162828026011378/asml-20251231.htm","title":"ASML Holding N.V. Annual Report on Form 20-F for 2025","publisher":"ASML Holding N.V. / U.S. SEC","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T1","locator":"Note 26 Related parties: total purchases EUR 4,406.9M in 2025; plus the segment residual estimated from the ZEISS FY2024/25 release"},"note":"ASML's purchases from the ZEISS SMT group rose 11.7% in euros (EUR 3,946.5M to EUR 4,406.9M); the other part is the process-control estimate scaled by the segment's fiscal-year growth (+22.6%). In dollars the 2025 euro is 4.5% stronger."},"prior":{"low":4660302081,"central":4660302081,"high":4660302081,"unit":"USD","basis":"ZEISS SMT sales in the card's lithography-optics and inspection-and-metrology functions (ASML's purchases from ZEISS plus an estimated two thirds of the rest of the segment), US dollars","period":"CY2024 (ASML's purchases) plus FY2023/24 residual","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/937966/000162828026011378/asml-20251231.htm","title":"ASML Holding N.V. Annual Report on Form 20-F for 2025","publisher":"ASML Holding N.V. / U.S. SEC","publishedDate":"2026-02-25","accessedDate":"2026-10-22","tier":"T1","locator":"Note 26 Related parties: total purchases EUR 3,946.5M in 2024; plus the segment residual scaled to FY2023/24"}}},"baselineRevenueUsd":{"low":5715183000,"central":5715183000,"high":5715183000,"unit":"USD","basis":"Revenue of the Semiconductor Manufacturing Technology segment, fiscal year to 30 September, US dollars at 1.1306 USD/EUR (Federal Reserve G.5A, 2025 average)","period":"FY2024/25 (to 30 Sep 2025)","periodEnd":"2025-09-30","source":{"url":"https://pressat.co.uk/releases/zeiss-concludes-fiscal-year-2024-25-with-solid-growth-908000f42cf040140462fa8450a21abd/","title":"ZEISS concludes fiscal year 2024/25 with solid growth","publisher":"Carl Zeiss AG (release distributed on PressAT)","publishedDate":"2025-12-18","accessedDate":"2026-10-22","tier":"T2","locator":"Semiconductor Manufacturing Technology segment revenue EUR 5.055 billion in fiscal 2024/25"}}},"applied-materials":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"applied-materials","name":"Applied Materials","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm","title":"Applied Materials Form 10-K for fiscal 2025","publisher":"Applied Materials, Inc. / U.S. SEC","publishedDate":"2025-12-12","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm","title":"Applied Materials Form 10-K for fiscal 2025","publisher":"Applied Materials, Inc. / U.S. SEC","publishedDate":"2025-12-12","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm","title":"Applied Materials Form 10-K for fiscal 2025","publisher":"Applied Materials, Inc. / U.S. SEC","publishedDate":"2025-12-12","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"low":25.1745,"central":25.1745,"high":25.1745,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY2025 (to 26 Oct 2025)","periodEnd":"2025-10-26","source":{"url":"https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm","title":"Applied Materials Form 10-K for fiscal 2025","publisher":"Applied Materials, Inc. / U.S. SEC","publishedDate":"2025-12-12","accessedDate":"2026-10-22","tier":"T4","locator":"MD&A, net revenue by segment: Semiconductor Systems $20,798M in fiscal 2025; read in the local copy of the filing"},"note":"Full-inputs estimate (unchanged method). Semiconductor Systems net revenue $20,798M x 90% in wafer processing (the rest is inspection, implant and packaging; 5LayerCake assumption) = $18.72B; share = $18.72B / card size $71.9B = 26.03%, scaled by 0.967. The segment excludes Applied Global Services (spares, services, 200mm tools)."},"process-control":{"low":2.2964,"central":4.5929,"high":8.0375,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY2025 (to 26 Oct 2025)","periodEnd":"2025-10-26","source":{"url":"https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm","title":"Applied Materials Form 10-K for fiscal 2025","publisher":"Applied Materials, Inc. / U.S. SEC","publishedDate":"2025-12-12","accessedDate":"2026-10-22","tier":"T5","locator":"MD&A, net revenue by segment: Semiconductor Systems $20,798M in fiscal 2025"},"note":"Full-inputs estimate (T5, unchanged central). Applied's e-beam and optical inspection and metrology is not reported separately; assumed about 2-7% of Semiconductor Systems revenue ($20,798M), central $0.8B (about 3.8%; the screening note's '5%' was a slip, the $0.8B was what the share used) = $0.8B; share = $0.8B / card size $16.3B = 4.91%, scaled by 0.9358. Searches for a company figure found none (the Q4 FY2025 earnings call transcript gives no process-control revenue)."},"test":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm","title":"Applied Materials Form 10-K for fiscal 2025","publisher":"Applied Materials, Inc. / U.S. SEC","publishedDate":"2025-12-12","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm","title":"Applied Materials Form 10-K for fiscal 2025","publisher":"Applied Materials, Inc. / U.S. SEC","publishedDate":"2025-12-12","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm","title":"Applied Materials Form 10-K for fiscal 2025","publisher":"Applied Materials, Inc. / U.S. SEC","publishedDate":"2025-12-12","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}}},"screening":{"wafer-processing":{"levelLow":2,"levelHigh":4},"process-control":{"levelLow":2,"levelHigh":3.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"ee9d37481b8567fd309b2be5086a821e3d728b8c04893c10827cebcee44bd5df"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"ee9d37481b8567fd309b2be5086a821e3d728b8c04893c10827cebcee44bd5df"}},"priorShares":{"wafer-processing":{"low":26.5193,"central":26.5193,"high":26.5193,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY2024 (to 27 Oct 2024)","periodEnd":"2024-10-27","source":{"url":"https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm","title":"Applied Materials Form 10-K for fiscal 2025","publisher":"Applied Materials, Inc. / U.S. SEC","publishedDate":"2025-12-12","accessedDate":"2026-10-22","tier":"T4","locator":"MD&A, net revenue by segment: Semiconductor Systems $19,911M in fiscal 2024; read in the local copy of the filing"},"note":"Prior-year: Semiconductor Systems $19,911M x 90% = $17.92B. 2024 function size $65.3B = SEMI wafer fab equipment 2024 $104.2B (the card: $115.7B / 1.11) less lithography machines $24.68B and inspection and metrology $14.17B. Share = $17.92B / $65.3B, scaled by 0.967."},"process-control":{"low":2.5283,"central":5.0566,"high":8.849,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY2024 (to 27 Oct 2024)","periodEnd":"2024-10-27","source":{"url":"https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm","title":"Applied Materials Form 10-K for fiscal 2025","publisher":"Applied Materials, Inc. / U.S. SEC","publishedDate":"2025-12-12","accessedDate":"2026-10-22","tier":"T5","locator":"MD&A, net revenue by segment: Semiconductor Systems $19,911M in fiscal 2024"},"note":"Prior-year: the same fraction of Semiconductor Systems revenue ($19,911M / $20,798M x $0.8B = $0.77B). 2024 function size $14.2B = the card's 2025 size $16.3B / 1.15 (Yole: the market grew 15% in 2025). Share = $0.77B / $14.2B, scaled by 0.9358. Assumes an unchanged fraction."}},"activityGrowth":{"current":{"low":19518200000,"central":19518200000,"high":19518200000,"unit":"USD","basis":"Applied Materials Semiconductor Systems revenue in the card's wafer-processing and inspection-and-metrology functions (90% and about 3.8% of the segment), fiscal year, US dollars","period":"FY2025 (to 26 Oct 2025)","periodEnd":"2025-10-26","source":{"url":"https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm","title":"Applied Materials Form 10-K for fiscal 2025","publisher":"Applied Materials, Inc. / U.S. SEC","publishedDate":"2025-12-12","accessedDate":"2026-10-22","tier":"T4","locator":"MD&A, net revenue by segment: Semiconductor Systems $20,798M in fiscal 2025"},"note":"Both years use the same fractions of Semiconductor Systems revenue, so growth equals the segment's growth (+4.5%)."},"prior":{"low":18685781335,"central":18685781335,"high":18685781335,"unit":"USD","basis":"Applied Materials Semiconductor Systems revenue in the card's wafer-processing and inspection-and-metrology functions (90% and about 3.8% of the segment), fiscal year, US dollars","period":"FY2024 (to 27 Oct 2024)","periodEnd":"2024-10-27","source":{"url":"https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm","title":"Applied Materials Form 10-K for fiscal 2025","publisher":"Applied Materials, Inc. / U.S. SEC","publishedDate":"2025-12-12","accessedDate":"2026-10-22","tier":"T4","locator":"MD&A, net revenue by segment: Semiconductor Systems $19,911M in fiscal 2024"}}},"committedExpansion":{"low":0.342,"central":0.342,"high":0.342,"unit":"ratio","basis":"Semiconductor Systems backlog at 26 Oct 2025 / Semiconductor Systems revenue fiscal 2025","period":"Backlog at 26 October 2025","periodEnd":"2025-10-26","source":{"url":"https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm","title":"Applied Materials Form 10-K for fiscal 2025","publisher":"Applied Materials, Inc. / U.S. SEC","publishedDate":"2025-12-12","accessedDate":"2026-10-22","tier":"T1","locator":"Backlog table: Semiconductor Systems $7,105M of total backlog $15,002M at 26 October 2025; segment revenue $20,798M"},"note":"Applied's backlog for Semiconductor Systems was $7,105M at 26 October 2025 (10-K, Backlog table; it counts orders with written authorisation and equipment shipped but not yet recognised; 31% of the total backlog is not expected to be filled within 12 months). Annual activity: Semiconductor Systems revenue $20,798M (same filing). 7,105 / 20,798 = 0.34."},"baselineRevenueUsd":{"low":28368000000,"central":28368000000,"high":28368000000,"unit":"USD","basis":"Total net revenue, fiscal year, US dollars","period":"FY2025 (to 26 Oct 2025)","periodEnd":"2025-10-26","source":{"url":"https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm","title":"Applied Materials Form 10-K for fiscal 2025","publisher":"Applied Materials, Inc. / U.S. SEC","publishedDate":"2025-12-12","accessedDate":"2026-10-22","tier":"T1","locator":"MD&A, net revenue by segment: total net revenue $28,368M in fiscal 2025"}}},"kla":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"kla","name":"KLA","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","title":"KLA Corporation Form 10-K for fiscal 2026","publisher":"KLA Corporation / U.S. SEC","publishedDate":"2026-08-06","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","title":"KLA Corporation Form 10-K for fiscal 2026","publisher":"KLA Corporation / U.S. SEC","publishedDate":"2026-08-06","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","title":"KLA Corporation Form 10-K for fiscal 2026","publisher":"KLA Corporation / U.S. SEC","publishedDate":"2026-08-06","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"low":0.6857,"central":0.6857,"high":0.6857,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"Average of fiscal 2025 and fiscal 2026 (to 30 Jun 2026)","periodEnd":"2026-06-30","source":{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","title":"KLA Corporation Form 10-K for fiscal 2026","publisher":"KLA Corporation / U.S. SEC","publishedDate":"2026-08-06","accessedDate":"2026-10-22","tier":"T4","locator":"Revenues by major product categories: Specialty Semiconductor Process $502.5M (fiscal 2026), $517.2M (fiscal 2025), $470.6M (fiscal 2024); read in the local copy of the filing"},"note":"Full-inputs estimate. KLA's Specialty Semiconductor Process products (SPTS etch and deposition tools; product category, services excluded) averaged $510M over fiscal 2025 and 2026 ($517.2M and $502.5M) = $0.51B (the screening used the segment including service, $0.55B); share = $0.51B / card size $71.9B = 0.71%, scaled by 0.967."},"process-control":{"low":51.9294,"central":51.9294,"high":51.9294,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"Average of fiscal 2025 and fiscal 2026 (to 30 Jun 2026)","periodEnd":"2026-06-30","source":{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","title":"KLA Corporation Form 10-K for fiscal 2026","publisher":"KLA Corporation / U.S. SEC","publishedDate":"2026-08-06","accessedDate":"2026-10-22","tier":"T4","locator":"Revenues by major product categories: Wafer Inspection + Patterning + Other = $9,490.7M (fiscal 2026) and $8,599.8M (fiscal 2025); read in the local copy of the filing"},"note":"Full-inputs estimate, replacing the screening derivation. Wafer Inspection + Patterning + Other (refurbished and upgraded process-control tools) product revenue was $8,599.8M in fiscal 2025 and $9,490.7M in fiscal 2026, average $9.05B (services excluded; Specialty Semiconductor Process and PCB inspection excluded); share = $9.05B / card size $16.3B = 55.5%, scaled by 0.9358. The card's $16.3B is a Yole estimate that KLA's own product revenue nearly matches, which is why the scale factor is needed. Cross-check: KLA's segment revenue of $12.2B includes service."},"test":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","title":"KLA Corporation Form 10-K for fiscal 2026","publisher":"KLA Corporation / U.S. SEC","publishedDate":"2026-08-06","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","title":"KLA Corporation Form 10-K for fiscal 2026","publisher":"KLA Corporation / U.S. SEC","publishedDate":"2026-08-06","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","title":"KLA Corporation Form 10-K for fiscal 2026","publisher":"KLA Corporation / U.S. SEC","publishedDate":"2026-08-06","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}}},"screening":{"wafer-processing":{"levelLow":1.5,"levelHigh":3},"process-control":{"levelLow":3.5,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"400fd14110156ecad9d4b8104e4362f7837100d6c481a39620e1a183c70d6c65"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"400fd14110156ecad9d4b8104e4362f7837100d6c481a39620e1a183c70d6c65"}},"priorShares":{"wafer-processing":{"low":0.7309,"central":0.7309,"high":0.7309,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"Average of fiscal 2024 and fiscal 2025 (to 30 Jun 2025)","periodEnd":"2025-06-30","source":{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","title":"KLA Corporation Form 10-K for fiscal 2026","publisher":"KLA Corporation / U.S. SEC","publishedDate":"2026-08-06","accessedDate":"2026-10-22","tier":"T4","locator":"Revenues by major product categories: Specialty Semiconductor Process $517.2M (fiscal 2025), $470.6M (fiscal 2024)"},"note":"Prior-year: average of fiscal 2024 and 2025 ($470.6M and $517.2M) = $0.494B. 2024 function size $65.3B = SEMI wafer fab equipment 2024 $104.2B (the card: $115.7B / 1.11) less lithography machines $24.68B and inspection and metrology $14.17B. Share = $0.494B / $65.3B, scaled by 0.967."},"process-control":{"low":50.5754,"central":50.5754,"high":50.5754,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"Average of fiscal 2024 and fiscal 2025 (to 30 Jun 2025)","periodEnd":"2025-06-30","source":{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","title":"KLA Corporation Form 10-K for fiscal 2026","publisher":"KLA Corporation / U.S. SEC","publishedDate":"2026-08-06","accessedDate":"2026-10-22","tier":"T4","locator":"Revenues by major product categories: Wafer Inspection + Patterning + Other = $8,599.8M (fiscal 2025) and $6,721.0M (fiscal 2024)"},"note":"Prior-year: average of fiscal 2024 ($6,721.0M = 4,333.3 + 2,054.4 + 333.2) and fiscal 2025 ($8,599.8M) = $7.66B. 2024 function size $14.2B = the card's 2025 size $16.3B / 1.15 (Yole: the market grew 15% in 2025). Share = $7.66B / $14.2B, scaled by 0.9358."}},"activityGrowth":{"current":{"low":9555050000,"central":9555050000,"high":9555050000,"unit":"USD","basis":"KLA product revenue in the card's inspection-and-metrology and wafer-processing functions (wafer inspection, patterning, other, and specialty process products; services excluded), average of two fiscal years ending in June, US dollars","period":"Average of fiscal 2025 and fiscal 2026 (to 30 Jun 2026)","periodEnd":"2026-06-30","source":{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","title":"KLA Corporation Form 10-K for fiscal 2026","publisher":"KLA Corporation / U.S. SEC","publishedDate":"2026-08-06","accessedDate":"2026-10-22","tier":"T4","locator":"Revenues by major product categories, fiscal 2026 and fiscal 2025 columns"},"note":"Product categories from the 10-K table: Wafer Inspection, Patterning, Other (refurbished tools and upgrades) and Specialty Semiconductor Process; the Services and PCB categories are excluded. Two-year averages centred on calendar 2025 and calendar 2024."},"prior":{"low":8154200000,"central":8154200000,"high":8154200000,"unit":"USD","basis":"KLA product revenue in the card's inspection-and-metrology and wafer-processing functions (wafer inspection, patterning, other, and specialty process products; services excluded), average of two fiscal years ending in June, US dollars","period":"Average of fiscal 2024 and fiscal 2025 (to 30 Jun 2025)","periodEnd":"2025-06-30","source":{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","title":"KLA Corporation Form 10-K for fiscal 2026","publisher":"KLA Corporation / U.S. SEC","publishedDate":"2026-08-06","accessedDate":"2026-10-22","tier":"T4","locator":"Revenues by major product categories, fiscal 2025 and fiscal 2024 columns"}}},"committedExpansion":{"low":1.202,"central":1.202,"high":1.202,"unit":"ratio","basis":"Backlog of sales orders at 30 Jun 2026 / product revenue fiscal 2026","period":"Backlog at 30 June 2026","periodEnd":"2026-06-30","source":{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","title":"KLA Corporation Form 10-K for fiscal 2026","publisher":"KLA Corporation / U.S. SEC","publishedDate":"2026-08-06","accessedDate":"2026-10-22","tier":"T1","locator":"Backlog: increased from $7.86 billion at 30 June 2025 to $12.57 billion at 30 June 2026; income statement: total revenues $13,579.5M less service revenues $3,125.9M = product revenues $10,453.6M"},"note":"KLA's backlog, 'primarily consisting of sales orders where written customer requests have been received', was $12.57 billion at 30 June 2026 (10-K, Backlog; $7.86 billion a year earlier). Annual activity: fiscal 2026 product revenue $10,453.5M (total $13,579.5M less services $3,125.9M, same filing). 12,570 / 10,453.5 = 1.20."},"baselineRevenueUsd":{"low":13579500000,"central":13579500000,"high":13579500000,"unit":"USD","basis":"Total revenue, fiscal year, US dollars","period":"FY2026 (to 30 Jun 2026)","periodEnd":"2026-06-30","source":{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","title":"KLA Corporation Form 10-K for fiscal 2026","publisher":"KLA Corporation / U.S. SEC","publishedDate":"2026-08-06","accessedDate":"2026-10-22","tier":"T1","locator":"Revenues by major product categories: total $13,579.5M in fiscal 2026"}}},"lam-research":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"lam-research","name":"Lam Research","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","title":"Lam Research Form 10-K for fiscal 2026","publisher":"Lam Research Corporation / U.S. SEC","publishedDate":"2026-08-07","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","title":"Lam Research Form 10-K for fiscal 2026","publisher":"Lam Research Corporation / U.S. SEC","publishedDate":"2026-08-07","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","title":"Lam Research Form 10-K for fiscal 2026","publisher":"Lam Research Corporation / U.S. SEC","publishedDate":"2026-08-07","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"low":18.291,"central":18.291,"high":18.291,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"Average of fiscal 2025 and fiscal 2026 (to 28 Jun 2026)","periodEnd":"2026-06-28","source":{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","title":"Lam Research Form 10-K for fiscal 2026","publisher":"Lam Research Corporation / U.S. SEC","publishedDate":"2026-08-07","accessedDate":"2026-10-22","tier":"T4","locator":"Revenue note: Systems revenue $14,885M in fiscal 2026 (to 28 Jun 2026) and $11,491M in fiscal 2025; customer support-related revenue is separate; read in the local copy of the filing"},"note":"Full-inputs estimate (unchanged method). Average of fiscal 2025 and 2026 Systems revenue ($11,491M and $14,885M) = $13.19B, which approximates calendar 2025, plus about $0.4B of non-leading-edge equipment that Lam books in customer support-related revenue (5LayerCake assumption) = $13.6B; share = $13.6B / card size $71.9B = 18.91%, scaled by 0.967. Rising inputs - Committed expansion: Lam's 10-K does not state a backlog (only deferred revenue of $2.43B, which is not orders); left out."},"process-control":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","title":"Lam Research Form 10-K for fiscal 2026","publisher":"Lam Research Corporation / U.S. SEC","publishedDate":"2026-08-07","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"test":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","title":"Lam Research Form 10-K for fiscal 2026","publisher":"Lam Research Corporation / U.S. SEC","publishedDate":"2026-08-07","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","title":"Lam Research Form 10-K for fiscal 2026","publisher":"Lam Research Corporation / U.S. SEC","publishedDate":"2026-08-07","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","title":"Lam Research Form 10-K for fiscal 2026","publisher":"Lam Research Corporation / U.S. SEC","publishedDate":"2026-08-07","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}}},"screening":{"wafer-processing":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"68ff465116143b707b44105d1b902c951b52493a1dbbd251cd731350671164da"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"68ff465116143b707b44105d1b902c951b52493a1dbbd251cd731350671164da"}},"priorShares":{"wafer-processing":{"low":15.6963,"central":15.6963,"high":15.6963,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"Average of fiscal 2024 and fiscal 2025 (to 29 Jun 2025)","periodEnd":"2025-06-29","source":{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","title":"Lam Research Form 10-K for fiscal 2026","publisher":"Lam Research Corporation / U.S. SEC","publishedDate":"2026-08-07","accessedDate":"2026-10-22","tier":"T4","locator":"Revenue note: Systems revenue $11,491M in fiscal 2025 and $8,922M in fiscal 2024; read in the local copy of the filing"},"note":"Prior-year: average of fiscal 2024 and 2025 Systems revenue ($8,922M and $11,491M) = $10.21B plus the same $0.4B = $10.6B. 2024 function size $65.3B = SEMI wafer fab equipment 2024 $104.2B (the card: $115.7B / 1.11) less lithography machines $24.68B and inspection and metrology $14.17B. Share = $10.6B / $65.3B, scaled by 0.967."}},"activityGrowth":{"current":{"low":13600000000,"central":13600000000,"high":13600000000,"unit":"USD","basis":"Lam Research Systems revenue plus about $0.4B of non-leading-edge equipment, average of two fiscal years ending in June, US dollars","period":"Average of fiscal 2025 and fiscal 2026 (to 28 Jun 2026)","periodEnd":"2026-06-28","source":{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","title":"Lam Research Form 10-K for fiscal 2026","publisher":"Lam Research Corporation / U.S. SEC","publishedDate":"2026-08-07","accessedDate":"2026-10-22","tier":"T4","locator":"Revenue note: Systems revenue fiscal 2026 $14,885M and fiscal 2025 $11,491M"},"note":"Two-year averages centred on calendar 2025 and calendar 2024. The single fiscal years grew 29.5% (fiscal 2026 over 2025) and 28.8% (fiscal 2025 over 2024)."},"prior":{"low":10606450000,"central":10606450000,"high":10606450000,"unit":"USD","basis":"Lam Research Systems revenue plus about $0.4B of non-leading-edge equipment, average of two fiscal years ending in June, US dollars","period":"Average of fiscal 2024 and fiscal 2025 (to 29 Jun 2025)","periodEnd":"2025-06-29","source":{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","title":"Lam Research Form 10-K for fiscal 2026","publisher":"Lam Research Corporation / U.S. SEC","publishedDate":"2026-08-07","accessedDate":"2026-10-22","tier":"T4","locator":"Revenue note: Systems revenue fiscal 2025 $11,491M and fiscal 2024 $8,922M"}}},"baselineRevenueUsd":{"low":23232700000,"central":23232700000,"high":23232700000,"unit":"USD","basis":"Total revenue, fiscal year, US dollars","period":"FY2026 (to 28 Jun 2026)","periodEnd":"2026-06-28","source":{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","title":"Lam Research Form 10-K for fiscal 2026","publisher":"Lam Research Corporation / U.S. SEC","publishedDate":"2026-08-07","accessedDate":"2026-10-22","tier":"T1","locator":"Revenue note: Systems revenue $14,885M plus customer support-related revenue and other $8,347M = $23,233M in fiscal 2026"}}},"tokyo-electron":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"tokyo-electron","name":"Tokyo Electron","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://www.tel.com/ir/library/report/pjuomj00000000tf-att/fy26q4presentations-e.pdf","title":"Q4 FY2026 Financial Announcement (presentation; FY2026 = April 2025 to March 2026)","publisher":"Tokyo Electron Limited","publishedDate":"2026-04-30","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://www.tel.com/ir/library/report/pjuomj00000000tf-att/fy26q4presentations-e.pdf","title":"Q4 FY2026 Financial Announcement (presentation; FY2026 = April 2025 to March 2026)","publisher":"Tokyo Electron Limited","publishedDate":"2026-04-30","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://www.tel.com/ir/library/report/pjuomj00000000tf-att/fy26q4presentations-e.pdf","title":"Q4 FY2026 Financial Announcement (presentation; FY2026 = April 2025 to March 2026)","publisher":"Tokyo Electron Limited","publishedDate":"2026-04-30","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"low":15.1662,"central":15.1662,"high":15.1662,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY2026 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.tel.com/ir/library/report/pjuomj00000000tf-att/fy26q4presentations-e.pdf","title":"Q4 FY2026 Financial Announcement (presentation; FY2026 = April 2025 to March 2026)","publisher":"Tokyo Electron Limited","publishedDate":"2026-04-30","accessedDate":"2026-10-22","tier":"T4","locator":"Slide 8 and slide 26: SPE new equipment sales JPY 1,775.4B in FY2026 and JPY 1,861.1B in FY2025; product mix: wafer probers 5% in FY2026 and 4% in FY2025"},"note":"Full-inputs estimate (unchanged method). SPE new equipment sales JPY 1,775.4B x 95% (all products except wafer probers at 5%) = JPY 1,686.6B / 149.5686 = $11.28B; share = $11.28B / card size $71.9B = 15.68%, scaled by 0.967. The fiscal year to March 2026 is the one closest to calendar 2025 (it overlaps nine months). Rising inputs - Committed expansion: TEL does not publish an order backlog; left out."},"process-control":{"participates":false,"evidence":{"url":"https://www.tel.com/ir/library/report/pjuomj00000000tf-att/fy26q4presentations-e.pdf","title":"Q4 FY2026 Financial Announcement (presentation; FY2026 = April 2025 to March 2026)","publisher":"Tokyo Electron Limited","publishedDate":"2026-04-30","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"test":{"low":4.1462,"central":4.1462,"high":4.1462,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY2026 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.tel.com/ir/library/report/pjuomj00000000tf-att/fy26q4presentations-e.pdf","title":"Q4 FY2026 Financial Announcement (presentation; FY2026 = April 2025 to March 2026)","publisher":"Tokyo Electron Limited","publishedDate":"2026-04-30","accessedDate":"2026-10-22","tier":"T4","locator":"Slide 26: SPE new equipment sales JPY 1,775.4B in FY2026; wafer probers 5%"},"note":"Full-inputs estimate (unchanged method). Wafer probers are 5% of SPE new equipment sales: JPY 1,775.4B x 5% = JPY 88.8B / 149.5686 = $0.594B; share = $0.594B / card size $14.3B = 4.15%, scaled by 0.999."},"silicon-wafers":{"participates":false,"evidence":{"url":"https://www.tel.com/ir/library/report/pjuomj00000000tf-att/fy26q4presentations-e.pdf","title":"Q4 FY2026 Financial Announcement (presentation; FY2026 = April 2025 to March 2026)","publisher":"Tokyo Electron Limited","publishedDate":"2026-04-30","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"participates":false,"evidence":{"url":"https://www.tel.com/ir/library/report/pjuomj00000000tf-att/fy26q4presentations-e.pdf","title":"Q4 FY2026 Financial Announcement (presentation; FY2026 = April 2025 to March 2026)","publisher":"Tokyo Electron Limited","publishedDate":"2026-04-30","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}}},"screening":{"wafer-processing":{"levelLow":2.5,"levelHigh":4.5},"test":{"levelLow":2,"levelHigh":3.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"2626f97e1ec0c992bef29daeefd6ec6aa05920a449793fa318ab44104beefabd"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"2626f97e1ec0c992bef29daeefd6ec6aa05920a449793fa318ab44104beefabd"}},"priorShares":{"wafer-processing":{"low":17.4575,"central":17.4575,"high":17.4575,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY2025 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.tel.com/ir/library/report/pjuomj00000000tf-att/fy26q4presentations-e.pdf","title":"Q4 FY2026 Financial Announcement (presentation; FY2026 = April 2025 to March 2026)","publisher":"Tokyo Electron Limited","publishedDate":"2026-04-30","accessedDate":"2026-10-22","tier":"T4","locator":"Slide 26: SPE new equipment sales JPY 1,861.1B in FY2025; wafer probers 4%"},"note":"Prior-year: SPE new equipment sales JPY 1,861.1B x 96% (probers 4%) = JPY 1,786.7B / 151.4551 = $11.80B. 2024 function size $65.3B = SEMI wafer fab equipment 2024 $104.2B (the card: $115.7B / 1.11) less lithography machines $24.68B and inspection and metrology $14.17B. Share = $11.80B / $65.3B, scaled by 0.967. TEL's yen sales fell 4.6% while the market grew about 10%, so TEL lost share; calendar 2025 alone (quarterly slide 24) was down 2.0% on calendar 2024."},"test":{"low":4.9089,"central":4.9089,"high":4.9089,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY2025 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.tel.com/ir/library/report/pjuomj00000000tf-att/fy26q4presentations-e.pdf","title":"Q4 FY2026 Financial Announcement (presentation; FY2026 = April 2025 to March 2026)","publisher":"Tokyo Electron Limited","publishedDate":"2026-04-30","accessedDate":"2026-10-22","tier":"T4","locator":"Slide 26: SPE new equipment sales JPY 1,861.1B in FY2025; wafer probers 4%"},"note":"Prior-year: JPY 1,861.1B x 4% = JPY 74.4B / 151.4551 = $0.491B. 2024 function size $10.0B = SEMI test equipment 2024 $7.56B (the card: $11.2B / 1.481) plus probe cards $2.443B (Yole, 2024). Share = $0.491B / $10.0B, scaled by 0.999."}},"activityGrowth":{"current":{"low":11870138518,"central":11870138518,"high":11870138518,"unit":"USD","basis":"TEL SPE new equipment sales in the card's wafer-processing and test functions (all products; wafer probers in test), fiscal year to March, US dollars","period":"FY2026 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.tel.com/ir/library/report/pjuomj00000000tf-att/fy26q4presentations-e.pdf","title":"Q4 FY2026 Financial Announcement (presentation; FY2026 = April 2025 to March 2026)","publisher":"Tokyo Electron Limited","publishedDate":"2026-04-30","accessedDate":"2026-10-22","tier":"T4","locator":"Slide 26: SPE new equipment sales JPY 1,775.4B in FY2026 (field solutions sales excluded)"},"note":"New equipment only (parts and service, 'field solutions', of JPY 626.0B are excluded). In yen the figure fell 4.6%; the yen was slightly stronger in the later period (149.57 against 151.46 per dollar)."},"prior":{"low":12288130278,"central":12288130278,"high":12288130278,"unit":"USD","basis":"TEL SPE new equipment sales in the card's wafer-processing and test functions (all products; wafer probers in test), fiscal year to March, US dollars","period":"FY2025 (April 2024 to March 2025)","periodEnd":"2025-03-31","source":{"url":"https://www.tel.com/ir/library/report/pjuomj00000000tf-att/fy26q4presentations-e.pdf","title":"Q4 FY2026 Financial Announcement (presentation; FY2026 = April 2025 to March 2026)","publisher":"Tokyo Electron Limited","publishedDate":"2026-04-30","accessedDate":"2026-10-22","tier":"T4","locator":"Slide 26: SPE new equipment sales JPY 1,861.1B in FY2025 (field solutions sales excluded)"}}},"baselineRevenueUsd":{"low":16336985169,"central":16336985169,"high":16336985169,"unit":"USD","basis":"Net sales, fiscal year to March, US dollars at 149.5686 JPY/USD (Federal Reserve G.5A, 2025 average)","period":"FY2026 (April 2025 to March 2026)","periodEnd":"2026-03-31","source":{"url":"https://www.tel.com/ir/library/report/pjuomj00000000tf-att/fy26q4presentations-e.pdf","title":"Q4 FY2026 Financial Announcement (presentation; FY2026 = April 2025 to March 2026)","publisher":"Tokyo Electron Limited","publishedDate":"2026-04-30","accessedDate":"2026-10-22","tier":"T2","locator":"Slide 27 (sales by region) and the financial-trend slide: net sales JPY 2,443.5B in FY2026 (JPY 2,431.5B in FY2025)"}}},"advantest":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"advantest","name":"Advantest","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://www.advantest.com/en/news/2026/a81o6o0000000hgw-att/E_FR_FY2025_FN.pdf","title":"FY2025 Consolidated Financial Results (year ended March 31, 2026)","publisher":"Advantest Corporation","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://www.advantest.com/en/news/2026/a81o6o0000000hgw-att/E_FR_FY2025_FN.pdf","title":"FY2025 Consolidated Financial Results (year ended March 31, 2026)","publisher":"Advantest Corporation","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://www.advantest.com/en/news/2026/a81o6o0000000hgw-att/E_FR_FY2025_FN.pdf","title":"FY2025 Consolidated Financial Results (year ended March 31, 2026)","publisher":"Advantest Corporation","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"participates":false,"evidence":{"url":"https://www.advantest.com/en/news/2026/a81o6o0000000hgw-att/E_FR_FY2025_FN.pdf","title":"FY2025 Consolidated Financial Results (year ended March 31, 2026)","publisher":"Advantest Corporation","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"process-control":{"low":0.1722,"central":0.6889,"high":1.4353,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY ended 31 Mar 2026","periodEnd":"2026-03-31","source":{"url":"https://www.advantest.com/en/news/2026/a81o6o0000000hgw-att/E_FR_FY2025_FN.pdf","title":"FY2025 Consolidated Financial Results (year ended March 31, 2026)","publisher":"Advantest Corporation","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T5","locator":"Segment information: Test System Business net sales JPY 1,019,380M (FY ended March 2026)"},"note":"Full-inputs estimate (T5, unchanged). Advantest's Test System segment also includes nanotechnology products (mask e-beam metrology); assumed 0.5-4% of the segment, central about 1.8% (JPY 18B) = $0.12B; share = $0.12B / card size $16.3B = 0.74%, scaled by 0.9358."},"test":{"low":42.8517,"central":42.8517,"high":42.8517,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY ended 31 Mar 2026","periodEnd":"2026-03-31","source":{"url":"https://www.advantest.com/en/news/2026/a81o6o0000000hgw-att/E_FR_FY2025_FN.pdf","title":"FY2025 Consolidated Financial Results (year ended March 31, 2026)","publisher":"Advantest Corporation","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T4","locator":"Segment information: Test System Business net sales JPY 1,019,380M (FY ended March 2026); Services and Others JPY 109,230M"},"note":"Full-inputs estimate (unchanged method). Test System Business net sales JPY 1,019,380M / 149.5686 = $6.82B, of which about 90% is testers, handlers and device interface boards (5LayerCake assumption; the rest is nanotechnology and other) = $6.13B; share = $6.13B / card size $14.3B = 42.9%, scaled by 0.999. (The screening figure of $6.1B and this one agree.) Rising inputs - Committed expansion: Advantest does not publish an order backlog in the results summary; left out."},"silicon-wafers":{"participates":false,"evidence":{"url":"https://www.advantest.com/en/news/2026/a81o6o0000000hgw-att/E_FR_FY2025_FN.pdf","title":"FY2025 Consolidated Financial Results (year ended March 31, 2026)","publisher":"Advantest Corporation","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"participates":false,"evidence":{"url":"https://www.advantest.com/en/news/2026/a81o6o0000000hgw-att/E_FR_FY2025_FN.pdf","title":"FY2025 Consolidated Financial Results (year ended March 31, 2026)","publisher":"Advantest Corporation","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}}},"screening":{"process-control":{"levelLow":2,"levelHigh":3.5},"test":{"levelLow":3,"levelHigh":4.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"37359f44867aa46eda0b311d0ff68f288828eaee207d45a03ab6899d3e5b463c"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"37359f44867aa46eda0b311d0ff68f288828eaee207d45a03ab6899d3e5b463c"}},"priorShares":{"test":{"low":40.5228,"central":40.5228,"high":40.5228,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY ended 31 Mar 2025","periodEnd":"2025-03-31","source":{"url":"https://www.advantest.com/en/news/2026/a81o6o0000000hgw-att/E_FR_FY2025_FN.pdf","title":"FY2025 Consolidated Financial Results (year ended March 31, 2026)","publisher":"Advantest Corporation","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T4","locator":"Segment information, prior-year column: Test System Business net sales JPY 682,819M (FY ended March 2025, as re-segmented)"},"note":"Prior-year: Test System Business net sales JPY 682,819M x 90% / 151.4551 = $4.06B. 2024 function size $10.0B = SEMI test equipment 2024 $7.56B (the card: $11.2B / 1.481) plus probe cards $2.443B (Yole, 2024). Share = $4.06B / $10.0B, scaled by 0.999."},"process-control":{"low":0.131,"central":0.5241,"high":1.0918,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY ended 31 Mar 2025","periodEnd":"2025-03-31","source":{"url":"https://www.advantest.com/en/news/2026/a81o6o0000000hgw-att/E_FR_FY2025_FN.pdf","title":"FY2025 Consolidated Financial Results (year ended March 31, 2026)","publisher":"Advantest Corporation","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T5","locator":"Segment information, prior-year column: Test System Business net sales JPY 682,819M (FY ended March 2025)"},"note":"Prior-year: the same fraction of Test System sales ($0.12B x 682.8 / 1,019.4, with the yen rate adjustment) = $0.079B. 2024 function size $14.2B = the card's 2025 size $16.3B / 1.15 (Yole: the market grew 15% in 2025). Share = $0.079B / $14.2B, scaled by 0.9358."}},"activityGrowth":{"current":{"low":6253921157,"central":6253921157,"high":6253921157,"unit":"USD","basis":"Advantest Test System Business sales credited to the card's test and inspection-and-metrology functions (about 90% and 1.8% of the segment), fiscal year to March, US dollars","period":"FY ended 31 Mar 2026","periodEnd":"2026-03-31","source":{"url":"https://www.advantest.com/en/news/2026/a81o6o0000000hgw-att/E_FR_FY2025_FN.pdf","title":"FY2025 Consolidated Financial Results (year ended March 31, 2026)","publisher":"Advantest Corporation","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T4","locator":"Segment information: Test System Business net sales JPY 1,019,380M"},"note":"Both years use the same fractions of the Test System segment, so growth equals the segment's growth (+49.3% in yen, +47.2% in dollars)."},"prior":{"low":4136932330,"central":4136932330,"high":4136932330,"unit":"USD","basis":"Advantest Test System Business sales credited to the card's test and inspection-and-metrology functions (about 90% and 1.8% of the segment), fiscal year to March, US dollars","period":"FY ended 31 Mar 2025","periodEnd":"2025-03-31","source":{"url":"https://www.advantest.com/en/news/2026/a81o6o0000000hgw-att/E_FR_FY2025_FN.pdf","title":"FY2025 Consolidated Financial Results (year ended March 31, 2026)","publisher":"Advantest Corporation","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T4","locator":"Segment information, prior-year column: Test System Business net sales JPY 682,819M"}}},"baselineRevenueUsd":{"low":7545768296,"central":7545768296,"high":7545768296,"unit":"USD","basis":"Consolidated net sales, fiscal year to March, US dollars at 149.5686 JPY/USD (Federal Reserve G.5A, 2025 average)","period":"FY ended 31 Mar 2026","periodEnd":"2026-03-31","source":{"url":"https://www.advantest.com/en/news/2026/a81o6o0000000hgw-att/E_FR_FY2025_FN.pdf","title":"FY2025 Consolidated Financial Results (year ended March 31, 2026)","publisher":"Advantest Corporation","publishedDate":"2026-04-27","accessedDate":"2026-10-22","tier":"T1","locator":"Consolidated: net sales JPY 1,128,610M in the year ended March 2026"}}},"synopsys":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"synopsys","name":"Synopsys","kind":"public","commercialActivityVerified":true,"shares":{"design":{"low":37.8308,"central":37.8308,"high":37.8308,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY2025 (Nov 2024-Oct 2025)","periodEnd":"2025-10-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/snps-20251031.htm","title":"Synopsys Form 10-K for fiscal 2025","publisher":"Synopsys, Inc. / U.S. SEC","publishedDate":"2025-12-22","accessedDate":"2026-10-22","tier":"T4","locator":"Note 5 Disaggregated Revenue: EDA 62.0%, Design IP 24.8%, Ansys 10.7%, Other 2.5% of total revenue $7,054.2M (read in the local copy of the filing)"},"note":"Full-inputs estimate. Synopsys's EDA product group (62.0%) plus Design IP (24.8%) of FY2025 revenue $7,054.2M = $6.123B, less about $0.2B of processor-core IP (ARC; 5LayerCake estimate, which the card places in Chip design) = $5.92B; the Ansys simulation group (10.7%) is excluded, and the EDA group already holds the acquired Ansys semiconductor tools. Share = $5.92B / card size $15.5B = 38.21%, scaled by 0.99. Replaces the screening figure of $5.95B (same sources; the earlier 'plus part of Ansys' step was double counting). Cross-checks: TrendForce (2 June 2025 news item) gives Synopsys 31% of the 2024 EDA market; SemiAnalysis (21 May 2026) puts Synopsys at $8B in CY2025 including Ansys. Rising inputs - Committed expansion: Synopsys's backlog ($11.4B, 31 October 2025) includes Ansys's contracts, while fiscal 2025 revenue holds only about 3.5 months of Ansys, so a backlog-to-revenue ratio would not compare like with like. Left out."},"lithography":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/snps-20251031.htm","title":"Synopsys Form 10-K for fiscal 2025","publisher":"Synopsys, Inc. / U.S. SEC","publishedDate":"2025-12-22","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/snps-20251031.htm","title":"Synopsys Form 10-K for fiscal 2025","publisher":"Synopsys, Inc. / U.S. SEC","publishedDate":"2025-12-22","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/snps-20251031.htm","title":"Synopsys Form 10-K for fiscal 2025","publisher":"Synopsys, Inc. / U.S. SEC","publishedDate":"2025-12-22","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"process-control":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/snps-20251031.htm","title":"Synopsys Form 10-K for fiscal 2025","publisher":"Synopsys, Inc. / U.S. SEC","publishedDate":"2025-12-22","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"test":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/snps-20251031.htm","title":"Synopsys Form 10-K for fiscal 2025","publisher":"Synopsys, Inc. / U.S. SEC","publishedDate":"2025-12-22","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/snps-20251031.htm","title":"Synopsys Form 10-K for fiscal 2025","publisher":"Synopsys, Inc. / U.S. SEC","publishedDate":"2025-12-22","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/snps-20251031.htm","title":"Synopsys Form 10-K for fiscal 2025","publisher":"Synopsys, Inc. / U.S. SEC","publishedDate":"2025-12-22","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}}},"screening":{"design":{"levelLow":3,"levelHigh":4.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"ba281d15b2e102481abf86685a9382400319aaebafac847e06f33638c11b38bf"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"ba281d15b2e102481abf86685a9382400319aaebafac847e06f33638c11b38bf"}},"priorShares":{"design":{"low":38.8214,"central":38.8214,"high":38.8214,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY2024 (Nov 2023-Oct 2024, 53 weeks)","periodEnd":"2024-10-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/snps-20251031.htm","title":"Synopsys Form 10-K for fiscal 2025","publisher":"Synopsys, Inc. / U.S. SEC","publishedDate":"2025-12-22","accessedDate":"2026-10-22","tier":"T4","locator":"Note 5 Disaggregated Revenue, 2024 column: EDA 66.4%, Design IP 31.1%, Other 2.5% of total revenue $6,127.4M (read in the local copy of the filing)"},"note":"Prior-year estimate on the same basis: EDA 66.4% + Design IP 31.1% of FY2024 revenue $6,127.4M = $5.974B, less the same $0.2B for ARC = $5.77B (FY2024 had 53 weeks, about $63M extra; no Ansys). 2024 function size $14.7B = ESD Alliance Q1-Q4 2024 revenue $19,248.9M (Q1 4,521.6 and Q2 4,685.5 as compared in the 15 July and 6 October 2025 releases, Q3 5,114.5 from the 12 January 2026 release, Q4 4,927.3 from the 14 April 2025 release; technode.global copies) less Arm's calendar-2024 revenue $3,694M (FYE25 $4,007M - Q4 FYE25 $1,241M + Q4 FYE24 $928M, Arm shareholder letter, Form 6-K exhibit 99.2 on sec.gov) and about $0.83B of other processor-core licensing (the card's $1.05B for 2025 scaled by Arm's growth). Share = $5.77B / $14.7B, scaled by 0.99."}},"activityGrowth":{"current":{"low":5923000000,"central":5923000000,"high":5923000000,"unit":"USD","basis":"Synopsys revenue in the card's design function (EDA and Design IP product groups less an estimated $0.2B of processor-core IP), fiscal year, US dollars","period":"FY2025 (Nov 2024-Oct 2025)","periodEnd":"2025-10-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/snps-20251031.htm","title":"Synopsys Form 10-K for fiscal 2025","publisher":"Synopsys, Inc. / U.S. SEC","publishedDate":"2025-12-22","accessedDate":"2026-10-22","tier":"T4","locator":"Note 5 Disaggregated Revenue, FY2025 column"},"note":"Same derivation both years: (EDA % + Design IP %) x total revenue less $0.2B ARC. FY2025 includes five and a half months of Ansys semiconductor tools inside the EDA group; FY2024 had a 53rd week. Organic growth is lower than the 2.6% shown."},"prior":{"low":5774000000,"central":5774000000,"high":5774000000,"unit":"USD","basis":"Synopsys revenue in the card's design function (EDA and Design IP product groups less an estimated $0.2B of processor-core IP), fiscal year, US dollars","period":"FY2024 (Nov 2023-Oct 2024, 53 weeks)","periodEnd":"2024-10-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/snps-20251031.htm","title":"Synopsys Form 10-K for fiscal 2025","publisher":"Synopsys, Inc. / U.S. SEC","publishedDate":"2025-12-22","accessedDate":"2026-10-22","tier":"T4","locator":"Note 5 Disaggregated Revenue, FY2024 column"}}},"baselineRevenueUsd":{"low":7054200000,"central":7054200000,"high":7054200000,"unit":"USD","basis":"Total revenue, fiscal year, US dollars","period":"FY2025 (Nov 2024-Oct 2025)","periodEnd":"2025-10-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/snps-20251031.htm","title":"Synopsys Form 10-K for fiscal 2025","publisher":"Synopsys, Inc. / U.S. SEC","publishedDate":"2025-12-22","accessedDate":"2026-10-22","tier":"T1","locator":"Total Revenue table: total $7,054.2M in fiscal 2025"}}},"cadence":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"cadence","name":"Cadence","kind":"public","commercialActivityVerified":true,"shares":{"design":{"low":31.1243,"central":31.1243,"high":31.1243,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY2025 (calendar 2025)","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","title":"Cadence Design Systems Form 10-K for fiscal 2025","publisher":"Cadence Design Systems, Inc. / U.S. SEC","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T4","locator":"Revenue by Product Category 2025: Core EDA 70%, Semiconductor IP 14%, System Design and Analysis 16% of total revenue $5,296.8M (read in the local copy of the filing)"},"note":"Full-inputs estimate (unchanged method). Core EDA 70% + Semiconductor IP 14% of FY2025 revenue $5,296.8M = $4.449B, plus half of System Design and Analysis (16% = $0.848B; the half is 5LayerCake's estimate of PCB and package design, which the ESD Alliance counts with chip design) = $4.873B. Share = $4.873B / card size $15.5B = 31.44%, scaled by 0.99. The 10-K gives whole-percent product mix, so the figure carries about +/-$0.05B of rounding. Cross-check: TrendForce (2 June 2025) gives Cadence 30% of the 2024 EDA market."},"lithography":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","title":"Cadence Design Systems Form 10-K for fiscal 2025","publisher":"Cadence Design Systems, Inc. / U.S. SEC","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","title":"Cadence Design Systems Form 10-K for fiscal 2025","publisher":"Cadence Design Systems, Inc. / U.S. SEC","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","title":"Cadence Design Systems Form 10-K for fiscal 2025","publisher":"Cadence Design Systems, Inc. / U.S. SEC","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"process-control":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","title":"Cadence Design Systems Form 10-K for fiscal 2025","publisher":"Cadence Design Systems, Inc. / U.S. SEC","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"test":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","title":"Cadence Design Systems Form 10-K for fiscal 2025","publisher":"Cadence Design Systems, Inc. / U.S. SEC","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","title":"Cadence Design Systems Form 10-K for fiscal 2025","publisher":"Cadence Design Systems, Inc. / U.S. SEC","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","title":"Cadence Design Systems Form 10-K for fiscal 2025","publisher":"Cadence Design Systems, Inc. / U.S. SEC","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}}},"screening":{"design":{"levelLow":3,"levelHigh":4.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"11dcdc9cd49384d4e3861728a750944423deb3a61bf3da136e3a8258f4198745"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"11dcdc9cd49384d4e3861728a750944423deb3a61bf3da136e3a8258f4198745"}},"priorShares":{"design":{"low":28.7093,"central":28.7093,"high":28.7093,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY2024 (calendar 2024)","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","title":"Cadence Design Systems Form 10-K for fiscal 2025","publisher":"Cadence Design Systems, Inc. / U.S. SEC","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T4","locator":"Revenue by Product Category 2024: Core EDA 71%, Semiconductor IP 13%, System Design and Analysis 16% of total revenue $4,641.3M (read in the local copy of the filing)"},"note":"Prior-year estimate on the same basis: (71% + 13%) x $4,641.3M = $3.899B plus half of System Design and Analysis (16% = $0.743B -> $0.371B) = $4.270B. 2024 function size $14.7B = ESD Alliance Q1-Q4 2024 revenue $19,248.9M (Q1 4,521.6 and Q2 4,685.5 as compared in the 15 July and 6 October 2025 releases, Q3 5,114.5 from the 12 January 2026 release, Q4 4,927.3 from the 14 April 2025 release; technode.global copies) less Arm's calendar-2024 revenue $3,694M (FYE25 $4,007M - Q4 FYE25 $1,241M + Q4 FYE24 $928M, Arm shareholder letter, Form 6-K exhibit 99.2 on sec.gov) and about $0.83B of other processor-core licensing (the card's $1.05B for 2025 scaled by Arm's growth). Share = $4.270B / $14.7B, scaled by 0.99."}},"activityGrowth":{"current":{"low":4873000000,"central":4873000000,"high":4873000000,"unit":"USD","basis":"Cadence revenue in the card's design function (Core EDA, Semiconductor IP and half of System Design and Analysis), calendar year, US dollars","period":"FY2025 (calendar 2025)","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","title":"Cadence Design Systems Form 10-K for fiscal 2025","publisher":"Cadence Design Systems, Inc. / U.S. SEC","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T4","locator":"Revenue by Product Category, 2025 column"},"note":"Same derivation both years. The 10-K gives product mix in whole percent, so each year carries about +/-$0.05B of rounding."},"prior":{"low":4270000000,"central":4270000000,"high":4270000000,"unit":"USD","basis":"Cadence revenue in the card's design function (Core EDA, Semiconductor IP and half of System Design and Analysis), calendar year, US dollars","period":"FY2024 (calendar 2024)","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","title":"Cadence Design Systems Form 10-K for fiscal 2025","publisher":"Cadence Design Systems, Inc. / U.S. SEC","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T4","locator":"Revenue by Product Category, 2024 column"}}},"committedExpansion":{"low":1.473,"central":1.473,"high":1.473,"unit":"ratio","basis":"Contracted but unsatisfied performance obligations at 31 Dec 2025 / FY2025 total revenue","period":"RPO at 31 December 2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","title":"Cadence Design Systems Form 10-K for fiscal 2025","publisher":"Cadence Design Systems, Inc. / U.S. SEC","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"Remaining Performance Obligations: contracted but unsatisfied performance obligations $7.8 billion at 31 December 2025, including $0.6B of non-cancelable commitments"},"note":"Cadence's remaining performance obligations were $7.8 billion at 31 December 2025 (10-K, Remaining Performance Obligations). Annual activity: FY2025 total revenue $5,296.8M (same filing). 7.8 / 5.2968 = 1.47. Both are company-wide: Cadence does not split the obligations by product category."},"baselineRevenueUsd":{"low":5296800000,"central":5296800000,"high":5296800000,"unit":"USD","basis":"Total revenue, calendar year, US dollars","period":"FY2025 (calendar 2025)","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","title":"Cadence Design Systems Form 10-K for fiscal 2025","publisher":"Cadence Design Systems, Inc. / U.S. SEC","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"Total revenue $5,296.8M in fiscal 2025"}}},"trumpf":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"trumpf","name":"TRUMPF (EUV business field)","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://www.trumpf.com/en_US/newsroom/global-press-releases/press-release-detail-page/release/trumpf-reports-increase-in-profit-and-order-intake-global-demand-for-semiconductors-and-data-centers-boosts-business-leibinger-kammueller-optimistic-outlook-for-the-coming-months-despite-geopolitical-uncertainties-10406/","title":"TRUMPF reports increase in profit and order intake (fiscal year 2025/26)","publisher":"TRUMPF SE + Co. KG","publishedDate":"2026-10-15","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://www.trumpf.com/en_US/newsroom/global-press-releases/press-release-detail-page/release/trumpf-reports-increase-in-profit-and-order-intake-global-demand-for-semiconductors-and-data-centers-boosts-business-leibinger-kammueller-optimistic-outlook-for-the-coming-months-despite-geopolitical-uncertainties-10406/","title":"TRUMPF reports increase in profit and order intake (fiscal year 2025/26)","publisher":"TRUMPF SE + Co. KG","publishedDate":"2026-10-15","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"low":14.3189,"central":14.9658,"high":15.6301,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"Average of FY2024/25 and FY2025/26 (to 30 Jun 2026)","periodEnd":"2026-06-30","source":{"url":"https://www.trumpf.com/en_US/newsroom/global-press-releases/press-release-detail-page/release/trumpf-reports-increase-in-profit-and-order-intake-global-demand-for-semiconductors-and-data-centers-boosts-business-leibinger-kammueller-optimistic-outlook-for-the-coming-months-despite-geopolitical-uncertainties-10406/","title":"TRUMPF reports increase in profit and order intake (fiscal year 2025/26)","publisher":"TRUMPF SE + Co. KG","publishedDate":"2026-10-15","accessedDate":"2026-10-22","tier":"T2","locator":"The EUV business field, which supplies ASML with high-performance lasers, grew sales 9.2% to EUR 791 million (previous year: EUR 724 million)"},"note":"Screening estimate. EUV business field EUR 724M (FY24/25) and EUR 791M (FY25/26); average EUR 757.5M x 1.1306 = $0.856B (as in the card) = $0.856B; share = $0.856B / card size $5.7B = 14.98%. Scaled by 0.999 so that this function's shares sum to 99.9% (listed companies' revenues exceed the card's T4 market size). Range $0.819-0.894B is the source-based or conflicting-estimate range."},"wafer-processing":{"participates":false,"evidence":{"url":"https://www.trumpf.com/en_US/newsroom/global-press-releases/press-release-detail-page/release/trumpf-reports-increase-in-profit-and-order-intake-global-demand-for-semiconductors-and-data-centers-boosts-business-leibinger-kammueller-optimistic-outlook-for-the-coming-months-despite-geopolitical-uncertainties-10406/","title":"TRUMPF reports increase in profit and order intake (fiscal year 2025/26)","publisher":"TRUMPF SE + Co. KG","publishedDate":"2026-10-15","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"process-control":{"participates":false,"evidence":{"url":"https://www.trumpf.com/en_US/newsroom/global-press-releases/press-release-detail-page/release/trumpf-reports-increase-in-profit-and-order-intake-global-demand-for-semiconductors-and-data-centers-boosts-business-leibinger-kammueller-optimistic-outlook-for-the-coming-months-despite-geopolitical-uncertainties-10406/","title":"TRUMPF reports increase in profit and order intake (fiscal year 2025/26)","publisher":"TRUMPF SE + Co. KG","publishedDate":"2026-10-15","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"test":{"participates":false,"evidence":{"url":"https://www.trumpf.com/en_US/newsroom/global-press-releases/press-release-detail-page/release/trumpf-reports-increase-in-profit-and-order-intake-global-demand-for-semiconductors-and-data-centers-boosts-business-leibinger-kammueller-optimistic-outlook-for-the-coming-months-despite-geopolitical-uncertainties-10406/","title":"TRUMPF reports increase in profit and order intake (fiscal year 2025/26)","publisher":"TRUMPF SE + Co. KG","publishedDate":"2026-10-15","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://www.trumpf.com/en_US/newsroom/global-press-releases/press-release-detail-page/release/trumpf-reports-increase-in-profit-and-order-intake-global-demand-for-semiconductors-and-data-centers-boosts-business-leibinger-kammueller-optimistic-outlook-for-the-coming-months-despite-geopolitical-uncertainties-10406/","title":"TRUMPF reports increase in profit and order intake (fiscal year 2025/26)","publisher":"TRUMPF SE + Co. KG","publishedDate":"2026-10-15","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"participates":false,"evidence":{"url":"https://www.trumpf.com/en_US/newsroom/global-press-releases/press-release-detail-page/release/trumpf-reports-increase-in-profit-and-order-intake-global-demand-for-semiconductors-and-data-centers-boosts-business-leibinger-kammueller-optimistic-outlook-for-the-coming-months-despite-geopolitical-uncertainties-10406/","title":"TRUMPF reports increase in profit and order intake (fiscal year 2025/26)","publisher":"TRUMPF SE + Co. KG","publishedDate":"2026-10-15","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}}},"screening":{"lithography-subsystems":{"levelLow":4,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"53704992091beb64daf8acc05dfdf2477771ad70a42286a6f1b6b09d1af5f3f4"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"53704992091beb64daf8acc05dfdf2477771ad70a42286a6f1b6b09d1af5f3f4"}},"baselineRevenueUsd":{"low":894304600,"central":894304600,"high":894304600,"unit":"USD","basis":"Sales of the EUV business field (the entity as scored), fiscal year to June, US dollars at 1.1306 USD/EUR (Federal Reserve G.5A, 2025 average)","period":"FY2025/26 (to 30 Jun 2026)","periodEnd":"2026-06-30","source":{"url":"https://www.trumpf.com/en_US/newsroom/global-press-releases/press-release-detail-page/release/trumpf-reports-increase-in-profit-and-order-intake-global-demand-for-semiconductors-and-data-centers-boosts-business-leibinger-kammueller-optimistic-outlook-for-the-coming-months-despite-geopolitical-uncertainties-10406/","title":"TRUMPF reports increase in profit and order intake (fiscal year 2025/26)","publisher":"TRUMPF SE + Co. KG","publishedDate":"2026-10-15","accessedDate":"2026-10-22","tier":"T2","locator":"The EUV business field grew sales 9.2% to EUR 791 million"}}},"shin-etsu":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"shin-etsu","name":"Shin-Etsu Chemical","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://www.shinetsu.co.jp/wp-content/uploads/2025/07/20260428_con_E.pdf","title":"Consolidated Financial Results for the Fiscal Year Ended March 31, 2026","publisher":"Shin-Etsu Chemical Co., Ltd.","publishedDate":"2026-04-28","tier":"T1","locator":"Segment Information, overview of reportable segments (printed page 18, PDF page 20): main products are semiconductor silicon, rare earth magnets, encapsulating materials, LED packaging materials, photoresists, photomask blanks and synthetic quartz (Electronics Materials); PVC, caustic soda and methanol; silicones, cellulose derivatives, silicon metal and pellicles; and processing services. None is in this function.","accessedDate":"2026-10-22"}},"lithography":{"participates":false,"evidence":{"url":"https://www.shinetsu.co.jp/wp-content/uploads/2025/07/20260428_con_E.pdf","title":"Consolidated Financial Results for the Fiscal Year Ended March 31, 2026","publisher":"Shin-Etsu Chemical Co., Ltd.","publishedDate":"2026-04-28","tier":"T1","locator":"Segment Information, overview of reportable segments (printed page 18, PDF page 20): main products are semiconductor silicon, rare earth magnets, encapsulating materials, LED packaging materials, photoresists, photomask blanks and synthetic quartz (Electronics Materials); PVC, caustic soda and methanol; silicones, cellulose derivatives, silicon metal and pellicles; and processing services. None is in this function.","accessedDate":"2026-10-22"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://www.shinetsu.co.jp/wp-content/uploads/2025/07/20260428_con_E.pdf","title":"Consolidated Financial Results for the Fiscal Year Ended March 31, 2026","publisher":"Shin-Etsu Chemical Co., Ltd.","publishedDate":"2026-04-28","tier":"T1","locator":"Segment Information, overview of reportable segments (printed page 18, PDF page 20): main products are semiconductor silicon, rare earth magnets, encapsulating materials, LED packaging materials, photoresists, photomask blanks and synthetic quartz (Electronics Materials); PVC, caustic soda and methanol; silicones, cellulose derivatives, silicon metal and pellicles; and processing services. None is in this function.","accessedDate":"2026-10-22"}},"wafer-processing":{"participates":false,"evidence":{"url":"https://www.shinetsu.co.jp/wp-content/uploads/2025/07/20260428_con_E.pdf","title":"Consolidated Financial Results for the Fiscal Year Ended March 31, 2026","publisher":"Shin-Etsu Chemical Co., Ltd.","publishedDate":"2026-04-28","tier":"T1","locator":"Segment Information, overview of reportable segments (printed page 18, PDF page 20): main products are semiconductor silicon, rare earth magnets, encapsulating materials, LED packaging materials, photoresists, photomask blanks and synthetic quartz (Electronics Materials); PVC, caustic soda and methanol; silicones, cellulose derivatives, silicon metal and pellicles; and processing services. None is in this function.","accessedDate":"2026-10-22"}},"process-control":{"participates":false,"evidence":{"url":"https://www.shinetsu.co.jp/wp-content/uploads/2025/07/20260428_con_E.pdf","title":"Consolidated Financial Results for the Fiscal Year Ended March 31, 2026","publisher":"Shin-Etsu Chemical Co., Ltd.","publishedDate":"2026-04-28","tier":"T1","locator":"Segment Information, overview of reportable segments (printed page 18, PDF page 20): main products are semiconductor silicon, rare earth magnets, encapsulating materials, LED packaging materials, photoresists, photomask blanks and synthetic quartz (Electronics Materials); PVC, caustic soda and methanol; silicones, cellulose derivatives, silicon metal and pellicles; and processing services. None is in this function.","accessedDate":"2026-10-22"}},"test":{"participates":false,"evidence":{"url":"https://www.shinetsu.co.jp/wp-content/uploads/2025/07/20260428_con_E.pdf","title":"Consolidated Financial Results for the Fiscal Year Ended March 31, 2026","publisher":"Shin-Etsu Chemical Co., Ltd.","publishedDate":"2026-04-28","tier":"T1","locator":"Segment Information, overview of reportable segments (printed page 18, PDF page 20): main products are semiconductor silicon, rare earth magnets, encapsulating materials, LED packaging materials, photoresists, photomask blanks and synthetic quartz (Electronics Materials); PVC, caustic soda and methanol; silicones, cellulose derivatives, silicon metal and pellicles; and processing services. None is in this function.","accessedDate":"2026-10-22"}},"silicon-wafers":{"low":27.8947,"central":27.8947,"high":27.8947,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://faxiangongchang.com/en/reports/china-semiconductor-silicon-wafer-2026","title":"China Semiconductor Silicon Wafer 2026: The 300mm Localization Push","publisher":"Tianxia Gongchang Research (faxiangongchang.com)","publishedDate":"2026-06-24","accessedDate":"2026-10-22","tier":"T4","locator":"Chapter 1: 2025 global shares Shin-Etsu 28%, SUMCO 25%, GlobalWafers 15%, Siltronic 12%, SK Siltron 11%, remaining about 10% among Chinese and second-tier overseas makers; NSIG 2025 revenue RMB 3.6B; TCL Zhonghuan Lingxian wafer revenue about RMB 1.7B; Soitec holds 80% of SOI; 2025 market USD 13.6B"},"note":"T4 estimate. Share table: Shin-Etsu about 28% of 2025 global silicon wafer revenue = $3.19B of the card's $11.4B; scaled by 0.996 = 27.8947% so that this function's shares sum to 99.9% (listed companies' revenues exceed the card's T4 market size). The source is a single page by a research unit of a business-to-business factory-directory platform; it gives no source for its shares and puts the market at $13.6B against SEMI's $11.4B, so it is treated as T4 with the full T4 width rather than a narrower range. Cross-checks: (a) the company-reported revenues recorded in the sublayer's other files, SUMCO's calendar-2025 sales JPY 409.67B = $2.74B (24.0% of SEMI's $11.4B) and Siltronic's (about 13%), with GlobalWafers (about 15% after removing SiC) and SK Siltron (about 10%) from the same table, sum to about 62%, leaving about 38% for Shin-Etsu and the Chinese and second-tier makers (NSIG about 4%), which is consistent with 28%; (b) Shin-Etsu's investor FAQ (https://www.shinetsu.co.jp/en/ir/ir-faq/, FAQ 1-A, opened) says it was first in the world to produce 300 mm wafers commercially and is the world market leader in wafers of all sizes, without a percentage. Conflict: the table's five named makers add to 91%, while Siltronic's investor presentation of 1 Sep 2026 (https://www.siltronic.com/fileadmin/investorrelations/2026/Q2/202609_Siltronic_InvestorPresentation.pdf, slide 6, using SEMI quarterly reports and Siltronic estimates) says the top five serve around 75% of the market, and an LP Information summary distributed by NEWSCAST on 18 Jun 2026 (https://newscast.jp/smart/news/7651315) puts them at 72.6%. If the table is rescaled to 75%, Shin-Etsu would be about 23%; the T4 width (16.7-39.1%) spans both. Shin-Etsu does not report wafer sales separately (its Electronics Materials segment also holds photoresists, mask blanks, magnets and encapsulants), and no prior-year share, growth or backlog could be sourced, so no Rising inputs are given."},"fab-materials":{"low":3.1136,"central":4.4392,"high":6.1039,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY ended 31 Mar 2026","periodEnd":"2026-03-31","source":{"url":"https://www.shinetsu.co.jp/wp-content/uploads/2025/07/20260428_con_E.pdf","title":"Consolidated Financial Results for the Fiscal Year Ended March 31, 2026","publisher":"Shin-Etsu Chemical Co., Ltd.","publishedDate":"2026-04-28","tier":"T5","locator":"Page 4 (printed), Electronics Materials: net sales JPY 934.3B (FY24) and JPY 1,015.7B (FY25), operating income JPY 344.5B; the segment is not split by product","accessedDate":"2026-10-22"},"note":"Reasoned T5 judgment, replacing the earlier 'assumption of about JPY 220B', which cited no input. Shin-Etsu does not split its Electronics Materials segment, so photoresists and photomask blanks are derived from opened figures. Inputs: (1) Electronics Materials net sales JPY 1,015.7B for the year to March 2026 (source, page 4; the segment's products are listed on printed page 18: semiconductor silicon, rare earth magnets, encapsulating materials, LED packaging materials, photoresists, photomask blanks, synthetic quartz); (2) silicon wafers about $3.19B = 28% x SEMI's $11.4B (see the silicon-wafers note) = JPY 477B at 149.5686 JPY/USD (Federal Reserve G.5A 2025 average). Remainder = 1,015.7 - 477 = JPY 538B for magnets, encapsulants, LED materials, quartz, photoresists and mask blanks. Judgment: photoresists plus mask blanks are about 40% of that remainder (low 28%, high 55%), which is JPY 215B = $1.44B (low JPY 151B = $1.01B; high JPY 296B = $1.98B). Qualitative support (company call summary of 27 Jan 2026, https://www.shinetsu.co.jp/wp-content/uploads/2025/08/20260127_summary_E.pdf, page 7): AI-related products are about 15% of sales and are mainly photoresists, mask blanks and silicon wafers, followed by magnets and silicones. No percentage split of the segment is published. Share = $1.44B / card size $31.4B = 4.586%, scaled by 0.968 = 4.4392%. Scaled by 0.968 so that this function's shares sum to 99.9% (listed companies' revenues exceed the card's T4 market size). Encapsulants (mould compound) are left out, as the card requires."}},"screening":{"silicon-wafers":{"levelLow":2.5,"levelHigh":4},"fab-materials":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"6605881096d2bf7056e2b5c8a2c7f1ff4f007bdb97d277b0b18517bd3d1cdb83"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"6605881096d2bf7056e2b5c8a2c7f1ff4f007bdb97d277b0b18517bd3d1cdb83"}},"baselineRevenueUsd":{"low":17208825917,"central":17208825917,"high":17208825917,"unit":"USD","basis":"Consolidated net sales, fiscal year to March, US dollars at 149.5686 JPY/USD (Federal Reserve G.5A, 2025 average)","period":"FY ended 31 Mar 2026","periodEnd":"2026-03-31","source":{"url":"https://www.shinetsu.co.jp/wp-content/uploads/2025/08/20260428_summary_E.pdf","title":"Summary of Telephone Conference on Financial Results for the Fiscal Year Ended March 31, 2026","publisher":"Shin-Etsu Chemical Co., Ltd.","publishedDate":"2026-04-28","accessedDate":"2026-10-22","tier":"T2","locator":"Greetings and summary: consolidated net sales JPY 2,573.9 billion (up 0.5% year on year)"}}},"naura":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"naura","name":"NAURA","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://faxiangongchang.com/en/reports/china-semiconductor-equipment-2026","title":"China Semiconductor Equipment Market 2026: Scale, Competition, and Localization Roadmap","publisher":"Tianxia Gongchang Research (faxiangongchang.com)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://faxiangongchang.com/en/reports/china-semiconductor-equipment-2026","title":"China Semiconductor Equipment Market 2026: Scale, Competition, and Localization Roadmap","publisher":"Tianxia Gongchang Research (faxiangongchang.com)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://faxiangongchang.com/en/reports/china-semiconductor-equipment-2026","title":"China Semiconductor Equipment Market 2026: Scale, Competition, and Localization Roadmap","publisher":"Tianxia Gongchang Research (faxiangongchang.com)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"low":6.6274,"central":6.6274,"high":6.6274,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://pdf.dfcfw.com/pdf/H3_AP202608261828475166_1.pdf","title":"Naura Technology (002371 CH): Platform strength drives solid growth; Maintain BUY (company update)","publisher":"CMB International Global Markets (broker research note; copy hosted on pdf.dfcfw.com)","publishedDate":"2026-08-26","accessedDate":"2026-10-22","tier":"T4","locator":"Earnings summary and financial summary: revenue RMB 39,353M in 2025 (FY25A) and RMB 30,075M in 2024 (FY24A)"},"note":"Full-inputs estimate (revenue now taken from an opened broker note). NAURA 2025 revenue RMB 39,353M (CMB International note of 26 August 2026, 'company data') x 90% semiconductor process equipment (5LayerCake assumption; the rest is vacuum and new-energy equipment and components; the note says electronic process equipment, which includes both, was 95.3% of revenue in the first half of 2026) / 7.1875 = $4.93B; share = $4.93B / card size $71.9B = 6.85%, scaled by 0.967. Cross-check: an earlier read of Soochow Securities' table (thin film RMB 15.8B plus etch RMB 10.7B, through the Tianxia Gongchang report) gives about $5.0B. Kingsemi was consolidated in 2025, and revenue growth includes it. The previous source (Tianxia Gongchang) is a weak report and is no longer used for NAURA's revenue. Rising inputs - Committed expansion: NAURA publishes no order backlog; contract liabilities (RMB 4,291M at end-2025) are customer prepayments, not backlog, and are not used."},"process-control":{"participates":false,"evidence":{"url":"https://faxiangongchang.com/en/reports/china-semiconductor-equipment-2026","title":"China Semiconductor Equipment Market 2026: Scale, Competition, and Localization Roadmap","publisher":"Tianxia Gongchang Research (faxiangongchang.com)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"test":{"participates":false,"evidence":{"url":"https://faxiangongchang.com/en/reports/china-semiconductor-equipment-2026","title":"China Semiconductor Equipment Market 2026: Scale, Competition, and Localization Roadmap","publisher":"Tianxia Gongchang Research (faxiangongchang.com)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://faxiangongchang.com/en/reports/china-semiconductor-equipment-2026","title":"China Semiconductor Equipment Market 2026: Scale, Competition, and Localization Roadmap","publisher":"Tianxia Gongchang Research (faxiangongchang.com)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"participates":false,"evidence":{"url":"https://faxiangongchang.com/en/reports/china-semiconductor-equipment-2026","title":"China Semiconductor Equipment Market 2026: Scale, Competition, and Localization Roadmap","publisher":"Tianxia Gongchang Research (faxiangongchang.com)","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}}},"screening":{"wafer-processing":{"levelLow":2,"levelHigh":3.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"686015d8e4f318ad7c14f1eb93965e3adc511eb653dfbc5a63a4e562bbba2b92"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"686015d8e4f318ad7c14f1eb93965e3adc511eb653dfbc5a63a4e562bbba2b92"}},"priorShares":{"wafer-processing":{"low":5.5667,"central":5.5667,"high":5.5667,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://pdf.dfcfw.com/pdf/H3_AP202608261828475166_1.pdf","title":"Naura Technology (002371 CH): Platform strength drives solid growth; Maintain BUY (company update)","publisher":"CMB International Global Markets (broker research note; copy hosted on pdf.dfcfw.com)","publishedDate":"2026-08-26","accessedDate":"2026-10-22","tier":"T4","locator":"Financial summary: revenue RMB 30,075M in 2024 (2024A)"},"note":"Prior-year: RMB 30,075M x 90% / 7.1957 = $3.76B. 2024 function size $65.3B = SEMI wafer fab equipment 2024 $104.2B (the card: $115.7B / 1.11) less lithography machines $24.68B and inspection and metrology $14.17B. Share = $3.76B / $65.3B, scaled by 0.967. The 2024 revenue of RMB 30,075M is the figure in the same note; NAURA's originally reported 2024 revenue was about RMB 29.8B, so the note's figure may be restated for later mergers."}},"activityGrowth":{"current":{"low":4927680000,"central":4927680000,"high":4927680000,"unit":"USD","basis":"NAURA semiconductor process equipment revenue (90% of company revenue, assumed), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://pdf.dfcfw.com/pdf/H3_AP202608261828475166_1.pdf","title":"Naura Technology (002371 CH): Platform strength drives solid growth; Maintain BUY (company update)","publisher":"CMB International Global Markets (broker research note; copy hosted on pdf.dfcfw.com)","publishedDate":"2026-08-26","accessedDate":"2026-10-22","tier":"T4","locator":"Financial summary: revenue RMB 39,353M in 2025"},"note":"Both years use the same 90% of company revenue, so growth equals company revenue growth (+30.8% in yuan, +30.9% in dollars). Part of 2025's growth comes from consolidating Kingsemi."},"prior":{"low":3761621524,"central":3761621524,"high":3761621524,"unit":"USD","basis":"NAURA semiconductor process equipment revenue (90% of company revenue, assumed), calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://pdf.dfcfw.com/pdf/H3_AP202608261828475166_1.pdf","title":"Naura Technology (002371 CH): Platform strength drives solid growth; Maintain BUY (company update)","publisher":"CMB International Global Markets (broker research note; copy hosted on pdf.dfcfw.com)","publishedDate":"2026-08-26","accessedDate":"2026-10-22","tier":"T4","locator":"Financial summary: revenue RMB 30,075M in 2024"}}},"baselineRevenueUsd":{"low":5475200000,"central":5475200000,"high":5475200000,"unit":"USD","basis":"Total revenue, calendar year, US dollars at 7.1875 CNY/USD (Federal Reserve G.5A, 2025 average)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://pdf.dfcfw.com/pdf/H3_AP202608261828475166_1.pdf","title":"Naura Technology (002371 CH): Platform strength drives solid growth; Maintain BUY (company update)","publisher":"CMB International Global Markets (broker research note; copy hosted on pdf.dfcfw.com)","publishedDate":"2026-08-26","accessedDate":"2026-10-22","tier":"T4","locator":"Financial summary: revenue RMB 39,353M in 2025"}}},"asm-international":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"asm-international","name":"ASM International","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://www.investegate.co.uk/announcement/gnw/asm-international-nv--0nx3/asm-reports-q4-and-full-year-2025-results/9456685","title":"ASM reports Q4 and full-year 2025 results","publisher":"ASM International N.V. (release copied on Investegate)","publishedDate":"2026-03-03","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://www.investegate.co.uk/announcement/gnw/asm-international-nv--0nx3/asm-reports-q4-and-full-year-2025-results/9456685","title":"ASM reports Q4 and full-year 2025 results","publisher":"ASM International N.V. (release copied on Investegate)","publishedDate":"2026-03-03","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://www.investegate.co.uk/announcement/gnw/asm-international-nv--0nx3/asm-reports-q4-and-full-year-2025-results/9456685","title":"ASM reports Q4 and full-year 2025 results","publisher":"ASM International N.V. (release copied on Investegate)","publishedDate":"2026-03-03","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"low":3.7368,"central":3.7368,"high":3.7368,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://ml-eu.globenewswire.com/Resource/Download/efdd654b-6c07-4b50-a7ca-7ead87b6de15","title":"ASM reports Q4 and full-year 2025 results (press release with annexes, PDF)","publisher":"ASM International N.V.","publishedDate":"2026-03-03","accessedDate":"2026-10-22","tier":"T4","locator":"Annex 1, Revenue table: equipment revenue EUR 2,457.5M in 2025 (spares and services EUR 715.7M; revenue EUR 3,173.2M)"},"note":"Full-inputs estimate, replacing the 80% assumption. Equipment revenue EUR 2,457.5M (ASM's Q4 and full-year 2025 release, Annex 1: revenue EUR 3,173.2M of which spares and services EUR 715.7M) x 1.1306 = $2.78B; share = $2.78B / card size $71.9B = 3.86%, scaled by 0.967. The press release page on Investegate that the screening pass used cuts off before the annexes; the annexes are in the PDF attachment."},"process-control":{"participates":false,"evidence":{"url":"https://www.investegate.co.uk/announcement/gnw/asm-international-nv--0nx3/asm-reports-q4-and-full-year-2025-results/9456685","title":"ASM reports Q4 and full-year 2025 results","publisher":"ASM International N.V. (release copied on Investegate)","publishedDate":"2026-03-03","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"test":{"participates":false,"evidence":{"url":"https://www.investegate.co.uk/announcement/gnw/asm-international-nv--0nx3/asm-reports-q4-and-full-year-2025-results/9456685","title":"ASM reports Q4 and full-year 2025 results","publisher":"ASM International N.V. (release copied on Investegate)","publishedDate":"2026-03-03","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://www.investegate.co.uk/announcement/gnw/asm-international-nv--0nx3/asm-reports-q4-and-full-year-2025-results/9456685","title":"ASM reports Q4 and full-year 2025 results","publisher":"ASM International N.V. (release copied on Investegate)","publishedDate":"2026-03-03","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"participates":false,"evidence":{"url":"https://www.investegate.co.uk/announcement/gnw/asm-international-nv--0nx3/asm-reports-q4-and-full-year-2025-results/9456685","title":"ASM reports Q4 and full-year 2025 results","publisher":"ASM International N.V. (release copied on Investegate)","publishedDate":"2026-03-03","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}}},"screening":{"wafer-processing":{"levelLow":2.5,"levelHigh":4.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"44a7777c06d8c8e574cb6b3ea4ce1a70c050339c0ad60361c008dc658ed8607c"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"44a7777c06d8c8e574cb6b3ea4ce1a70c050339c0ad60361c008dc658ed8607c"}},"priorShares":{"wafer-processing":{"low":3.6881,"central":3.6881,"high":3.6881,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://ml-eu.globenewswire.com/Resource/Download/efdd654b-6c07-4b50-a7ca-7ead87b6de15","title":"ASM reports Q4 and full-year 2025 results (press release with annexes, PDF)","publisher":"ASM International N.V.","publishedDate":"2026-03-03","accessedDate":"2026-10-22","tier":"T4","locator":"Annex 1, Revenue table: equipment revenue EUR 2,303.3M in 2024 (revised for comparability; spares and services EUR 629.4M)"},"note":"Prior-year: equipment revenue EUR 2,303.3M (2024, revised) x 1.0820 = $2.49B. 2024 function size $65.3B = SEMI wafer fab equipment 2024 $104.2B (the card: $115.7B / 1.11) less lithography machines $24.68B and inspection and metrology $14.17B. Share = $2.49B / $65.3B, scaled by 0.967."}},"activityGrowth":{"current":{"low":2778449500,"central":2778449500,"high":2778449500,"unit":"USD","basis":"ASM equipment revenue (new equipment, excluding spares and services), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://ml-eu.globenewswire.com/Resource/Download/efdd654b-6c07-4b50-a7ca-7ead87b6de15","title":"ASM reports Q4 and full-year 2025 results (press release with annexes, PDF)","publisher":"ASM International N.V.","publishedDate":"2026-03-03","accessedDate":"2026-10-22","tier":"T4","locator":"Annex 1, Revenue table: equipment revenue EUR 2,457.5M in 2025"},"note":"Equipment revenue grew 6.7% in euros (EUR 2,303.3M to EUR 2,457.5M)."},"prior":{"low":2492170600,"central":2492170600,"high":2492170600,"unit":"USD","basis":"ASM equipment revenue (new equipment, excluding spares and services), calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://ml-eu.globenewswire.com/Resource/Download/efdd654b-6c07-4b50-a7ca-7ead87b6de15","title":"ASM reports Q4 and full-year 2025 results (press release with annexes, PDF)","publisher":"ASM International N.V.","publishedDate":"2026-03-03","accessedDate":"2026-10-22","tier":"T4","locator":"Annex 1, Revenue table: equipment revenue EUR 2,303.3M in 2024"}}},"committedExpansion":{"low":0.393,"central":0.393,"high":0.393,"unit":"ratio","basis":"Backlog at 31 Dec 2025 / total revenue 2025","period":"Backlog at 31 December 2025","periodEnd":"2025-12-31","source":{"url":"https://ml-eu.globenewswire.com/Resource/Download/efdd654b-6c07-4b50-a7ca-7ead87b6de15","title":"ASM reports Q4 and full-year 2025 results (press release with annexes, PDF)","publisher":"ASM International N.V.","publishedDate":"2026-03-03","accessedDate":"2026-10-22","tier":"T2","locator":"Annex 1, Bookings table: backlog at the end of 2025 EUR 1,246.9M (EUR 1,565.7M at the end of 2024); Revenue table: 2025 revenue EUR 3,173.2M"},"note":"The company says its backlog was EUR 1,246.9M at the end of 2025, down from EUR 1,565.7M a year earlier (Q4 2025 release, Annex 1). Annual activity: 2025 revenue EUR 3,173.2M (same release; it includes spares and services). 1,246.9 / 3,173.2 = 0.39. Both in euros. ASM's backlog shrank over 2025 and it will stop reporting quarterly bookings from 2026."},"baselineRevenueUsd":{"low":3587619920,"central":3587619920,"high":3587619920,"unit":"USD","basis":"Total revenue, calendar year, US dollars at 1.1306 USD/EUR (Federal Reserve G.5A, 2025 average)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://ml-eu.globenewswire.com/Resource/Download/efdd654b-6c07-4b50-a7ca-7ead87b6de15","title":"ASM reports Q4 and full-year 2025 results (press release with annexes, PDF)","publisher":"ASM International N.V.","publishedDate":"2026-03-03","accessedDate":"2026-10-22","tier":"T2","locator":"Annex 1, Revenue table: revenue EUR 3,173.2M in 2025"}}},"lasertec":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"lasertec","name":"Lasertec","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://www.lasertec.co.jp/en/ir/plan/message.html","title":"To our shareholders: business report for the fiscal year ended June 30, 2026","publisher":"Lasertec Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://www.lasertec.co.jp/en/ir/plan/message.html","title":"To our shareholders: business report for the fiscal year ended June 30, 2026","publisher":"Lasertec Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://www.lasertec.co.jp/en/ir/plan/message.html","title":"To our shareholders: business report for the fiscal year ended June 30, 2026","publisher":"Lasertec Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"participates":false,"evidence":{"url":"https://www.lasertec.co.jp/en/ir/plan/message.html","title":"To our shareholders: business report for the fiscal year ended June 30, 2026","publisher":"Lasertec Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"process-control":{"low":7.122,"central":7.122,"high":7.122,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"Average of fiscal years to 30 Jun 2025 and 30 Jun 2026","periodEnd":"2026-06-30","source":{"url":"https://www.lasertec.co.jp/en/ir/plan/message.html","title":"To our shareholders: business report for the fiscal year ended June 30, 2026","publisher":"Lasertec Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T4","locator":"Net sales JPY 230,485M (-8.3%); semiconductor-related products JPY 168,090M (-17.2%), other products JPY 3,747M (-32.5%), services JPY 58,646M (+36.5%); orders JPY 237,504M against JPY 105,226M"},"note":"Full-inputs estimate (unchanged method). Semiconductor-related products JPY 168,090M (FY6/2026) and about JPY 203.0B (FY6/2025, implied by the stated -17.2%); average JPY 185.5B / 149.5686 = $1.24B (services excluded; the company's report is undated, 'FY2026 business report, September 2026'); share = $1.24B / card size $16.3B = 7.61%, scaled by 0.9358. Orders recovered to JPY 237.5B in FY6/2026 from JPY 105.2B, which points to higher sales ahead, but the company states no backlog on the pages opened. Rising inputs - No prior-year share, backlog or two-year growth could be sourced from pages that open (the investor pages render figures by script; FY6/2024 semiconductor product sales were not found), so Lasertec has no Rising inputs."},"test":{"participates":false,"evidence":{"url":"https://www.lasertec.co.jp/en/ir/plan/message.html","title":"To our shareholders: business report for the fiscal year ended June 30, 2026","publisher":"Lasertec Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://www.lasertec.co.jp/en/ir/plan/message.html","title":"To our shareholders: business report for the fiscal year ended June 30, 2026","publisher":"Lasertec Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"participates":false,"evidence":{"url":"https://www.lasertec.co.jp/en/ir/plan/message.html","title":"To our shareholders: business report for the fiscal year ended June 30, 2026","publisher":"Lasertec Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}}},"screening":{"process-control":{"levelLow":3.5,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"b59b1b0810e9dc256f989de708ed452d82d068ec0a23aaf3d6a87dfe5279ea1b"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"b59b1b0810e9dc256f989de708ed452d82d068ec0a23aaf3d6a87dfe5279ea1b"}},"baselineRevenueUsd":{"low":1540998579,"central":1540998579,"high":1540998579,"unit":"USD","basis":"Net sales, fiscal year to June, US dollars at 149.5686 JPY/USD (Federal Reserve G.5A, 2025 average)","period":"FY ended 30 Jun 2026","periodEnd":"2026-06-30","source":{"url":"https://www.lasertec.co.jp/en/ir/plan/message.html","title":"To our shareholders: business report for the fiscal year ended June 30, 2026","publisher":"Lasertec Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Net sales JPY 230,485M (-8.3%)"}}},"siemens-eda":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"siemens-eda","name":"Siemens EDA (Siemens Digital Industries Software)","kind":"unit","parentId":"siemens","commercialActivityVerified":true,"shares":{"design":{"low":14.0459,"central":15.0035,"high":15.9612,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA Market Primer","publisher":"SemiAnalysis","publishedDate":"2026-05-21","accessedDate":"2026-10-22","tier":"T4","locator":"Opening section: Big-3 over 85% share; Synopsys $8B incl. Ansys, Cadence $5.30B, Siemens EDA est. $2.2-2.5B (CY2025); EDA+IP industry $18B; Keysight $1.5B partially overlapping, Zuken $500M, Altium $280M"},"note":"Screening estimate. SemiAnalysis estimate of Siemens EDA revenue, $2.2-2.5B (central 2.35) = $2.35B; share = $2.35B / card size $15.5B = 15.16%. Scaled by 0.990 so that this function's shares sum to 99.9% (listed companies' revenues exceed the card's T4 market size). Range $2.2-2.5B is the source-based or conflicting-estimate range. Siemens does not report EDA separately; emulation hardware is included. Cross-check (opened 22 October 2026): TrendForce's 2 June 2025 news item gives Siemens EDA 13% of the 2024 EDA market, against Synopsys 31% and Cadence 30%; those shares are of an EDA-only market and cannot be put on this card's basis, so they are not used for the central value. No prior-year or growth figure for Siemens EDA alone is published (Siemens reports it inside Digital Industries Software), so no Rising inputs are given. Cross-check (opened 22 October 2026): TrendForce's 2 June 2025 news item gives Siemens EDA 13% of the 2024 EDA market, against Synopsys 31% and Cadence 30%; those shares are of an EDA-only market and cannot be put on this card's basis, so they are not used for the central value. No prior-year or growth figure for Siemens EDA alone is published (Siemens reports it inside Digital Industries Software), so no Rising inputs are given."},"lithography":{"participates":false,"evidence":{"url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA Market Primer","publisher":"SemiAnalysis","publishedDate":"2026-05-21","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA Market Primer","publisher":"SemiAnalysis","publishedDate":"2026-05-21","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"participates":false,"evidence":{"url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA Market Primer","publisher":"SemiAnalysis","publishedDate":"2026-05-21","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"process-control":{"participates":false,"evidence":{"url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA Market Primer","publisher":"SemiAnalysis","publishedDate":"2026-05-21","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"test":{"participates":false,"evidence":{"url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA Market Primer","publisher":"SemiAnalysis","publishedDate":"2026-05-21","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA Market Primer","publisher":"SemiAnalysis","publishedDate":"2026-05-21","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"participates":false,"evidence":{"url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA Market Primer","publisher":"SemiAnalysis","publishedDate":"2026-05-21","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}}},"screening":{"design":{"levelLow":3,"levelHigh":4.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"5f76e3846d55426a4ad9df5b44572ef8d54ad740c4576405eb3669f229f64b0c"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"5f76e3846d55426a4ad9df5b44572ef8d54ad740c4576405eb3669f229f64b0c"}},"baselineRevenueUsd":{"low":2200000000,"central":2350000000,"high":2500000000,"unit":"USD","basis":"Estimated revenue of Siemens EDA, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA Market Primer","publisher":"SemiAnalysis","publishedDate":"2026-05-21","accessedDate":"2026-10-22","tier":"T4","locator":"Opening section: Siemens EDA estimated at $2.2-2.5B in CY2025"}}},"teradyne":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"teradyne","name":"Teradyne (Semiconductor Test)","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://investors.teradyne.com/sec-filings/all-sec-filings/content/0001193125-26-059002/ter-20251231.htm","title":"Teradyne Form 10-K for 2025","publisher":"Teradyne, Inc.","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://investors.teradyne.com/sec-filings/all-sec-filings/content/0001193125-26-059002/ter-20251231.htm","title":"Teradyne Form 10-K for 2025","publisher":"Teradyne, Inc.","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://investors.teradyne.com/sec-filings/all-sec-filings/content/0001193125-26-059002/ter-20251231.htm","title":"Teradyne Form 10-K for 2025","publisher":"Teradyne, Inc.","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"participates":false,"evidence":{"url":"https://investors.teradyne.com/sec-filings/all-sec-filings/content/0001193125-26-059002/ter-20251231.htm","title":"Teradyne Form 10-K for 2025","publisher":"Teradyne, Inc.","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"process-control":{"participates":false,"evidence":{"url":"https://investors.teradyne.com/sec-filings/all-sec-filings/content/0001193125-26-059002/ter-20251231.htm","title":"Teradyne Form 10-K for 2025","publisher":"Teradyne, Inc.","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"test":{"low":17.6306,"central":17.6306,"high":17.6306,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://investors.teradyne.com/sec-filings/all-sec-filings/content/0001193125-26-059002/ter-20251231.htm","title":"Teradyne Form 10-K for 2025","publisher":"Teradyne, Inc.","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T4","locator":"Segment revenues 2025: Semiconductor Test $2,523.7M ($2,123.9M in 2024); Product Test $358.0M; Robotics $308.3M; total $3,190.0M"},"note":"Full-inputs estimate (unchanged method). Semiconductor Test segment revenue $2,523.7M; share = $2.52B / card size $14.3B = 17.65%, scaled by 0.999. Rising inputs - Committed expansion: Teradyne's 10-K states no backlog amount; left out."},"silicon-wafers":{"participates":false,"evidence":{"url":"https://investors.teradyne.com/sec-filings/all-sec-filings/content/0001193125-26-059002/ter-20251231.htm","title":"Teradyne Form 10-K for 2025","publisher":"Teradyne, Inc.","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"participates":false,"evidence":{"url":"https://investors.teradyne.com/sec-filings/all-sec-filings/content/0001193125-26-059002/ter-20251231.htm","title":"Teradyne Form 10-K for 2025","publisher":"Teradyne, Inc.","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}}},"screening":{"test":{"levelLow":3,"levelHigh":4.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"f2e659ef089a7dedb7d80206ae54f68dbb2072e87c352fe9eb0411da56aaf729"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"f2e659ef089a7dedb7d80206ae54f68dbb2072e87c352fe9eb0411da56aaf729"}},"priorShares":{"test":{"low":21.2114,"central":21.2114,"high":21.2114,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://investors.teradyne.com/sec-filings/all-sec-filings/content/0001193125-26-059002/ter-20251231.htm","title":"Teradyne Form 10-K for 2025","publisher":"Teradyne, Inc.","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T4","locator":"Segment revenues, 2024 column: Semiconductor Test $2,123.9M"},"note":"Prior-year: Semiconductor Test segment revenue $2,123.9M. 2024 function size $10.0B = SEMI test equipment 2024 $7.56B (the card: $11.2B / 1.481) plus probe cards $2.443B (Yole, 2024). Share = $2.12B / $10.0B, scaled by 0.999."}},"activityGrowth":{"current":{"low":2523700000,"central":2523700000,"high":2523700000,"unit":"USD","basis":"Teradyne Semiconductor Test segment revenue, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://investors.teradyne.com/sec-filings/all-sec-filings/content/0001193125-26-059002/ter-20251231.htm","title":"Teradyne Form 10-K for 2025","publisher":"Teradyne, Inc.","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T4","locator":"Segment revenues: Semiconductor Test $2,523.7M in 2025"},"note":"Segment revenue grew 18.8%."},"prior":{"low":2123900000,"central":2123900000,"high":2123900000,"unit":"USD","basis":"Teradyne Semiconductor Test segment revenue, calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://investors.teradyne.com/sec-filings/all-sec-filings/content/0001193125-26-059002/ter-20251231.htm","title":"Teradyne Form 10-K for 2025","publisher":"Teradyne, Inc.","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T4","locator":"Segment revenues: Semiconductor Test $2,123.9M in 2024"}}},"baselineRevenueUsd":{"low":2523700000,"central":2523700000,"high":2523700000,"unit":"USD","basis":"Revenue of the Semiconductor Test segment (the entity as scored), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://investors.teradyne.com/sec-filings/all-sec-filings/content/0001193125-26-059002/ter-20251231.htm","title":"Teradyne Form 10-K for 2025","publisher":"Teradyne, Inc.","publishedDate":"2026-02-19","accessedDate":"2026-10-22","tier":"T1","locator":"Segment revenues: Semiconductor Test $2,523.7M in 2025"}}},"sumco":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"sumco","name":"SUMCO","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://www.sumcosi.com/english/ir/","title":"Investor Relations: FY2025 Financial Results as of December 31, 2025","publisher":"SUMCO Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://www.sumcosi.com/english/ir/","title":"Investor Relations: FY2025 Financial Results as of December 31, 2025","publisher":"SUMCO Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://www.sumcosi.com/english/ir/","title":"Investor Relations: FY2025 Financial Results as of December 31, 2025","publisher":"SUMCO Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"participates":false,"evidence":{"url":"https://www.sumcosi.com/english/ir/","title":"Investor Relations: FY2025 Financial Results as of December 31, 2025","publisher":"SUMCO Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"process-control":{"participates":false,"evidence":{"url":"https://www.sumcosi.com/english/ir/","title":"Investor Relations: FY2025 Financial Results as of December 31, 2025","publisher":"SUMCO Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"test":{"participates":false,"evidence":{"url":"https://www.sumcosi.com/english/ir/","title":"Investor Relations: FY2025 Financial Results as of December 31, 2025","publisher":"SUMCO Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"low":23.9303,"central":23.9303,"high":23.9303,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY2025 (calendar 2025)","periodEnd":"2025-12-31","source":{"url":"https://finance-frontend-pc-dist.west.edge.storage-yahoo.jp/disclosure/20260210/20260209552303.pdf","title":"Announcement concerning Difference between Forecast and Actual Figures for the Fiscal Year Ended December 31, 2025 (English translation)","publisher":"SUMCO Corporation (Tokyo Stock Exchange disclosure; copy hosted on Yahoo! JAPAN Finance file storage)","publishedDate":"2026-02-10","accessedDate":"2026-10-22","tier":"T4","locator":"Table of forecast against actual: net sales JPY 409,670M for the year ended 31 Dec 2025"},"note":"Full-inputs estimate (unchanged method; precise figure from SUMCO's own announcement). Net sales JPY 409,670M / 149.5686 = $2.74B (SUMCO sells wafers only); the Tianxia share table gives about 25% of a $13.6B market = $3.4B on its wider scope, so the two do not conflict on SUMCO's own revenue; share = $2.74B / card size $11.4B = 24.03%, scaled by 0.996. The function size is SEMI's (T4), so the tier is T4 although the numerator is a company figure. Rising inputs - Committed expansion: SUMCO's long-term supply contracts are not quantified in the pages opened; left out."},"fab-materials":{"participates":false,"evidence":{"url":"https://www.sumcosi.com/english/ir/","title":"Investor Relations: FY2025 Financial Results as of December 31, 2025","publisher":"SUMCO Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}}},"screening":{"silicon-wafers":{"levelLow":2.5,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"f7864a771cbb12387a0e865a769070746c38c9c284ba691d3043dc2a947a5594"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"f7864a771cbb12387a0e865a769070746c38c9c284ba691d3043dc2a947a5594"}},"priorShares":{"silicon-wafers":{"low":22.6048,"central":22.6048,"high":22.6048,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY2024 (calendar 2024)","periodEnd":"2024-12-31","source":{"url":"https://finance-frontend-pc-dist.west.edge.storage-yahoo.jp/disclosure/20260210/20260209552303.pdf","title":"Announcement concerning Difference between Forecast and Actual Figures for the Fiscal Year Ended December 31, 2025 (English translation)","publisher":"SUMCO Corporation (Tokyo Stock Exchange disclosure; copy hosted on Yahoo! JAPAN Finance file storage)","publishedDate":"2026-02-10","accessedDate":"2026-10-22","tier":"T4","locator":"Table, reference row: net sales JPY 396,619M for the year ended 31 Dec 2024"},"note":"Prior-year: net sales JPY 396,619M / 151.4551 = $2.62B. 2024 function size $11.54B = SEMI 2025 silicon wafer revenue $11.4B / (1 - 1.2%). Share = $2.62B / $11.54B, scaled by 0.996."}},"activityGrowth":{"current":{"low":2739010728,"central":2739010728,"high":2739010728,"unit":"USD","basis":"SUMCO net sales (silicon wafers only), calendar year, US dollars","period":"FY2025 (calendar 2025)","periodEnd":"2025-12-31","source":{"url":"https://finance-frontend-pc-dist.west.edge.storage-yahoo.jp/disclosure/20260210/20260209552303.pdf","title":"Announcement concerning Difference between Forecast and Actual Figures for the Fiscal Year Ended December 31, 2025 (English translation)","publisher":"SUMCO Corporation (Tokyo Stock Exchange disclosure; copy hosted on Yahoo! JAPAN Finance file storage)","publishedDate":"2026-02-10","accessedDate":"2026-10-22","tier":"T2","locator":"Table: net sales JPY 409,670M (2025)"},"note":"Net sales grew 3.3% in yen and 4.6% in dollars."},"prior":{"low":2618723305,"central":2618723305,"high":2618723305,"unit":"USD","basis":"SUMCO net sales (silicon wafers only), calendar year, US dollars","period":"FY2024 (calendar 2024)","periodEnd":"2024-12-31","source":{"url":"https://finance-frontend-pc-dist.west.edge.storage-yahoo.jp/disclosure/20260210/20260209552303.pdf","title":"Announcement concerning Difference between Forecast and Actual Figures for the Fiscal Year Ended December 31, 2025 (English translation)","publisher":"SUMCO Corporation (Tokyo Stock Exchange disclosure; copy hosted on Yahoo! JAPAN Finance file storage)","publishedDate":"2026-02-10","accessedDate":"2026-10-22","tier":"T2","locator":"Table, reference row: net sales JPY 396,619M (2024)"}}},"baselineRevenueUsd":{"low":2739010728,"central":2739010728,"high":2739010728,"unit":"USD","basis":"Net sales, calendar year, US dollars at 149.5686 JPY/USD (Federal Reserve G.5A, 2025 average)","period":"FY2025 (calendar 2025)","periodEnd":"2025-12-31","source":{"url":"https://finance-frontend-pc-dist.west.edge.storage-yahoo.jp/disclosure/20260210/20260209552303.pdf","title":"Announcement concerning Difference between Forecast and Actual Figures for the Fiscal Year Ended December 31, 2025 (English translation)","publisher":"SUMCO Corporation (Tokyo Stock Exchange disclosure; copy hosted on Yahoo! JAPAN Finance file storage)","publishedDate":"2026-02-10","accessedDate":"2026-10-22","tier":"T1","locator":"Table: net sales JPY 409,670M (2025)"}}},"qnity":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"qnity","name":"Qnity Electronics","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://www.dupont.com/content/dam/dupont/amer/us/en/news/corporate/documents/2Q25-DD-ENR-FINAL.pdf","title":"DuPont second quarter 2025 earnings release (with Qnity electronics business)","publisher":"DuPont de Nemours, Inc.","publishedDate":"2025-08","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://www.dupont.com/content/dam/dupont/amer/us/en/news/corporate/documents/2Q25-DD-ENR-FINAL.pdf","title":"DuPont second quarter 2025 earnings release (with Qnity electronics business)","publisher":"DuPont de Nemours, Inc.","publishedDate":"2025-08","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://www.dupont.com/content/dam/dupont/amer/us/en/news/corporate/documents/2Q25-DD-ENR-FINAL.pdf","title":"DuPont second quarter 2025 earnings release (with Qnity electronics business)","publisher":"DuPont de Nemours, Inc.","publishedDate":"2025-08","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"participates":false,"evidence":{"url":"https://www.dupont.com/content/dam/dupont/amer/us/en/news/corporate/documents/2Q25-DD-ENR-FINAL.pdf","title":"DuPont second quarter 2025 earnings release (with Qnity electronics business)","publisher":"DuPont de Nemours, Inc.","publishedDate":"2025-08","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"process-control":{"participates":false,"evidence":{"url":"https://www.dupont.com/content/dam/dupont/amer/us/en/news/corporate/documents/2Q25-DD-ENR-FINAL.pdf","title":"DuPont second quarter 2025 earnings release (with Qnity electronics business)","publisher":"DuPont de Nemours, Inc.","publishedDate":"2025-08","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"test":{"participates":false,"evidence":{"url":"https://www.dupont.com/content/dam/dupont/amer/us/en/news/corporate/documents/2Q25-DD-ENR-FINAL.pdf","title":"DuPont second quarter 2025 earnings release (with Qnity electronics business)","publisher":"DuPont de Nemours, Inc.","publishedDate":"2025-08","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://www.dupont.com/content/dam/dupont/amer/us/en/news/corporate/documents/2Q25-DD-ENR-FINAL.pdf","title":"DuPont second quarter 2025 earnings release (with Qnity electronics business)","publisher":"DuPont de Nemours, Inc.","publishedDate":"2025-08","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"low":6.1086,"central":6.923,"high":7.7375,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm","title":"Qnity Electronics Form 10-K for fiscal 2025","publisher":"Qnity Electronics, Inc. / U.S. SEC","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T5","locator":"Segment net sales: Semiconductor Technologies $2,642M (2025), $2,450M (2024), $2,251M (2023); total net sales $4,754M; Item 1 product lines: advanced cleans and CMP slurries, CMP pads, lithographic materials (photoresists, anti-reflective coatings), Kalrez sealants, advanced display materials"},"note":"Full-inputs estimate, replacing the Q2 2025 DuPont release and a search-tool figure. Qnity's 10-K (opened this pass) gives Semiconductor Technologies net sales of $2,642M in 2025. Its product lines are CMP slurries and pads, cleans, photoresists and anti-reflective coatings (wafer-fab materials), plus Kalrez equipment sealants and OLED display materials, which are not; about 85% (range 75-95%, 5LayerCake assumption) is taken as wafer-fab materials = $2.25B; share = $2.25B / card size $31.4B = 7.15%, scaled by 0.968. Advanced packaging materials sit in the other segment (Interconnect Solutions) and are not counted. Rising inputs - Committed expansion: Qnity's 10-K states no backlog and says its customer contracts do not contain long-term purchase commitments; left out."}},"screening":{"fab-materials":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"eb836995709e7712f8ae84f237be05bd8e125cd386efabd7e3703a172c7ea872"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"eb836995709e7712f8ae84f237be05bd8e125cd386efabd7e3703a172c7ea872"}},"priorShares":{"fab-materials":{"low":6.1303,"central":6.9476,"high":7.765,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm","title":"Qnity Electronics Form 10-K for fiscal 2025","publisher":"Qnity Electronics, Inc. / U.S. SEC","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T5","locator":"Segment net sales: Semiconductor Technologies $2,450M (2024)"},"note":"Prior-year: Semiconductor Technologies net sales $2,450M x 85% = $2.08B (range 75-95%). 2024 function size $29.0B = SEMI 2025 wafer fabrication materials $45.8B / 1.054 = $43.45B, less silicon wafers $11.54B and an estimated $2.9B of photomasks made in chipmakers' own mask shops (the card's $3.0B for 2025, scaled back). Share = $2.08B / $29.0B, scaled by 0.968."}},"activityGrowth":{"current":{"low":2245700000,"central":2245700000,"high":2245700000,"unit":"USD","basis":"Qnity Semiconductor Technologies segment net sales, 85% taken as wafer-fab materials, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm","title":"Qnity Electronics Form 10-K for fiscal 2025","publisher":"Qnity Electronics, Inc. / U.S. SEC","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T5","locator":"Segment net sales: Semiconductor Technologies $2,642M (2025)"},"note":"Segment net sales grew 7.8%; the same 85% applies to both years."},"prior":{"low":2082500000,"central":2082500000,"high":2082500000,"unit":"USD","basis":"Qnity Semiconductor Technologies segment net sales, 85% taken as wafer-fab materials, calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm","title":"Qnity Electronics Form 10-K for fiscal 2025","publisher":"Qnity Electronics, Inc. / U.S. SEC","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T5","locator":"Segment net sales: Semiconductor Technologies $2,450M (2024)"}}},"baselineRevenueUsd":{"low":4754000000,"central":4754000000,"high":4754000000,"unit":"USD","basis":"Total net sales, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm","title":"Qnity Electronics Form 10-K for fiscal 2025","publisher":"Qnity Electronics, Inc. / U.S. SEC","publishedDate":"2026-02-26","accessedDate":"2026-10-22","tier":"T1","locator":"Net sales by segment: total net sales $4,754M in 2025"}}},"hitachi-high-tech":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"hitachi-high-tech","name":"Hitachi High-Tech","kind":"unit","parentId":"hitachi","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://www.hitachi.com/content/dam/hitachi/global/en/ir/media/library/integrated/2026/ar2026e.pdf","title":"Hitachi Integrated Report 2026","publisher":"Hitachi, Ltd.","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://www.hitachi.com/content/dam/hitachi/global/en/ir/media/library/integrated/2026/ar2026e.pdf","title":"Hitachi Integrated Report 2026","publisher":"Hitachi, Ltd.","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://www.hitachi.com/content/dam/hitachi/global/en/ir/media/library/integrated/2026/ar2026e.pdf","title":"Hitachi Integrated Report 2026","publisher":"Hitachi, Ltd.","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"low":0.6725,"central":1.2106,"high":1.8831,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY ended 31 Mar 2026","periodEnd":"2026-03-31","source":{"url":"https://www.hitachi.com/content/dam/hitachi/global/en/ir/media/library/integrated/2026/ar2026e.pdf","title":"Hitachi Integrated Report 2026","publisher":"Hitachi, Ltd.","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Connective Industries: Measurement & Analysis Systems (Hitachi High-Tech) is 25% of the BU's FY2025 revenues of JPY 3,086.0B; measurement and analysis includes semiconductor manufacturing and metrology/inspection equipment"},"note":"Reasoned T5 estimate (the opened Hitachi Integrated Report 2026 gives no semiconductor-equipment revenue for Hitachi High-Tech, only that Measurement & Analysis Systems is 25% of the Connective Industries business unit's FY2025 revenues of JPY 3,086.0B). Derivation: 25% x JPY 3,086.0B = JPY 771.5B = $5.16B at 149.5686 JPY/USD (Federal Reserve G.5A 2025 average); semiconductor manufacturing equipment assumed 40% of that = $2.06B; of it, etch and deposition about 44% = $0.908B, taken as $0.9B; CD-SEM and defect inspection about 42% (see process control); the remaining about 14% is other equipment, parts and services outside both functions. The 40% and the split are assumptions (T5, wide). Share = $0.9B / card size $71.9B = 1.25%, scaled by 0.967 = 1.21%. Scaled by 0.967 so that this function's shares sum to 99.9% (listed companies' revenues exceed the card's T4 market size). Range $0.5-1.4B is the judged range around the assumptions. No prior-year share, growth or backlog could be sourced, so no Rising inputs are given."},"process-control":{"low":2.9417,"central":5.1186,"high":7.6485,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY ended 31 Mar 2026","periodEnd":"2026-03-31","source":{"url":"https://www.hitachi.com/content/dam/hitachi/global/en/ir/media/library/integrated/2026/ar2026e.pdf","title":"Hitachi Integrated Report 2026","publisher":"Hitachi, Ltd.","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Connective Industries: Measurement & Analysis Systems (Hitachi High-Tech) is 25% of the BU's FY2025 revenues of JPY 3,086.0B; measurement and analysis includes semiconductor manufacturing and metrology/inspection equipment"},"note":"Reasoned T5 estimate from the same Hitachi High-Tech figure as the wafer-processing part. Derivation: semiconductor manufacturing equipment $2.063B (40% of JPY 771.5B, see the wafer-processing note) x about 42% for CD-SEM (the company claims about a 70% share of that tool) and defect inspection = $0.867B, taken as $0.87B; low $0.5B, high $1.3B. Share = $0.87B / card size $16.3B = 5.337%, scaled by 0.959 = 5.1186%. Scaled by 0.959 so that this function's shares sum to 99.9% (listed companies' revenues exceed the card's T4 market size). The earlier note took 55% for this part ($1.13B) but then used $0.9B; the split is restated to 42% because 55% would push the part's company shares above 100% in total (the other companies' sources already fill it), and the split itself is an unsourced assumption. The 'about 70% CD-SEM share' is the company's own claim and is not independently verified."},"test":{"participates":false,"evidence":{"url":"https://www.hitachi.com/content/dam/hitachi/global/en/ir/media/library/integrated/2026/ar2026e.pdf","title":"Hitachi Integrated Report 2026","publisher":"Hitachi, Ltd.","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://www.hitachi.com/content/dam/hitachi/global/en/ir/media/library/integrated/2026/ar2026e.pdf","title":"Hitachi Integrated Report 2026","publisher":"Hitachi, Ltd.","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"participates":false,"evidence":{"url":"https://www.hitachi.com/content/dam/hitachi/global/en/ir/media/library/integrated/2026/ar2026e.pdf","title":"Hitachi Integrated Report 2026","publisher":"Hitachi, Ltd.","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}}},"screening":{"wafer-processing":{"levelLow":1.5,"levelHigh":3},"process-control":{"levelLow":3,"levelHigh":4.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"24449e2a527ff931c6fd1f92c57b3046beb7c52d690aabab481a0bb389e1c07d"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"24449e2a527ff931c6fd1f92c57b3046beb7c52d690aabab481a0bb389e1c07d"}},"baselineRevenueUsd":{"low":5158168225,"central":5158168225,"high":5158168225,"unit":"USD","basis":"Estimated revenue of Hitachi High-Tech's measurement and analysis systems (25% of Connective Industries' JPY 3,086.0B), fiscal year to March, US dollars at 149.5686 JPY/USD (Federal Reserve G.5A, 2025 average)","period":"FY ended 31 Mar 2026","periodEnd":"2026-03-31","source":{"url":"https://www.hitachi.com/content/dam/hitachi/global/en/ir/media/library/integrated/2026/ar2026e.pdf","title":"Hitachi Integrated Report 2026","publisher":"Hitachi, Ltd.","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T5","locator":"Connective Industries: Measurement & Analysis Systems (Hitachi High-Tech) is 25% of the business unit's FY2025 revenues of JPY 3,086.0B"}}},"screen-holdings":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"screen-holdings","name":"SCREEN Holdings (Semiconductor Production Equipment)","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://hdjp-corporateweb-files.screen.co.jp/1017/7865/4129/FY2026Q4_Fr_E.pdf","title":"Consolidated Financial Results for FY2026/03 (summary)","publisher":"SCREEN Holdings Co., Ltd.","publishedDate":"2026-05-13","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://hdjp-corporateweb-files.screen.co.jp/1017/7865/4129/FY2026Q4_Fr_E.pdf","title":"Consolidated Financial Results for FY2026/03 (summary)","publisher":"SCREEN Holdings Co., Ltd.","publishedDate":"2026-05-13","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://hdjp-corporateweb-files.screen.co.jp/1017/7865/4129/FY2026Q4_Fr_E.pdf","title":"Consolidated Financial Results for FY2026/03 (summary)","publisher":"SCREEN Holdings Co., Ltd.","publishedDate":"2026-05-13","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"low":3.2775,"central":3.2775,"high":3.2775,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY ended 31 Mar 2026","periodEnd":"2026-03-31","source":{"url":"https://hdjp-corporateweb-files.screen.co.jp/1017/7865/4129/FY2026Q4_Fr_E.pdf","title":"Consolidated Financial Results for FY2026/03 (summary)","publisher":"SCREEN Holdings Co., Ltd.","publishedDate":"2026-05-13","accessedDate":"2026-10-22","tier":"T4","locator":"Segment results: SPE net sales JPY 485,982M, down 6.5% year on year"},"note":"Full-inputs estimate (unchanged method). SPE segment net sales JPY 485,982M / 149.5686 = $3.25B, of which new equipment about 75% (5LayerCake assumption, range 65-100%); after-sales service is the rest = $2.44B; share = $2.44B / card size $71.9B = 3.39%, scaled by 0.967. Rising inputs - Committed expansion: SCREEN's summary does not state an order backlog; left out."},"process-control":{"participates":false,"evidence":{"url":"https://hdjp-corporateweb-files.screen.co.jp/1017/7865/4129/FY2026Q4_Fr_E.pdf","title":"Consolidated Financial Results for FY2026/03 (summary)","publisher":"SCREEN Holdings Co., Ltd.","publishedDate":"2026-05-13","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"test":{"participates":false,"evidence":{"url":"https://hdjp-corporateweb-files.screen.co.jp/1017/7865/4129/FY2026Q4_Fr_E.pdf","title":"Consolidated Financial Results for FY2026/03 (summary)","publisher":"SCREEN Holdings Co., Ltd.","publishedDate":"2026-05-13","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://hdjp-corporateweb-files.screen.co.jp/1017/7865/4129/FY2026Q4_Fr_E.pdf","title":"Consolidated Financial Results for FY2026/03 (summary)","publisher":"SCREEN Holdings Co., Ltd.","publishedDate":"2026-05-13","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"participates":false,"evidence":{"url":"https://hdjp-corporateweb-files.screen.co.jp/1017/7865/4129/FY2026Q4_Fr_E.pdf","title":"Consolidated Financial Results for FY2026/03 (summary)","publisher":"SCREEN Holdings Co., Ltd.","publishedDate":"2026-05-13","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}}},"screening":{"wafer-processing":{"levelLow":2.5,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"3eafad9abb627d471cca9ccf873f14ed22555c869b6b2066480ead05a0c8eeba"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"3eafad9abb627d471cca9ccf873f14ed22555c869b6b2066480ead05a0c8eeba"}},"priorShares":{"wafer-processing":{"low":3.809,"central":3.809,"high":3.809,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY ended 31 Mar 2025","periodEnd":"2025-03-31","source":{"url":"https://hdjp-corporateweb-files.screen.co.jp/1017/7865/4129/FY2026Q4_Fr_E.pdf","title":"Consolidated Financial Results for FY2026/03 (summary)","publisher":"SCREEN Holdings Co., Ltd.","publishedDate":"2026-05-13","accessedDate":"2026-10-22","tier":"T4","locator":"Segment results: SPE net sales JPY 485,982M, down 6.5% year on year (so about JPY 519.8B in FY2025/03)"},"note":"Prior-year: SPE segment net sales JPY 485,982M / (1 - 6.5%) = JPY 519.8B (the summary states the 6.5% decline; the FY2025/03 composition chart gives 83.1% of group sales JPY 625.2B = JPY 519.5B), x 75% / 151.4551 = $2.57B. 2024 function size $65.3B = SEMI wafer fab equipment 2024 $104.2B (the card: $115.7B / 1.11) less lithography machines $24.68B and inspection and metrology $14.17B. Share = $2.57B / $65.3B, scaled by 0.967."}},"activityGrowth":{"current":{"low":2436918578,"central":2436918578,"high":2436918578,"unit":"USD","basis":"SCREEN SPE segment sales credited to the card's wafer-processing function (75% of segment sales as new equipment, assumed), fiscal year to March, US dollars","period":"FY ended 31 Mar 2026","periodEnd":"2026-03-31","source":{"url":"https://hdjp-corporateweb-files.screen.co.jp/1017/7865/4129/FY2026Q4_Fr_E.pdf","title":"Consolidated Financial Results for FY2026/03 (summary)","publisher":"SCREEN Holdings Co., Ltd.","publishedDate":"2026-05-13","accessedDate":"2026-10-22","tier":"T4","locator":"Segment results: SPE net sales JPY 485,982M"},"note":"Both years use the same 75% assumption, so growth equals segment growth (-6.5% in yen, -5.3% in dollars)."},"prior":{"low":2573866008,"central":2573866008,"high":2573866008,"unit":"USD","basis":"SCREEN SPE segment sales credited to the card's wafer-processing function (75% of segment sales as new equipment, assumed), fiscal year to March, US dollars","period":"FY ended 31 Mar 2025","periodEnd":"2025-03-31","source":{"url":"https://hdjp-corporateweb-files.screen.co.jp/1017/7865/4129/FY2026Q4_Fr_E.pdf","title":"Consolidated Financial Results for FY2026/03 (summary)","publisher":"SCREEN Holdings Co., Ltd.","publishedDate":"2026-05-13","accessedDate":"2026-10-22","tier":"T4","locator":"Segment results: SPE net sales down 6.5% year on year"}}},"baselineRevenueUsd":{"low":3249224770,"central":3249224770,"high":3249224770,"unit":"USD","basis":"Net sales of the Semiconductor Production Equipment segment, fiscal year to March, US dollars at 149.5686 JPY/USD (Federal Reserve G.5A, 2025 average)","period":"FY ended 31 Mar 2026","periodEnd":"2026-03-31","source":{"url":"https://hdjp-corporateweb-files.screen.co.jp/1017/7865/4129/FY2026Q4_Fr_E.pdf","title":"Consolidated Financial Results for FY2026/03 (summary)","publisher":"SCREEN Holdings Co., Ltd.","publishedDate":"2026-05-13","accessedDate":"2026-10-22","tier":"T1","locator":"Segment results: SPE net sales JPY 485,982M"}}},"merck-electronics":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"merck-electronics","name":"Merck KGaA Electronics (EMD Electronics)","kind":"unit","parentId":"merck-kgaa","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://www.reports.emdgroup.com/en/annualreport/2025/management-report/report-on-economic-position/course-of-business-and-economic-position/electronics.html","title":"Electronics: Merck KGaA, Darmstadt, Germany Annual Report 2025","publisher":"Merck KGaA, Darmstadt, Germany","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://www.reports.emdgroup.com/en/annualreport/2025/management-report/report-on-economic-position/course-of-business-and-economic-position/electronics.html","title":"Electronics: Merck KGaA, Darmstadt, Germany Annual Report 2025","publisher":"Merck KGaA, Darmstadt, Germany","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://www.reports.emdgroup.com/en/annualreport/2025/management-report/report-on-economic-position/course-of-business-and-economic-position/electronics.html","title":"Electronics: Merck KGaA, Darmstadt, Germany Annual Report 2025","publisher":"Merck KGaA, Darmstadt, Germany","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"participates":false,"evidence":{"url":"https://www.reports.emdgroup.com/en/annualreport/2025/management-report/report-on-economic-position/course-of-business-and-economic-position/electronics.html","title":"Electronics: Merck KGaA, Darmstadt, Germany Annual Report 2025","publisher":"Merck KGaA, Darmstadt, Germany","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"process-control":{"participates":false,"evidence":{"url":"https://www.reports.emdgroup.com/en/annualreport/2025/management-report/report-on-economic-position/course-of-business-and-economic-position/electronics.html","title":"Electronics: Merck KGaA, Darmstadt, Germany Annual Report 2025","publisher":"Merck KGaA, Darmstadt, Germany","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"test":{"participates":false,"evidence":{"url":"https://www.reports.emdgroup.com/en/annualreport/2025/management-report/report-on-economic-position/course-of-business-and-economic-position/electronics.html","title":"Electronics: Merck KGaA, Darmstadt, Germany Annual Report 2025","publisher":"Merck KGaA, Darmstadt, Germany","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://www.reports.emdgroup.com/en/annualreport/2025/management-report/report-on-economic-position/course-of-business-and-economic-position/electronics.html","title":"Electronics: Merck KGaA, Darmstadt, Germany Annual Report 2025","publisher":"Merck KGaA, Darmstadt, Germany","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"low":5.6502,"central":6.5195,"high":7.3887,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.reports.emdgroup.com/en/annualreport/2025/management-report/report-on-economic-position/course-of-business-and-economic-position/electronics.html","title":"Electronics: Merck KGaA, Darmstadt, Germany Annual Report 2025","publisher":"Merck KGaA, Darmstadt, Germany","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T5","locator":"Key figures: Electronics net sales EUR 3,515M (2024: 3,785M); Semiconductor Solutions EUR 2,494M (2024: 2,631M), Optronics 772M, Surface Solutions 249M"},"note":"Full-inputs estimate (unchanged method, now T5 because the split is an assumption). Semiconductor Solutions EUR 2,494M x 1.1306 = $2.82B, of which wafer-fab materials about 75% (range 65-85%; the rest is Delivery Systems & Services, whose sales fell by a low double-digit percentage) = $2.11B; share = $2.11B / card size $31.4B = 6.74%, scaled by 0.968."}},"screening":{"fab-materials":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"e599154246194d54bbed301e60b98aeebfb5267f6e3a4a6dcfeac6b613473a98"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"e599154246194d54bbed301e60b98aeebfb5267f6e3a4a6dcfeac6b613473a98"}},"priorShares":{"fab-materials":{"low":6.1732,"central":7.123,"high":8.0727,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.reports.emdgroup.com/en/annualreport/2025/management-report/report-on-economic-position/course-of-business-and-economic-position/electronics.html","title":"Electronics: Merck KGaA, Darmstadt, Germany Annual Report 2025","publisher":"Merck KGaA, Darmstadt, Germany","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T5","locator":"Key figures: Semiconductor Solutions EUR 2,631M (2024)"},"note":"Prior-year: Semiconductor Solutions EUR 2,631M x 1.0820 x 75% = $2.14B. 2024 function size $29.0B = SEMI 2025 wafer fabrication materials $45.8B / 1.054 = $43.45B, less silicon wafers $11.54B and an estimated $2.9B of photomasks made in chipmakers' own mask shops (the card's $3.0B for 2025, scaled back). Share = $2.14B / $29.0B, scaled by 0.968."}},"activityGrowth":{"current":{"low":2114787300,"central":2114787300,"high":2114787300,"unit":"USD","basis":"Merck KGaA Semiconductor Solutions net sales, 75% taken as wafer-fab materials, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.reports.emdgroup.com/en/annualreport/2025/management-report/report-on-economic-position/course-of-business-and-economic-position/electronics.html","title":"Electronics: Merck KGaA, Darmstadt, Germany Annual Report 2025","publisher":"Merck KGaA, Darmstadt, Germany","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T5","locator":"Key figures: Semiconductor Solutions EUR 2,494M (2025)"},"note":"Segment sales fell 5.2% in euros; in dollars the stronger euro offsets most of it (-1.0%)."},"prior":{"low":2135056500,"central":2135056500,"high":2135056500,"unit":"USD","basis":"Merck KGaA Semiconductor Solutions net sales, 75% taken as wafer-fab materials, calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.reports.emdgroup.com/en/annualreport/2025/management-report/report-on-economic-position/course-of-business-and-economic-position/electronics.html","title":"Electronics: Merck KGaA, Darmstadt, Germany Annual Report 2025","publisher":"Merck KGaA, Darmstadt, Germany","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T5","locator":"Key figures: Semiconductor Solutions EUR 2,631M (2024)"}}},"baselineRevenueUsd":{"low":3974059000,"central":3974059000,"high":3974059000,"unit":"USD","basis":"Net sales of the Electronics business sector, calendar year, US dollars at 1.1306 USD/EUR (Federal Reserve G.5A, 2025 average)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.reports.emdgroup.com/en/annualreport/2025/management-report/report-on-economic-position/course-of-business-and-economic-position/electronics.html","title":"Electronics: Merck KGaA, Darmstadt, Germany Annual Report 2025","publisher":"Merck KGaA, Darmstadt, Germany","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T1","locator":"Key figures: Electronics net sales EUR 3,515M (2025)"}}},"fujifilm-electronic-materials":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"fujifilm-electronic-materials","name":"Fujifilm Electronic Materials","kind":"unit","parentId":"fujifilm-holdings","commercialActivityVerified":false,"shares":{"design":{"participates":false,"evidence":{"url":"https://ir.fujifilm.com/en/investors/ir-materials/earnings-presentations/main/01113/teaserItems5/00/linkList/0/link/ff_fy2025q4_001e.pdf","title":"Earnings Presentation, Financial Results for Q4 FY2025","publisher":"FUJIFILM Holdings Corporation","publishedDate":"2026-05","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://ir.fujifilm.com/en/investors/ir-materials/earnings-presentations/main/01113/teaserItems5/00/linkList/0/link/ff_fy2025q4_001e.pdf","title":"Earnings Presentation, Financial Results for Q4 FY2025","publisher":"FUJIFILM Holdings Corporation","publishedDate":"2026-05","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://ir.fujifilm.com/en/investors/ir-materials/earnings-presentations/main/01113/teaserItems5/00/linkList/0/link/ff_fy2025q4_001e.pdf","title":"Earnings Presentation, Financial Results for Q4 FY2025","publisher":"FUJIFILM Holdings Corporation","publishedDate":"2026-05","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"participates":false,"evidence":{"url":"https://ir.fujifilm.com/en/investors/ir-materials/earnings-presentations/main/01113/teaserItems5/00/linkList/0/link/ff_fy2025q4_001e.pdf","title":"Earnings Presentation, Financial Results for Q4 FY2025","publisher":"FUJIFILM Holdings Corporation","publishedDate":"2026-05","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"process-control":{"participates":false,"evidence":{"url":"https://ir.fujifilm.com/en/investors/ir-materials/earnings-presentations/main/01113/teaserItems5/00/linkList/0/link/ff_fy2025q4_001e.pdf","title":"Earnings Presentation, Financial Results for Q4 FY2025","publisher":"FUJIFILM Holdings Corporation","publishedDate":"2026-05","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"test":{"participates":false,"evidence":{"url":"https://ir.fujifilm.com/en/investors/ir-materials/earnings-presentations/main/01113/teaserItems5/00/linkList/0/link/ff_fy2025q4_001e.pdf","title":"Earnings Presentation, Financial Results for Q4 FY2025","publisher":"FUJIFILM Holdings Corporation","publishedDate":"2026-05","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://ir.fujifilm.com/en/investors/ir-materials/earnings-presentations/main/01113/teaserItems5/00/linkList/0/link/ff_fy2025q4_001e.pdf","title":"Earnings Presentation, Financial Results for Q4 FY2025","publisher":"FUJIFILM Holdings Corporation","publishedDate":"2026-05","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"low":4.6223,"central":6.4712,"high":9.2446,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY ended 31 Mar 2026","periodEnd":"2026-03-31","source":{"url":"https://ir.fujifilm.com/en/investors/ir-materials/earnings-presentations/main/01113/teaserItems5/00/linkList/0/link/ff_fy2025q4_001e.pdf","title":"Earnings Presentation, Financial Results for Q4 FY2025","publisher":"FUJIFILM Holdings Corporation","publishedDate":"2026-05","accessedDate":"2026-10-22","tier":"T5","locator":"Electronics segment revenue JPY 456.2B in FY ended March 2026 (JPY 407.6B a year earlier), driven by semiconductor materials including CMP slurries"},"note":"Screening estimate. Electronics segment JPY 456.2B = $3.05B (semiconductor materials: CMP slurries, resists, process chemicals); semiconductor part assumed 70% = $2.1B; share = $2.1B / card size $31.4B = 6.69%. Scaled by 0.968 so that this function's shares sum to 99.9% (listed companies' revenues exceed the card's T4 market size). Range $1.5-3B is the source-based or conflicting-estimate range."}},"screening":{"fab-materials":{"levelLow":1.5,"levelHigh":3.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"c313e0dc2c7c627e302b3ece6ccc64de7eef7b3eb56c205fa5f64f28a75df0c7"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"c313e0dc2c7c627e302b3ece6ccc64de7eef7b3eb56c205fa5f64f28a75df0c7"}},"baselineRevenueUsd":{"low":3050105437,"central":3050105437,"high":3050105437,"unit":"USD","basis":"Revenue of Fujifilm's Electronics segment (the segment holding the electronic materials unit), fiscal year to March, US dollars at 149.5686 JPY/USD (Federal Reserve G.5A, 2025 average)","period":"FY ended 31 Mar 2026","periodEnd":"2026-03-31","source":{"url":"https://ir.fujifilm.com/en/investors/ir-materials/earnings-presentations/main/01113/teaserItems5/00/linkList/0/link/ff_fy2025q4_001e.pdf","title":"Earnings Presentation, Financial Results for Q4 FY2025","publisher":"FUJIFILM Holdings Corporation","publishedDate":"2026-05","accessedDate":"2026-10-22","tier":"T2","locator":"Electronics segment revenue JPY 456.2B in the year ended March 2026 (JPY 407.6B a year earlier)"}}},"hoya":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"hoya","name":"Hoya (mask blanks)","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://www.hoya.com/ir/2026/en/review/it.html","title":"Information Technology Business: Review of Operations, HOYA Integrated Report 2026","publisher":"HOYA Corporation","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://www.hoya.com/ir/2026/en/review/it.html","title":"Information Technology Business: Review of Operations, HOYA Integrated Report 2026","publisher":"HOYA Corporation","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://www.hoya.com/ir/2026/en/review/it.html","title":"Information Technology Business: Review of Operations, HOYA Integrated Report 2026","publisher":"HOYA Corporation","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"participates":false,"evidence":{"url":"https://www.hoya.com/ir/2026/en/review/it.html","title":"Information Technology Business: Review of Operations, HOYA Integrated Report 2026","publisher":"HOYA Corporation","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"process-control":{"participates":false,"evidence":{"url":"https://www.hoya.com/ir/2026/en/review/it.html","title":"Information Technology Business: Review of Operations, HOYA Integrated Report 2026","publisher":"HOYA Corporation","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"test":{"participates":false,"evidence":{"url":"https://www.hoya.com/ir/2026/en/review/it.html","title":"Information Technology Business: Review of Operations, HOYA Integrated Report 2026","publisher":"HOYA Corporation","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://www.hoya.com/ir/2026/en/review/it.html","title":"Information Technology Business: Review of Operations, HOYA Integrated Report 2026","publisher":"HOYA Corporation","publishedDate":"2026","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"low":1.5408,"central":2.4652,"high":3.3897,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY ended 31 Mar 2026","periodEnd":"2026-03-31","source":{"url":"https://www.hoya.com/wp-content/uploads/2026/05/88thAGMPBDD_E.pdf","title":"Paper-Based Documents for Delivery, 88th Ordinary General Meeting of Shareholders (security code 7741)","publisher":"HOYA Corporation","publishedDate":"2026-05","accessedDate":"2026-10-22","tier":"T5","locator":"Page 20, Information Technology segment: Electronics sales JPY 295,757M, Imaging JPY 58,994M, total JPY 354,751M in the year ended March 2026 (JPY 311,097M a year earlier); Electronics holds mask blanks for semiconductors, FPD photomasks and HDD glass substrates"},"note":"Screening estimate, re-sourced (light upgrade). The segment figures come from Hoya's shareholder-meeting document, opened this pass: Information Technology sales JPY 354,751M, of which Electronics (mask blanks for semiconductors, FPD photomasks, HDD glass substrates) JPY 295,757M. Semiconductor mask blanks are assumed at about 40% of Electronics (range 25-55%) = JPY 118B = $0.79B, rounded to the earlier $0.8B; share = $0.8B / card size $31.4B = 2.55%, scaled by 0.968. The earlier figure of JPY 355B came from a search tool's reading of the same company's results. Mask blanks are a sub-tier input to photomask makers, so the card's captive-mask-shop carve-out and this part are a boundary question."}},"screening":{"fab-materials":{"levelLow":2.5,"levelHigh":4.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"03056fabf6c938d73bfc9c0f49a1712583ac613a8ec7020308d6a7ae18b7e324"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"03056fabf6c938d73bfc9c0f49a1712583ac613a8ec7020308d6a7ae18b7e324"}},"baselineRevenueUsd":{"low":1977400337,"central":1977400337,"high":1977400337,"unit":"USD","basis":"Electronics sales of the Information Technology segment (mask blanks, FPD photomasks, HDD glass substrates), fiscal year to March, US dollars at 149.5686 JPY/USD (Federal Reserve G.5A, 2025 average)","period":"FY ended 31 Mar 2026","periodEnd":"2026-03-31","source":{"url":"https://www.hoya.com/wp-content/uploads/2026/05/88thAGMPBDD_E.pdf","title":"Paper-Based Documents for Delivery, 88th Ordinary General Meeting of Shareholders (security code 7741)","publisher":"HOYA Corporation","publishedDate":"2026-05","accessedDate":"2026-10-22","tier":"T2","locator":"Page 20, Information Technology segment: Electronics sales JPY 295,757M in the year ended March 2026"}}},"jsr":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"jsr","name":"JSR","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://www.jsr.co.jp/jsr_e/ir/individual/ataglance/","title":"JSR at a glance","publisher":"JSR Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://www.jsr.co.jp/jsr_e/ir/individual/ataglance/","title":"JSR at a glance","publisher":"JSR Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://www.jsr.co.jp/jsr_e/ir/individual/ataglance/","title":"JSR at a glance","publisher":"JSR Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"participates":false,"evidence":{"url":"https://www.jsr.co.jp/jsr_e/ir/individual/ataglance/","title":"JSR at a glance","publisher":"JSR Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"process-control":{"participates":false,"evidence":{"url":"https://www.jsr.co.jp/jsr_e/ir/individual/ataglance/","title":"JSR at a glance","publisher":"JSR Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"test":{"participates":false,"evidence":{"url":"https://www.jsr.co.jp/jsr_e/ir/individual/ataglance/","title":"JSR at a glance","publisher":"JSR Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://www.jsr.co.jp/jsr_e/ir/individual/ataglance/","title":"JSR at a glance","publisher":"JSR Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"low":3.3897,"central":4.6223,"high":5.8549,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY ended 31 Mar 2026","periodEnd":"2026-03-31","source":{"url":"https://www.jsr.co.jp/jsr_e/ir/individual/ataglance/","title":"JSR at a glance","publisher":"JSR Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T5","locator":"Revenue 440.7 billion yen (71% overseas), as of 31 March 2026"},"note":"Screening estimate. JSR revenue JPY 440.7B; Digital Solutions (resists, CMP materials, Inpria) assumed about JPY 220B = $1.5B; a third-party profile gives JSR about 19% of photoresists = $1.5B; share = $1.5B / card size $31.4B = 4.78%. Scaled by 0.968 so that this function's shares sum to 99.9% (listed companies' revenues exceed the card's T4 market size). Range $1.1-1.9B is the source-based or conflicting-estimate range."}},"screening":{"fab-materials":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"eed4075ae4cfa02c4b1131e4bd57bfb99bd616c15d1b667675c1e2d0bb63f02f"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"eed4075ae4cfa02c4b1131e4bd57bfb99bd616c15d1b667675c1e2d0bb63f02f"}},"baselineRevenueUsd":{"low":2946474059,"central":2946474059,"high":2946474059,"unit":"USD","basis":"Revenue, fiscal year to March, US dollars at 149.5686 JPY/USD (Federal Reserve G.5A, 2025 average)","period":"FY ended 31 Mar 2026","periodEnd":"2026-03-31","source":{"url":"https://www.jsr.co.jp/jsr_e/ir/individual/ataglance/","title":"JSR at a glance","publisher":"JSR Corporation","publishedDate":"undated","accessedDate":"2026-10-22","tier":"T2","locator":"Revenue 440.7 billion yen (71% overseas), as of 31 March 2026"}}},"canon":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"canon","name":"Canon (Industrial Group: semiconductor lithography)","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://global.canon/en/ir/conference/pdf/conf2025e-note.pdf","title":"Canon Inc. FY 2025 Results (January 29, 2026)","publisher":"Canon Inc.","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"low":5.2468,"central":5.2468,"high":5.2468,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY2025","periodEnd":"2025-12-31","source":{"url":"https://global.canon/en/ir/conference/pdf/conf2025e-note.pdf","title":"Canon Inc. FY 2025 Results (January 29, 2026)","publisher":"Canon Inc.","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T5","locator":"Segment table: Industrial net sales JPY 361.1B in FY2025 (JPY 351.7B in FY2024); lithography taken as half of the segment (the card's assumption)"},"note":"Full-inputs estimate (unchanged method, T5). Half of Canon's Industrial Group (JPY 361.1B) is lithography (the card's assumption; the rest is deposition, OLED equipment and other tools) = JPY 180.55B / 149.5686 = $1.207B; share = $1.207B / card size $22.8B = 5.29%, scaled by 0.991. Canon does not publish lithography sales separately."},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://global.canon/en/ir/conference/pdf/conf2025e-note.pdf","title":"Canon Inc. FY 2025 Results (January 29, 2026)","publisher":"Canon Inc.","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"low":0.6294,"central":0.6294,"high":0.6294,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY2025","periodEnd":"2025-12-31","source":{"url":"https://global.canon/en/ir/conference/pdf/conf2025e-note.pdf","title":"Canon Inc. FY 2025 Results (January 29, 2026)","publisher":"Canon Inc.","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T5","locator":"Segment table: Industrial net sales JPY 361.1B in FY2025 (JPY 351.7B in FY2024); Canon ANELVA deposition assumed JPY 70B"},"note":"Full-inputs estimate (unchanged method, T5). Canon ANELVA (sputtering and other deposition) sits inside the Industrial segment; assumed JPY 70B = $0.468B; share = $0.468B / card size $71.9B = 0.65%, scaled by 0.967."},"process-control":{"participates":false,"evidence":{"url":"https://global.canon/en/ir/conference/pdf/conf2025e-note.pdf","title":"Canon Inc. FY 2025 Results (January 29, 2026)","publisher":"Canon Inc.","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"test":{"participates":false,"evidence":{"url":"https://global.canon/en/ir/conference/pdf/conf2025e-note.pdf","title":"Canon Inc. FY 2025 Results (January 29, 2026)","publisher":"Canon Inc.","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://global.canon/en/ir/conference/pdf/conf2025e-note.pdf","title":"Canon Inc. FY 2025 Results (January 29, 2026)","publisher":"Canon Inc.","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"participates":false,"evidence":{"url":"https://global.canon/en/ir/conference/pdf/conf2025e-note.pdf","title":"Canon Inc. FY 2025 Results (January 29, 2026)","publisher":"Canon Inc.","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T2","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}}},"screening":{"lithography":{"levelLow":2,"levelHigh":4},"wafer-processing":{"levelLow":2,"levelHigh":3.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"d38ba06a3c061a3d7af63b79bbfaefabaf6f92d8fdba3dc01db6e5fe7641d947"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"d38ba06a3c061a3d7af63b79bbfaefabaf6f92d8fdba3dc01db6e5fe7641d947"}},"priorShares":{"lithography":{"low":5.8625,"central":5.8625,"high":5.8625,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY2024","periodEnd":"2024-12-31","source":{"url":"https://global.canon/en/ir/conference/pdf/conf2025e-note.pdf","title":"Canon Inc. FY 2025 Results (January 29, 2026)","publisher":"Canon Inc.","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T5","locator":"Segment table: Industrial net sales JPY 351.7B in FY2024; lithography taken as half of the segment (the card's assumption)"},"note":"Prior-year estimate with the same half-of-segment assumption: JPY 351.7B / 2 / 151.4551 = $1.161B. 2024 function size $19.6B = the card's 2025 size $22.8B x (2024 / 2025 lithography machine market net of optics and lasers): ASML 2024 net system sales EUR 21,768.7M less metrology EUR 645.5M = EUR 21,123.2M x 1.0820 = $22.86B, plus half of Canon's Industrial Group (JPY 351.7B) and Nikon's Precision Equipment (JPY 201.9B, year to March 2025) at 151.4551 JPY/USD = $1.83B, less ZEISS optics and TRUMPF lasers $5.17B = $19.51B (2025 by the same method $22.67B). Share = $1.161B / $19.63B, scaled by 0.991. This prior only reflects the segment's yen growth (+2.7%) against the market's, so it is a weak signal."},"wafer-processing":{"low":0.6662,"central":0.6662,"high":0.6662,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY2024","periodEnd":"2024-12-31","source":{"url":"https://global.canon/en/ir/conference/pdf/conf2025e-note.pdf","title":"Canon Inc. FY 2025 Results (January 29, 2026)","publisher":"Canon Inc.","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T5","locator":"Segment table: Industrial net sales JPY 351.7B in FY2024; Canon ANELVA deposition assumed at the same share of the segment"},"note":"Prior-year estimate: the same fraction of the segment (JPY 70B x 351.7 / 361.1 = JPY 68.2B) / 151.4551 = $0.450B. 2024 function size $65.3B = SEMI wafer fab equipment 2024 $104.2B (the card: $115.7B / 1.11) less lithography machines $24.68B and inspection and metrology $14.17B. Share = $0.450B / $65.3B, scaled by 0.967."}},"activityGrowth":{"current":{"low":1675151068,"central":1675151068,"high":1675151068,"unit":"USD","basis":"Canon's lithography and deposition equipment sales as assumed from its Industrial Group segment (half and JPY 70B), calendar year, US dollars","period":"FY2025","periodEnd":"2025-12-31","source":{"url":"https://global.canon/en/ir/conference/pdf/conf2025e-note.pdf","title":"Canon Inc. FY 2025 Results (January 29, 2026)","publisher":"Canon Inc.","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T5","locator":"Segment table: Industrial net sales JPY 361.1B (FY2025)"},"note":"Derived from the Industrial Group segment with the same fractions in both years, so it follows the segment's growth (+2.7% in yen) and is a weak signal; Canon does not report lithography sales."},"prior":{"low":1611222006,"central":1611222006,"high":1611222006,"unit":"USD","basis":"Canon's lithography and deposition equipment sales as assumed from its Industrial Group segment (half and JPY 70B), calendar year, US dollars","period":"FY2024","periodEnd":"2024-12-31","source":{"url":"https://global.canon/en/ir/conference/pdf/conf2025e-note.pdf","title":"Canon Inc. FY 2025 Results (January 29, 2026)","publisher":"Canon Inc.","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T5","locator":"Segment table: Industrial net sales JPY 351.7B (FY2024)"}}},"baselineRevenueUsd":{"low":2414276793,"central":2414276793,"high":2414276793,"unit":"USD","basis":"Industrial Group net sales (the segment holding lithography and deposition equipment), calendar year, US dollars at 149.5686 JPY/USD (Federal Reserve G.5A, 2025 average)","period":"FY2025","periodEnd":"2025-12-31","source":{"url":"https://global.canon/en/ir/conference/pdf/conf2025e-note.pdf","title":"Canon Inc. FY 2025 Results (January 29, 2026)","publisher":"Canon Inc.","publishedDate":"2026-01-29","accessedDate":"2026-10-22","tier":"T2","locator":"Segment table: Industrial net sales JPY 361.1B in FY2025"}}},"amec":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"amec","name":"AMEC (Advanced Micro-Fabrication Equipment)","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://www.trendforce.com/news/2026/04/21/news-china-memory-expansion-lifts-domestic-equipment-suppliers-amec-wuhan-jingce-hwatsing-acm-in-focus/","title":"[News] China Memory Expansion Lifts Domestic Equipment Suppliers: AMEC, Wuhan Jingce, Hwatsing, ACM in Focus","publisher":"TrendForce","publishedDate":"2026-04-21","accessedDate":"2026-10-22","tier":"T3","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://www.trendforce.com/news/2026/04/21/news-china-memory-expansion-lifts-domestic-equipment-suppliers-amec-wuhan-jingce-hwatsing-acm-in-focus/","title":"[News] China Memory Expansion Lifts Domestic Equipment Suppliers: AMEC, Wuhan Jingce, Hwatsing, ACM in Focus","publisher":"TrendForce","publishedDate":"2026-04-21","accessedDate":"2026-10-22","tier":"T3","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://www.trendforce.com/news/2026/04/21/news-china-memory-expansion-lifts-domestic-equipment-suppliers-amec-wuhan-jingce-hwatsing-acm-in-focus/","title":"[News] China Memory Expansion Lifts Domestic Equipment Suppliers: AMEC, Wuhan Jingce, Hwatsing, ACM in Focus","publisher":"TrendForce","publishedDate":"2026-04-21","accessedDate":"2026-10-22","tier":"T3","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"low":2.0176,"central":2.3175,"high":2.5556,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.trendforce.com/news/2026/04/21/news-china-memory-expansion-lifts-domestic-equipment-suppliers-amec-wuhan-jingce-hwatsing-acm-in-focus/","title":"[News] China Memory Expansion Lifts Domestic Equipment Suppliers: AMEC, Wuhan Jingce, Hwatsing, ACM in Focus","publisher":"TrendForce","publishedDate":"2026-04-21","accessedDate":"2026-10-22","tier":"T4","locator":"AMEC 2025 revenue RMB 12.38B (+36.6%), citing Economic Daily News; names Hwatsing, ACM, Kingsemi, Piotech, JSG, Changchuan, Wuhan Jingce product lines"},"note":"Screening estimate. AMEC 2025 revenue RMB 12.38B / 7.1875 (TrendForce, citing Economic Daily News) = $1.72B; share = $1.72B / card size $71.9B = 2.40%. Scaled by 0.967 so that this function's shares sum to 99.9% (listed companies' revenues exceed the card's T4 market size). Range $1.5-1.9B is the source-based or conflicting-estimate range."},"process-control":{"participates":false,"evidence":{"url":"https://www.trendforce.com/news/2026/04/21/news-china-memory-expansion-lifts-domestic-equipment-suppliers-amec-wuhan-jingce-hwatsing-acm-in-focus/","title":"[News] China Memory Expansion Lifts Domestic Equipment Suppliers: AMEC, Wuhan Jingce, Hwatsing, ACM in Focus","publisher":"TrendForce","publishedDate":"2026-04-21","accessedDate":"2026-10-22","tier":"T3","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"test":{"participates":false,"evidence":{"url":"https://www.trendforce.com/news/2026/04/21/news-china-memory-expansion-lifts-domestic-equipment-suppliers-amec-wuhan-jingce-hwatsing-acm-in-focus/","title":"[News] China Memory Expansion Lifts Domestic Equipment Suppliers: AMEC, Wuhan Jingce, Hwatsing, ACM in Focus","publisher":"TrendForce","publishedDate":"2026-04-21","accessedDate":"2026-10-22","tier":"T3","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://www.trendforce.com/news/2026/04/21/news-china-memory-expansion-lifts-domestic-equipment-suppliers-amec-wuhan-jingce-hwatsing-acm-in-focus/","title":"[News] China Memory Expansion Lifts Domestic Equipment Suppliers: AMEC, Wuhan Jingce, Hwatsing, ACM in Focus","publisher":"TrendForce","publishedDate":"2026-04-21","accessedDate":"2026-10-22","tier":"T3","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"participates":false,"evidence":{"url":"https://www.trendforce.com/news/2026/04/21/news-china-memory-expansion-lifts-domestic-equipment-suppliers-amec-wuhan-jingce-hwatsing-acm-in-focus/","title":"[News] China Memory Expansion Lifts Domestic Equipment Suppliers: AMEC, Wuhan Jingce, Hwatsing, ACM in Focus","publisher":"TrendForce","publishedDate":"2026-04-21","accessedDate":"2026-10-22","tier":"T3","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}}},"screening":{"wafer-processing":{"levelLow":2,"levelHigh":3.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"c5af2905621b5c44790ef718e5e740b06a1d08604055c655f137cc2882c88b00"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"c5af2905621b5c44790ef718e5e740b06a1d08604055c655f137cc2882c88b00"}},"baselineRevenueUsd":{"low":1722434783,"central":1722434783,"high":1722434783,"unit":"USD","basis":"Total revenue, calendar year, US dollars at 7.1875 CNY/USD (Federal Reserve G.5A, 2025 average)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.trendforce.com/news/2026/04/21/news-china-memory-expansion-lifts-domestic-equipment-suppliers-amec-wuhan-jingce-hwatsing-acm-in-focus/","title":"[News] China Memory Expansion Lifts Domestic Equipment Suppliers: AMEC, Wuhan Jingce, Hwatsing, ACM in Focus","publisher":"TrendForce","publishedDate":"2026-04-21","accessedDate":"2026-10-22","tier":"T3","locator":"AMEC 2025 revenue RMB 12.38B (+36.6%), citing Economic Daily News"}}},"tokyo-ohka-kogyo":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"tokyo-ohka-kogyo","name":"Tokyo Ohka Kogyo (TOK)","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://www.tok.co.jp/application/files/5417/7061/1184/q4_2512_en.pdf","title":"Consolidated Financial Results for the Fiscal Year Ended December 31, 2025","publisher":"Tokyo Ohka Kogyo Co., Ltd.","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://www.tok.co.jp/application/files/5417/7061/1184/q4_2512_en.pdf","title":"Consolidated Financial Results for the Fiscal Year Ended December 31, 2025","publisher":"Tokyo Ohka Kogyo Co., Ltd.","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://www.tok.co.jp/application/files/5417/7061/1184/q4_2512_en.pdf","title":"Consolidated Financial Results for the Fiscal Year Ended December 31, 2025","publisher":"Tokyo Ohka Kogyo Co., Ltd.","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"participates":false,"evidence":{"url":"https://www.tok.co.jp/application/files/5417/7061/1184/q4_2512_en.pdf","title":"Consolidated Financial Results for the Fiscal Year Ended December 31, 2025","publisher":"Tokyo Ohka Kogyo Co., Ltd.","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"process-control":{"participates":false,"evidence":{"url":"https://www.tok.co.jp/application/files/5417/7061/1184/q4_2512_en.pdf","title":"Consolidated Financial Results for the Fiscal Year Ended December 31, 2025","publisher":"Tokyo Ohka Kogyo Co., Ltd.","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"test":{"participates":false,"evidence":{"url":"https://www.tok.co.jp/application/files/5417/7061/1184/q4_2512_en.pdf","title":"Consolidated Financial Results for the Fiscal Year Ended December 31, 2025","publisher":"Tokyo Ohka Kogyo Co., Ltd.","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://www.tok.co.jp/application/files/5417/7061/1184/q4_2512_en.pdf","title":"Consolidated Financial Results for the Fiscal Year Ended December 31, 2025","publisher":"Tokyo Ohka Kogyo Co., Ltd.","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"low":3.3897,"central":3.9135,"high":4.3141,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.tok.co.jp/application/files/5417/7061/1184/q4_2512_en.pdf","title":"Consolidated Financial Results for the Fiscal Year Ended December 31, 2025","publisher":"Tokyo Ohka Kogyo Co., Ltd.","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T4","locator":"Net sales JPY 237,029 million (+17.9%) for the year to 31 Dec 2025; photoresists and high-purity chemicals"},"note":"Screening estimate. Net sales JPY 237,029M / 149.5686 = $1.58B, of which photoresists and high-purity chemicals for semiconductors about 80% = $1.27B; share = $1.27B / card size $31.4B = 4.04%. Scaled by 0.968 so that this function's shares sum to 99.9% (listed companies' revenues exceed the card's T4 market size). Range $1.1-1.4B is the source-based or conflicting-estimate range."}},"screening":{"fab-materials":{"levelLow":2,"levelHigh":4}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"301be0e540c8928cb3f016e8a25394c6756311c09b6513be7c208a7fa2bce2cf"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"301be0e540c8928cb3f016e8a25394c6756311c09b6513be7c208a7fa2bce2cf"}},"baselineRevenueUsd":{"low":1584751077,"central":1584751077,"high":1584751077,"unit":"USD","basis":"Net sales, calendar year, US dollars at 149.5686 JPY/USD (Federal Reserve G.5A, 2025 average)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.tok.co.jp/application/files/5417/7061/1184/q4_2512_en.pdf","title":"Consolidated Financial Results for the Fiscal Year Ended December 31, 2025","publisher":"Tokyo Ohka Kogyo Co., Ltd.","publishedDate":"2026-02","accessedDate":"2026-10-22","tier":"T1","locator":"Net sales JPY 237,029 million (+17.9%) for the year to 31 Dec 2025"}}},"ebara":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"ebara","name":"Ebara (Precision Machinery)","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XS6E.pdf","title":"EBARA CORPORATION Annual Securities Report (Yuka shoken hokokusho), 161st term, year ended 31 December 2025","publisher":"EBARA CORPORATION","publishedDate":"2026-03-23","tier":"T1","locator":"Item 3 (description of business), page 7: Precision & Electronics (semiconductor manufacturing) makes vacuum pumps, CMP systems, plating systems and exhaust-gas treatment systems; the other four segments make pumps, chillers, blowers, compressors, turbines and waste and water treatment plants. No product in this function.","accessedDate":"2026-10-22"}},"lithography":{"participates":false,"evidence":{"url":"https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XS6E.pdf","title":"EBARA CORPORATION Annual Securities Report (Yuka shoken hokokusho), 161st term, year ended 31 December 2025","publisher":"EBARA CORPORATION","publishedDate":"2026-03-23","tier":"T1","locator":"Item 3 (description of business), page 7: Precision & Electronics (semiconductor manufacturing) makes vacuum pumps, CMP systems, plating systems and exhaust-gas treatment systems; the other four segments make pumps, chillers, blowers, compressors, turbines and waste and water treatment plants. No product in this function.","accessedDate":"2026-10-22"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XS6E.pdf","title":"EBARA CORPORATION Annual Securities Report (Yuka shoken hokokusho), 161st term, year ended 31 December 2025","publisher":"EBARA CORPORATION","publishedDate":"2026-03-23","tier":"T1","locator":"Item 3 (description of business), page 7: Precision & Electronics (semiconductor manufacturing) makes vacuum pumps, CMP systems, plating systems and exhaust-gas treatment systems; the other four segments make pumps, chillers, blowers, compressors, turbines and waste and water treatment plants. No product in this function.","accessedDate":"2026-10-22"}},"wafer-processing":{"low":1.3853,"central":2.0577,"high":3.0799,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XS6E.pdf","title":"EBARA CORPORATION Annual Securities Report (Yuka shoken hokokusho), 161st term, year ended 31 December 2025","publisher":"EBARA CORPORATION","publishedDate":"2026-03-23","tier":"T5","locator":"Page 40: Precision & Electronics revenue JPY 342,267M (+JPY 63,888M), orders JPY 303,447M, segment profit JPY 57,773M; page 172 (note 28, revenue by segment): JPY 342,267M in 2025, JPY 278,378M in 2024. The filing gives no CMP-only figure.","accessedDate":"2026-10-22"},"note":"Reasoned T5 judgment, re-sourced to Ebara's own annual securities report (the earlier trade-press repost is dropped, and so is its 'CMP about JPY 212.6B', which no opened page supports). Input (opened, page 40 and page 172 of the filing): Precision & Electronics revenue JPY 342,267M for 2025 (JPY 278,378M in 2024) = $2.29B at 149.5686 JPY/USD (Federal Reserve G.5A 2025 average). The segment holds CMP systems, vacuum pumps, plating systems and exhaust-gas treatment systems plus maintenance and service (page 7 and page 136), and the filing does not split it. Judgment: the part that is new equipment in the card's wafer-processing remainder (which also holds fab-support equipment) is about two-thirds of the segment, the rest being service, support and spares; low 45% (if vacuum pumps and exhaust-gas treatment fall outside the function), high 100% (the whole segment, a hard upper bound). Central 2/3 x $2.29B = $1.53B; low $1.03B; high $2.29B. Share = $1.53B / card size $71.9B = 2.128%, scaled by 0.967 = 2.0577%. Scaled by 0.967 so that this function's shares sum to 99.9% (listed companies' revenues exceed the card's T4 market size). SEMI's release of 16 December 2025 ('Global Semiconductor Equipment Sales Projected to Reach a Record of $156 Billion in 2027', PR Newswire distribution, https://tools.prnewswire.com/en-us/live/20823/release/20251216EN45080, opened) says its wafer fab equipment segment 'includes wafer processing, mask/reticle, and fab facilities equipment', which is why vacuum pumps and abatement are inside the high case; the release does not list the products counted as fab facilities equipment, and semi.org refused a request (HTTP 403) in an earlier pass, so SEMI's own definition page was not read."},"process-control":{"participates":false,"evidence":{"url":"https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XS6E.pdf","title":"EBARA CORPORATION Annual Securities Report (Yuka shoken hokokusho), 161st term, year ended 31 December 2025","publisher":"EBARA CORPORATION","publishedDate":"2026-03-23","tier":"T1","locator":"Item 3 (description of business), page 7: Precision & Electronics (semiconductor manufacturing) makes vacuum pumps, CMP systems, plating systems and exhaust-gas treatment systems; the other four segments make pumps, chillers, blowers, compressors, turbines and waste and water treatment plants. No product in this function.","accessedDate":"2026-10-22"}},"test":{"participates":false,"evidence":{"url":"https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XS6E.pdf","title":"EBARA CORPORATION Annual Securities Report (Yuka shoken hokokusho), 161st term, year ended 31 December 2025","publisher":"EBARA CORPORATION","publishedDate":"2026-03-23","tier":"T1","locator":"Item 3 (description of business), page 7: Precision & Electronics (semiconductor manufacturing) makes vacuum pumps, CMP systems, plating systems and exhaust-gas treatment systems; the other four segments make pumps, chillers, blowers, compressors, turbines and waste and water treatment plants. No product in this function.","accessedDate":"2026-10-22"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XS6E.pdf","title":"EBARA CORPORATION Annual Securities Report (Yuka shoken hokokusho), 161st term, year ended 31 December 2025","publisher":"EBARA CORPORATION","publishedDate":"2026-03-23","tier":"T1","locator":"Item 3 (description of business), page 7: Precision & Electronics (semiconductor manufacturing) makes vacuum pumps, CMP systems, plating systems and exhaust-gas treatment systems; the other four segments make pumps, chillers, blowers, compressors, turbines and waste and water treatment plants. No product in this function.","accessedDate":"2026-10-22"}},"fab-materials":{"participates":false,"evidence":{"url":"https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XS6E.pdf","title":"EBARA CORPORATION Annual Securities Report (Yuka shoken hokokusho), 161st term, year ended 31 December 2025","publisher":"EBARA CORPORATION","publishedDate":"2026-03-23","tier":"T1","locator":"Item 3 (description of business), page 7: Precision & Electronics (semiconductor manufacturing) makes vacuum pumps, CMP systems, plating systems and exhaust-gas treatment systems; the other four segments make pumps, chillers, blowers, compressors, turbines and waste and water treatment plants. No product in this function.","accessedDate":"2026-10-22"}}},"screening":{"wafer-processing":{"levelLow":2,"levelHigh":3.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"e2e6bb44e527dcbef274230c4c615f33709fc8c5a82ba68de04c066b92db8a82"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"e2e6bb44e527dcbef274230c4c615f33709fc8c5a82ba68de04c066b92db8a82"}},"baselineRevenueUsd":{"low":2288361327,"central":2288361327,"high":2288361327,"unit":"USD","basis":"Revenue of the Precision & Electronics segment, calendar year, US dollars at 149.5686 JPY/USD (Federal Reserve G.5A, 2025 average)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XS6E.pdf","title":"EBARA CORPORATION Annual Securities Report (Yuka shoken hokokusho), 161st term, year ended 31 December 2025","publisher":"EBARA CORPORATION","publishedDate":"2026-03-23","tier":"T1","locator":"Page 40: Precision & Electronics revenue JPY 342,267M (+JPY 63,888M), orders JPY 303,447M, segment profit JPY 57,773M; page 172 (note 28, revenue by segment): JPY 342,267M in 2025, JPY 278,378M in 2024. The filing gives no CMP-only figure.","accessedDate":"2026-10-22"}}},"air-liquide":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"air-liquide","name":"Air Liquide (Electronics)","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://www.semiconductor-digest.com/techcet-forecasts-6-3b-electronic-gases-market-in-2025","title":"TECHCET Forecasts $6.3B Electronic Gases Market in 2025","publisher":"Semiconductor Digest (TECHCET)","publishedDate":"2025-06-09","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://www.semiconductor-digest.com/techcet-forecasts-6-3b-electronic-gases-market-in-2025","title":"TECHCET Forecasts $6.3B Electronic Gases Market in 2025","publisher":"Semiconductor Digest (TECHCET)","publishedDate":"2025-06-09","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://www.semiconductor-digest.com/techcet-forecasts-6-3b-electronic-gases-market-in-2025","title":"TECHCET Forecasts $6.3B Electronic Gases Market in 2025","publisher":"Semiconductor Digest (TECHCET)","publishedDate":"2025-06-09","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"participates":false,"evidence":{"url":"https://www.semiconductor-digest.com/techcet-forecasts-6-3b-electronic-gases-market-in-2025","title":"TECHCET Forecasts $6.3B Electronic Gases Market in 2025","publisher":"Semiconductor Digest (TECHCET)","publishedDate":"2025-06-09","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"process-control":{"participates":false,"evidence":{"url":"https://www.semiconductor-digest.com/techcet-forecasts-6-3b-electronic-gases-market-in-2025","title":"TECHCET Forecasts $6.3B Electronic Gases Market in 2025","publisher":"Semiconductor Digest (TECHCET)","publishedDate":"2025-06-09","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"test":{"participates":false,"evidence":{"url":"https://www.semiconductor-digest.com/techcet-forecasts-6-3b-electronic-gases-market-in-2025","title":"TECHCET Forecasts $6.3B Electronic Gases Market in 2025","publisher":"Semiconductor Digest (TECHCET)","publishedDate":"2025-06-09","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://www.semiconductor-digest.com/techcet-forecasts-6-3b-electronic-gases-market-in-2025","title":"TECHCET Forecasts $6.3B Electronic Gases Market in 2025","publisher":"Semiconductor Digest (TECHCET)","publishedDate":"2025-06-09","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"low":3.0828,"central":4.6242,"high":7.0904,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.semiconductor-digest.com/techcet-forecasts-6-3b-electronic-gases-market-in-2025","title":"TECHCET Forecasts $6.3B Electronic Gases Market in 2025","publisher":"Semiconductor Digest (TECHCET)","publishedDate":"2025-06-09","accessedDate":"2026-10-22","tier":"T5","locator":"Global electronic gases market to reach $6.34 billion in 2025 (specialty and bulk); suppliers assessed include Air Liquide, Linde, Nippon Sanso, Air Products and Resonac. Cross-check: Air Liquide FY2025 press release (opened this pass), Electronics revenue EUR 2,465M"},"note":"Full-inputs estimate (T5, unchanged central). TECHCET sizes electronic gases at $6.34B (2025) and names Air Liquide among the main suppliers; assumed about 24% of that = $1.5B (range $1.0-2.3B), counting only chip-fab gases and materials. Cross-check from the company's own release (20 February 2026, opened this pass): Electronics revenue was EUR 2,465M ($2.79B at 1.1306), which includes Equipment & Installation sales (inferred at roughly a fifth of the total from the stated growth rates, if it fell by about 20%; the company does not give the amount), display and solar customers; about 55% of $2.79B is $1.5B, so the TECHCET-based figure is consistent. Share = $1.5B / card size $31.4B = 4.78%, scaled by 0.968."}},"screening":{"fab-materials":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"8de5a86381a30a029969d3fd44ff2acd95742acbb4cd3a904c58ddc8ad13fea7"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"8de5a86381a30a029969d3fd44ff2acd95742acbb4cd3a904c58ddc8ad13fea7"}},"priorShares":{"fab-materials":{"low":3.1533,"central":4.73,"high":7.2526,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://it.airliquide.com/statics/2026-03/2025%20con%20una%20performance%20record%20e%20fiduciosa%20nella%20sua%20dinamica%20di%20trasformazione%20Air%20Liquide%20conferma%20le%20sue%20prospettive%20di%20crescita.pdf","title":"Air Liquide FY 2025 press release and activity report (20 February 2026, English text)","publisher":"Air Liquide S.A.","publishedDate":"2026-02-20","accessedDate":"2026-10-22","tier":"T5","locator":"Group review: Electronics revenue growth 2025 +1.2% comparable; the rest of the business excluding Equipment & Installation sales +5.8%"},"note":"Prior-year (derived): the 2025 amount deflated by the company's stated comparable growth of the Electronics business excluding Equipment & Installation sales, +5.8% in 2025 (press release of 20 February 2026): $1.5B / 1.058 = $1.42B (range scaled the same way). 2024 function size $29.0B = SEMI 2025 wafer fabrication materials $45.8B / 1.054 = $43.45B, less silicon wafers $11.54B and an estimated $2.9B of photomasks made in chipmakers' own mask shops (the card's $3.0B for 2025, scaled back). Share = $1.42B / $29.0B, scaled by 0.968. Constant-currency growth is applied to the dollar figure."}},"activityGrowth":{"current":{"low":1500000000,"central":1500000000,"high":1500000000,"unit":"USD","basis":"Air Liquide electronics gases and materials for chip fabs (TECHCET-based estimate), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://it.airliquide.com/statics/2026-03/2025%20con%20una%20performance%20record%20e%20fiduciosa%20nella%20sua%20dinamica%20di%20trasformazione%20Air%20Liquide%20conferma%20le%20sue%20prospettive%20di%20crescita.pdf","title":"Air Liquide FY 2025 press release and activity report (20 February 2026, English text)","publisher":"Air Liquide S.A.","publishedDate":"2026-02-20","accessedDate":"2026-10-22","tier":"T2","locator":"Group review: Electronics revenue EUR 2,465M in 2025; growth +1.2% comparable, +5.8% excluding Equipment & Installation"},"note":"The prior value is the 2025 estimate divided by 1.058, the company's stated comparable growth of Electronics excluding Equipment & Installation sales; the headline Electronics growth of +1.2% (comparable) is held down by the normalisation of equipment sales after a record 2024."},"prior":{"low":1417769376,"central":1417769376,"high":1417769376,"unit":"USD","basis":"Air Liquide electronics gases and materials for chip fabs (TECHCET-based estimate), calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://it.airliquide.com/statics/2026-03/2025%20con%20una%20performance%20record%20e%20fiduciosa%20nella%20sua%20dinamica%20di%20trasformazione%20Air%20Liquide%20conferma%20le%20sue%20prospettive%20di%20crescita.pdf","title":"Air Liquide FY 2025 press release and activity report (20 February 2026, English text)","publisher":"Air Liquide S.A.","publishedDate":"2026-02-20","accessedDate":"2026-10-22","tier":"T2","locator":"Group review: growth excluding Equipment & Installation sales +5.8% (comparable)"}}},"baselineRevenueUsd":{"low":2786929000,"central":2786929000,"high":2786929000,"unit":"USD","basis":"Revenue of the Electronics activity (including Equipment & Installation sales), calendar year, US dollars at 1.1306 USD/EUR (Federal Reserve G.5A, 2025 average)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://it.airliquide.com/statics/2026-03/2025%20con%20una%20performance%20record%20e%20fiduciosa%20nella%20sua%20dinamica%20di%20trasformazione%20Air%20Liquide%20conferma%20le%20sue%20prospettive%20di%20crescita.pdf","title":"Air Liquide FY 2025 press release and activity report (20 February 2026, English text)","publisher":"Air Liquide S.A.","publishedDate":"2026-02-20","accessedDate":"2026-10-22","tier":"T2","locator":"Gas & Services revenue table: Electronics EUR 2,465M (2025), EUR 2,510M (2024)"}}},"entegris":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"entegris","name":"Entegris","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://www.fool.com/earnings/call-transcripts/2026/02/10/entegris-entg-q4-2025-earnings-call-transcript/","title":"Entegris (ENTG) Q4 2025 Earnings Call Transcript","publisher":"The Motley Fool","publishedDate":"2026-02-10","accessedDate":"2026-10-22","tier":"T3","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://www.fool.com/earnings/call-transcripts/2026/02/10/entegris-entg-q4-2025-earnings-call-transcript/","title":"Entegris (ENTG) Q4 2025 Earnings Call Transcript","publisher":"The Motley Fool","publishedDate":"2026-02-10","accessedDate":"2026-10-22","tier":"T3","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://www.fool.com/earnings/call-transcripts/2026/02/10/entegris-entg-q4-2025-earnings-call-transcript/","title":"Entegris (ENTG) Q4 2025 Earnings Call Transcript","publisher":"The Motley Fool","publishedDate":"2026-02-10","accessedDate":"2026-10-22","tier":"T3","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"participates":false,"evidence":{"url":"https://www.fool.com/earnings/call-transcripts/2026/02/10/entegris-entg-q4-2025-earnings-call-transcript/","title":"Entegris (ENTG) Q4 2025 Earnings Call Transcript","publisher":"The Motley Fool","publishedDate":"2026-02-10","accessedDate":"2026-10-22","tier":"T3","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"process-control":{"participates":false,"evidence":{"url":"https://www.fool.com/earnings/call-transcripts/2026/02/10/entegris-entg-q4-2025-earnings-call-transcript/","title":"Entegris (ENTG) Q4 2025 Earnings Call Transcript","publisher":"The Motley Fool","publishedDate":"2026-02-10","accessedDate":"2026-10-22","tier":"T3","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"test":{"participates":false,"evidence":{"url":"https://www.fool.com/earnings/call-transcripts/2026/02/10/entegris-entg-q4-2025-earnings-call-transcript/","title":"Entegris (ENTG) Q4 2025 Earnings Call Transcript","publisher":"The Motley Fool","publishedDate":"2026-02-10","accessedDate":"2026-10-22","tier":"T3","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://www.fool.com/earnings/call-transcripts/2026/02/10/entegris-entg-q4-2025-earnings-call-transcript/","title":"Entegris (ENTG) Q4 2025 Earnings Call Transcript","publisher":"The Motley Fool","publishedDate":"2026-02-10","accessedDate":"2026-10-22","tier":"T3","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"low":4.3366,"central":4.3366,"high":4.3366,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","title":"Entegris Form 10-K for fiscal 2025","publisher":"Entegris, Inc. / U.S. SEC","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T4","locator":"MD&A, Segment Analysis: Materials Solutions net sales $1,406.7M (2025), $1,400.1M (2024); Advanced Purity Solutions $1,799.1M and $1,850.2M; total net sales $3,196.6M and $3,241.2M"},"note":"Full-inputs estimate, replacing the search-summary figure. The 10-K (opened this pass) gives Materials Solutions net sales of $1,406.7M in 2025 (CMP slurries and pads, formulated cleans, specialty gases, deposition materials); share = $1.41B / card size $31.4B = 4.48%, scaled by 0.968. The screening pass added $0.5B of Advanced Purity Solutions (filters, fluid handling, wafer carriers); those are consumable components, not materials in SEMI's sense, so they are left out here. If they were counted at the earlier $0.5B the share would be about 6.0%; the T4 band (+/-40%) spans it. Rising inputs - Committed expansion: Entegris states no backlog; left out."}},"screening":{"fab-materials":{"levelLow":2,"levelHigh":3.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"837f8a8561ac637da680035e6b80be72ae588631ac4aa6cb47cf81daeb467e91"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"837f8a8561ac637da680035e6b80be72ae588631ac4aa6cb47cf81daeb467e91"}},"priorShares":{"fab-materials":{"low":4.671,"central":4.671,"high":4.671,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","title":"Entegris Form 10-K for fiscal 2025","publisher":"Entegris, Inc. / U.S. SEC","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T4","locator":"MD&A, Segment Analysis: Materials Solutions net sales $1,400.1M (2024)"},"note":"Prior-year: Materials Solutions net sales $1,400.1M. 2024 function size $29.0B = SEMI 2025 wafer fabrication materials $45.8B / 1.054 = $43.45B, less silicon wafers $11.54B and an estimated $2.9B of photomasks made in chipmakers' own mask shops (the card's $3.0B for 2025, scaled back). Share = $1.40B / $29.0B, scaled by 0.968."}},"activityGrowth":{"current":{"low":1406700000,"central":1406700000,"high":1406700000,"unit":"USD","basis":"Entegris Materials Solutions segment net sales (process materials), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","title":"Entegris Form 10-K for fiscal 2025","publisher":"Entegris, Inc. / U.S. SEC","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T1","locator":"MD&A, Segment Analysis: Materials Solutions net sales $1,406.7M (2025)"},"note":"Materials Solutions net sales were almost flat (+0.5%) in 2025."},"prior":{"low":1400100000,"central":1400100000,"high":1400100000,"unit":"USD","basis":"Entegris Materials Solutions segment net sales (process materials), calendar year, US dollars","period":"CY2024","periodEnd":"2024-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","title":"Entegris Form 10-K for fiscal 2025","publisher":"Entegris, Inc. / U.S. SEC","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T1","locator":"MD&A, Segment Analysis: Materials Solutions net sales $1,400.1M (2024)"}}},"baselineRevenueUsd":{"low":3196600000,"central":3196600000,"high":3196600000,"unit":"USD","basis":"Total net sales, calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","title":"Entegris Form 10-K for fiscal 2025","publisher":"Entegris, Inc. / U.S. SEC","publishedDate":"2026-02-11","accessedDate":"2026-10-22","tier":"T1","locator":"Results of Operations: net sales $3,196.6M in 2025"}}},"globalwafers":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"globalwafers","name":"GlobalWafers","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://faxiangongchang.com/en/reports/china-semiconductor-silicon-wafer-2026","title":"China Semiconductor Silicon Wafer 2026: The 300mm Localization Push","publisher":"Tianxia Gongchang Research (faxiangongchang.com)","publishedDate":"2026-06-24","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://faxiangongchang.com/en/reports/china-semiconductor-silicon-wafer-2026","title":"China Semiconductor Silicon Wafer 2026: The 300mm Localization Push","publisher":"Tianxia Gongchang Research (faxiangongchang.com)","publishedDate":"2026-06-24","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://faxiangongchang.com/en/reports/china-semiconductor-silicon-wafer-2026","title":"China Semiconductor Silicon Wafer 2026: The 300mm Localization Push","publisher":"Tianxia Gongchang Research (faxiangongchang.com)","publishedDate":"2026-06-24","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"participates":false,"evidence":{"url":"https://faxiangongchang.com/en/reports/china-semiconductor-silicon-wafer-2026","title":"China Semiconductor Silicon Wafer 2026: The 300mm Localization Push","publisher":"Tianxia Gongchang Research (faxiangongchang.com)","publishedDate":"2026-06-24","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"process-control":{"participates":false,"evidence":{"url":"https://faxiangongchang.com/en/reports/china-semiconductor-silicon-wafer-2026","title":"China Semiconductor Silicon Wafer 2026: The 300mm Localization Push","publisher":"Tianxia Gongchang Research (faxiangongchang.com)","publishedDate":"2026-06-24","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"test":{"participates":false,"evidence":{"url":"https://faxiangongchang.com/en/reports/china-semiconductor-silicon-wafer-2026","title":"China Semiconductor Silicon Wafer 2026: The 300mm Localization Push","publisher":"Tianxia Gongchang Research (faxiangongchang.com)","publishedDate":"2026-06-24","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"low":12.9511,"central":14.9436,"high":16.4379,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://faxiangongchang.com/en/reports/china-semiconductor-silicon-wafer-2026","title":"China Semiconductor Silicon Wafer 2026: The 300mm Localization Push","publisher":"Tianxia Gongchang Research (faxiangongchang.com)","publishedDate":"2026-06-24","accessedDate":"2026-10-22","tier":"T4","locator":"Chapter 1: 2025 global shares Shin-Etsu 28%, SUMCO 25%, GlobalWafers 15%, Siltronic 12%, SK Siltron 11%, remaining about 10% among Chinese and second-tier overseas makers; NSIG 2025 revenue RMB 3.6B; TCL Zhonghuan Lingxian wafer revenue about RMB 1.7B; Soitec holds 80% of SOI; 2025 market USD 13.6B"},"note":"Screening estimate. Share table: GlobalWafers about 15%; cross-check NT$60.6B / 31.1663 = $1.94B (GlobalWafers 2025 results release) includes SiC and other products = $1.71B; share = $1.71B / card size $11.4B = 15.00%. Scaled by 0.996 so that this function's shares sum to 99.9% (listed companies' revenues exceed the card's T4 market size). Range $1.48-1.88B is the source-based or conflicting-estimate range."},"fab-materials":{"participates":false,"evidence":{"url":"https://faxiangongchang.com/en/reports/china-semiconductor-silicon-wafer-2026","title":"China Semiconductor Silicon Wafer 2026: The 300mm Localization Push","publisher":"Tianxia Gongchang Research (faxiangongchang.com)","publishedDate":"2026-06-24","accessedDate":"2026-10-22","tier":"T4","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}}},"screening":{"silicon-wafers":{"levelLow":2,"levelHigh":3.5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"f242dc59e1b7c85d57d8dfd4f0b161a33b49d6bdb6aae4578b5b06b4e82754e9"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"f242dc59e1b7c85d57d8dfd4f0b161a33b49d6bdb6aae4578b5b06b4e82754e9"}},"baselineRevenueUsd":{"low":1944407902,"central":1944407902,"high":1944407902,"unit":"USD","basis":"Consolidated revenue (includes SiC and other products), calendar year, US dollars at 31.1663 TWD/USD (Federal Reserve G.5A, 2025 average)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.sas-globalwafers.com/en/gwc_news_en_20260303/","title":"GlobalWafers Reports Full Year 2025 Results","publisher":"GlobalWafers Co., Ltd.","publishedDate":"2026-03-03","accessedDate":"2026-10-22","tier":"T2","locator":"FY2025 consolidated revenue reached NT$60.6 billion (-3.24% YoY)"}}},"linde":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"linde","name":"Linde (electronics gases)","kind":"public","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm","title":"Linde plc Form 10-K for the fiscal year ended 31 December 2025","publisher":"Linde plc","publishedDate":"2026","tier":"T1","locator":"Item 1 (Business): Linde is the largest industrial gas company worldwide and its sales were $33,986 million in 2025; products are industrial, process and specialty gases and engineering, with no product in this function. The part of the filing opened does not show the filing date (accession 0001628280-26-011430, 2026).","accessedDate":"2026-10-22"}},"lithography":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm","title":"Linde plc Form 10-K for the fiscal year ended 31 December 2025","publisher":"Linde plc","publishedDate":"2026","tier":"T1","locator":"Item 1 (Business): Linde is the largest industrial gas company worldwide and its sales were $33,986 million in 2025; products are industrial, process and specialty gases and engineering, with no product in this function. The part of the filing opened does not show the filing date (accession 0001628280-26-011430, 2026).","accessedDate":"2026-10-22"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm","title":"Linde plc Form 10-K for the fiscal year ended 31 December 2025","publisher":"Linde plc","publishedDate":"2026","tier":"T1","locator":"Item 1 (Business): Linde is the largest industrial gas company worldwide and its sales were $33,986 million in 2025; products are industrial, process and specialty gases and engineering, with no product in this function. The part of the filing opened does not show the filing date (accession 0001628280-26-011430, 2026).","accessedDate":"2026-10-22"}},"wafer-processing":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm","title":"Linde plc Form 10-K for the fiscal year ended 31 December 2025","publisher":"Linde plc","publishedDate":"2026","tier":"T1","locator":"Item 1 (Business): Linde is the largest industrial gas company worldwide and its sales were $33,986 million in 2025; products are industrial, process and specialty gases and engineering, with no product in this function. The part of the filing opened does not show the filing date (accession 0001628280-26-011430, 2026).","accessedDate":"2026-10-22"}},"process-control":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm","title":"Linde plc Form 10-K for the fiscal year ended 31 December 2025","publisher":"Linde plc","publishedDate":"2026","tier":"T1","locator":"Item 1 (Business): Linde is the largest industrial gas company worldwide and its sales were $33,986 million in 2025; products are industrial, process and specialty gases and engineering, with no product in this function. The part of the filing opened does not show the filing date (accession 0001628280-26-011430, 2026).","accessedDate":"2026-10-22"}},"test":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm","title":"Linde plc Form 10-K for the fiscal year ended 31 December 2025","publisher":"Linde plc","publishedDate":"2026","tier":"T1","locator":"Item 1 (Business): Linde is the largest industrial gas company worldwide and its sales were $33,986 million in 2025; products are industrial, process and specialty gases and engineering, with no product in this function. The part of the filing opened does not show the filing date (accession 0001628280-26-011430, 2026).","accessedDate":"2026-10-22"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm","title":"Linde plc Form 10-K for the fiscal year ended 31 December 2025","publisher":"Linde plc","publishedDate":"2026","tier":"T1","locator":"Item 1 (Business): Linde is the largest industrial gas company worldwide and its sales were $33,986 million in 2025; products are industrial, process and specialty gases and engineering, with no product in this function. The part of the filing opened does not show the filing date (accession 0001628280-26-011430, 2026).","accessedDate":"2026-10-22"}},"fab-materials":{"low":2.5587,"central":4.2234,"high":7.1521,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://assets.linde.com/-/media/global/corporate/corporate/documents/investors/quarterly-earnings/linde4q25teleconferenceslides.pdf","title":"Linde plc Investor Teleconference Presentation, Fourth Quarter 2025","publisher":"Linde plc","publishedDate":"2026-02-05","tier":"T5","locator":"Slide 14, Global End Market Trends 4Q 2025: Electronics 10% of sales (excluding Engineering sales), +7% year on year. The 1Q, 2Q and 3Q 2025 decks (slides 13, 13 and 3) each show Electronics at 9%.","accessedDate":"2026-10-22"},"note":"Reasoned T5 estimate, re-sourced to Linde's own investor materials (the earlier Motley Fool transcript is dropped). Inputs, all opened: Linde's electronics end-market share of sales, 9% in 1Q, 2Q and 3Q 2025 and 10% in 4Q 2025 (quarterly teleconference decks: https://assets.linde.com/-/media/global/corporate/corporate/documents/investors/quarterly-earnings/linde1q25teleconferenceslides.pdf slide 13, linde2q25teleconferenceslides.pdf slide 13, linde3q25teleconferenceslides.pdf slide 3, and the 4Q deck in source); quarterly sales of $8,112M, $8,495M, $8,615M and $8,764M and Engineering sales of $2,250M for 2025 (earnings release tables, https://assets.linde.com/-/media/global/corporate/corporate/documents/press-releases/2025/linde-4q25-earnings-release-tables.pdf); 2025 sales of $33,986M (Form 10-K, Item 1). The decks state the end-market shares as whole percentages of sales excluding Engineering. Sales-weighted, electronics is 9.26% of 2025 sales; x (33,986 - 2,250) = $2.94B of electronics sales (rounding of the quoted percentages: $2.78-3.10B). The CEO said on the 31 Oct 2025 call (Linde's own transcript, https://assets.linde.com/-/media/global/corporate/corporate/documents/investors/quarterly-earnings/investor-call-transcript-3q25.pdf, page 2) that the 9% excludes a further 2% of sales made through a non-consolidated Taiwan joint venture; that is not Linde's reported revenue and is not counted. Only part is chip-fab process gases and materials in the card's sense (the rest is display, solar and on-site plant supply): judged 85% semiconductor and 55% in scope (low case 85% x 35%; high case 100% x 75%; 5LayerCake assumptions, T5). Central $2.94B x 0.85 x 0.55 = $1.37B; low $2.78B x 0.85 x 0.35 = $0.83B; high $3.10B x 0.75 = $2.32B. Share = $1.37B / card size $31.4B = 4.363%, scaled by 0.968 = 4.2234%. Scaled by 0.968 so that this function's shares sum to 99.9% (listed companies' revenues exceed the card's T4 market size). Counts only Linde's electronics gases, as the card requires. Cross-check: Air Liquide's company-reported Electronics revenue (EUR 2,465M) puts about 55% of its electronics revenue in the same scope. Rising inputs: Linde gives no prior-year electronics sales in dollars and no electronics-only backlog (its $10B project backlog is company-wide), so none are given."}},"screening":{"fab-materials":{"levelLow":1,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"e99987f5fe2983267e4181de5d2ad2c600381843ce507ebca1c17c4ae0475c90"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"e99987f5fe2983267e4181de5d2ad2c600381843ce507ebca1c17c4ae0475c90"}},"baselineRevenueUsd":{"low":2938077905,"central":2938077905,"high":2938077905,"unit":"USD","basis":"Electronics end-market sales (sales-weighted quarterly share of sales excluding Engineering, applied to 2025 sales excluding Engineering), calendar year, US dollars","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://assets.linde.com/-/media/global/corporate/corporate/documents/investors/quarterly-earnings/linde4q25teleconferenceslides.pdf","title":"Linde plc Investor Teleconference Presentation, Fourth Quarter 2025","publisher":"Linde plc","publishedDate":"2026-02-05","tier":"T2","locator":"Slide 14, Global End Market Trends 4Q 2025: Electronics 10% of sales (excluding Engineering sales), +7% year on year. The 1Q, 2Q and 3Q 2025 decks (slides 13, 13 and 3) each show Electronics at 9%.","accessedDate":"2026-10-22"},"note":"Company-stated whole-percent shares (9%, 9%, 9%, 10%) weighted by quarterly sales = 9.26% of total sales, x (33,986 - 2,250) = $2.94B; the arithmetic is 5LayerCake's and the rounding of the quoted percentages leaves about +/-$0.16B. The 2% of sales sold through a non-consolidated Taiwan joint venture is excluded."}},"atlas-copco-vacuum-technique":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"atlas-copco-vacuum-technique","name":"Atlas Copco Vacuum Technique (Edwards)","kind":"unit","parentId":"atlas-copco","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://www.atlascopcogroup.com/content/dam/atlas-copco/group/documents/investors/financial-publications/english/20260127-en-q4-2025-et.pdf.coredownload.inline.pdf","title":"Atlas Copco Group Q4 2025 report","publisher":"Atlas Copco AB","publishedDate":"2026-01-27","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography":{"participates":false,"evidence":{"url":"https://www.atlascopcogroup.com/content/dam/atlas-copco/group/documents/investors/financial-publications/english/20260127-en-q4-2025-et.pdf.coredownload.inline.pdf","title":"Atlas Copco Group Q4 2025 report","publisher":"Atlas Copco AB","publishedDate":"2026-01-27","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://www.atlascopcogroup.com/content/dam/atlas-copco/group/documents/investors/financial-publications/english/20260127-en-q4-2025-et.pdf.coredownload.inline.pdf","title":"Atlas Copco Group Q4 2025 report","publisher":"Atlas Copco AB","publishedDate":"2026-01-27","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"wafer-processing":{"low":1.076,"central":2.0176,"high":2.9591,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.atlascopcogroup.com/content/dam/atlas-copco/group/documents/investors/financial-publications/english/20260127-en-q4-2025-et.pdf.coredownload.inline.pdf","title":"Atlas Copco Group Q4 2025 report","publisher":"Atlas Copco AB","publishedDate":"2026-01-27","accessedDate":"2026-10-22","tier":"T5","locator":"Vacuum Technique business area revenues MSEK 36,727 in 2025 (MSEK 40,441 in 2024)"},"note":"Screening estimate (kept; wide because the scope of SEMI's equipment total is unclear). Vacuum Technique revenue MSEK 36,727 / 9.806 = $3.75B; semiconductor-related about 40% = $1.5B, part of which is sold to tool makers (counted in their share) = $1.5B; share = $1.5B / card size $71.9B = 2.09%. Scaled by 0.967 so that this function's shares sum to 99.9% (listed companies' revenues exceed the card's T4 market size). Range $0.8-2.2B is the source-based or conflicting-estimate range. Full-inputs check: SEMI's own release of 16 December 2025 (PR Newswire distribution, opened this pass) says its wafer fab equipment (WFE) segment 'includes wafer processing, mask/reticle, and fab facilities equipment', so fab-support equipment is inside SEMI's total; the release does not list which products count as fab facilities equipment, so it is not stated whether dry vacuum pumps and abatement systems are in the total or in the card's wafer-processing remainder. semi.org returned HTTP 403, so SEMI's own definition page could not be read. The share is kept wide for that reason. The semiconductor part of Vacuum Technique (about 40%) is an assumption; the company says only that semiconductor is one of its main markets and that 2025 order intake for semiconductor and flat-panel vacuum equipment rose notably from a low 2024. Vacuum Technique revenue fell from MSEK 40,441 (2024) to MSEK 36,727 (2025), but the semiconductor part is not published, so no prior-year share or growth could be sourced and no Rising inputs are given. Full-inputs check: SEMI's own release of 16 December 2025 (PR Newswire distribution, https://tools.prnewswire.com/en-us/live/20823/release/20251216EN45080, opened this pass) says its wafer fab equipment (WFE) segment 'includes wafer processing, mask/reticle, and fab facilities equipment', so fab-support equipment is inside SEMI's total; the release does not list which products count as fab facilities equipment, so it is not stated whether dry vacuum pumps and abatement systems are in the total or in the card's wafer-processing remainder. semi.org returned HTTP 403, so SEMI's own definition page could not be read. The share is kept wide for that reason. The semiconductor part of Vacuum Technique (about 40%) is an assumption; the company says only that semiconductor is one of its main markets and that 2025 order intake for semiconductor and flat-panel vacuum equipment rose notably from a low 2024. Vacuum Technique revenue fell from MSEK 40,441 (2024) to MSEK 36,727 (2025), but the semiconductor part is not published, so no prior-year share or growth could be sourced and no Rising inputs are given."},"process-control":{"participates":false,"evidence":{"url":"https://www.atlascopcogroup.com/content/dam/atlas-copco/group/documents/investors/financial-publications/english/20260127-en-q4-2025-et.pdf.coredownload.inline.pdf","title":"Atlas Copco Group Q4 2025 report","publisher":"Atlas Copco AB","publishedDate":"2026-01-27","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"test":{"participates":false,"evidence":{"url":"https://www.atlascopcogroup.com/content/dam/atlas-copco/group/documents/investors/financial-publications/english/20260127-en-q4-2025-et.pdf.coredownload.inline.pdf","title":"Atlas Copco Group Q4 2025 report","publisher":"Atlas Copco AB","publishedDate":"2026-01-27","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://www.atlascopcogroup.com/content/dam/atlas-copco/group/documents/investors/financial-publications/english/20260127-en-q4-2025-et.pdf.coredownload.inline.pdf","title":"Atlas Copco Group Q4 2025 report","publisher":"Atlas Copco AB","publishedDate":"2026-01-27","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}},"fab-materials":{"participates":false,"evidence":{"url":"https://www.atlascopcogroup.com/content/dam/atlas-copco/group/documents/investors/financial-publications/english/20260127-en-q4-2025-et.pdf.coredownload.inline.pdf","title":"Atlas Copco Group Q4 2025 report","publisher":"Atlas Copco AB","publishedDate":"2026-01-27","accessedDate":"2026-10-22","tier":"T1","locator":"The cited source's description of the company lists no product in this function (checked 2026-10-22)"}}},"screening":{"wafer-processing":{"levelLow":1.5,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"fae1521ebef849a1f7eb861bd2d8b8242e5c255b27a863a76984147278a495cb"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"fae1521ebef849a1f7eb861bd2d8b8242e5c255b27a863a76984147278a495cb"}},"baselineRevenueUsd":{"low":3745359984,"central":3745359984,"high":3745359984,"unit":"USD","basis":"Revenue of the Vacuum Technique business area (all markets), calendar year, US dollars at 9.806 SEK/USD (Federal Reserve G.5A, 2025 average)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.atlascopcogroup.com/content/dam/atlas-copco/group/documents/investors/financial-publications/english/20260127-en-q4-2025-et.pdf.coredownload.inline.pdf","title":"Atlas Copco Group Q4 2025 report","publisher":"Atlas Copco AB","publishedDate":"2026-01-27","accessedDate":"2026-10-22","tier":"T2","locator":"Vacuum Technique business area revenues MSEK 36,727 in 2025"}}},"ims-nanofabrication":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"ims-nanofabrication","name":"IMS Nanofabrication (Intel)","kind":"unit","parentId":"intel","commercialActivityVerified":true,"shares":{"design":{"participates":false,"evidence":{"url":"https://www.ims.co.at/en/products/","title":"Products, IMS Nanofabrication GmbH","publisher":"IMS Nanofabrication GmbH","publishedDate":"undated","tier":"T2","locator":"The products page lists only the MBMW multi-beam mask writer generations (MBMW-101, MBMW-201); no product in this function. The home page (https://www.ims.co.at/en/) describes the company as specialising in electron-beam lithography innovations. Both pages show no date.","accessedDate":"2026-10-22"}},"lithography":{"participates":false,"evidence":{"url":"https://www.ims.co.at/en/products/","title":"Products, IMS Nanofabrication GmbH","publisher":"IMS Nanofabrication GmbH","publishedDate":"undated","tier":"T2","locator":"The products page lists only the MBMW multi-beam mask writer generations (MBMW-101, MBMW-201); no product in this function. The home page (https://www.ims.co.at/en/) describes the company as specialising in electron-beam lithography innovations. Both pages show no date.","accessedDate":"2026-10-22"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://www.ims.co.at/en/products/","title":"Products, IMS Nanofabrication GmbH","publisher":"IMS Nanofabrication GmbH","publishedDate":"undated","tier":"T2","locator":"The products page lists only the MBMW multi-beam mask writer generations (MBMW-101, MBMW-201); no product in this function. The home page (https://www.ims.co.at/en/) describes the company as specialising in electron-beam lithography innovations. Both pages show no date.","accessedDate":"2026-10-22"}},"wafer-processing":{"low":0.4842,"central":0.7801,"high":1.0759,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"CY2025","periodEnd":"2025-12-31","source":{"url":"https://www.dri.co.jp/auto/report/qyr/230207-global-and-united-states-multi-beam-mask.html","title":"Multi-beam Mask Writer market report summary, QYResearch (February 2023 edition)","publisher":"QYResearch (summary page of the report seller dri.co.jp)","publishedDate":"2023-02-07","tier":"T5","locator":"Summary: global multi-beam mask writer revenue US$646.76M in 2022; IMS Nanofabrication revenue share 74.42% in 2022; forecast CAGR 6.67% for 2023-2029 (the page shows the publication date as 7 Feb 2023)","accessedDate":"2026-10-22"},"note":"Reasoned T5 estimate, re-sourced; the earlier '$0.35B from a few dozen tool-years at roughly $50M' had no cited tool count or price and is withdrawn. IMS publishes no sales (Intel subsidiary). Intel's investor release of 12 Sep 2023 (https://www.intc.com/news-events/press-releases/detail/1645/intel-to-sell-minority-stake-in-ims-nanofabrication, opened) values IMS at about $4.3B and calls it the established industry leader in multi-beam mask writing tools, but gives no revenue. Inputs, all opened: (1) this QYResearch edition (market-research estimate, T4 as published): 2022 global multi-beam mask writer revenue $646.76M, IMS share 74.42%, forecast growth 6.67% a year; (2) the November 2025 QYResearch edition (https://www.dri.co.jp/auto/report/qyr/251103-multi-beam-mask-writer-global-market.html, 3 Nov 2025): market $960M in 2024, growth 11.9% a year to 2031, IMS and NuFlare named as the key players, no company shares; (3) EE Times Japan, 9 Feb 2022 (https://eetimes.itmedia.co.jp/ee/articles/2202/09/news065_4.html, page 4): NuFlare plans a 50% multi-beam share in 2023 (a company aim). Central: 2022 market grown at 6.67% for three years = $646.76M x 1.0667^3 = $785M; x IMS 74.42% = $0.58B. High: the 2025 edition's 2024 market grown one year at 11.9% = $1,074M; x 74.42% = $0.80B. Low: market unchanged at the 2022 level with IMS's share falling to 55% (NuFlare's MBM-2000 gaining) = $647M x 55% = $0.36B. The two editions disagree (the 2025 edition's 2024 market is about 30% above the 2022 edition's extension), so this is a judgment, not a measurement. The central uses the lower edition because the part's company shares already total 99.9%, so a higher centre would conflict with the other companies' sources; it implies about 7.4 times sales at Intel's $4.3B valuation (arithmetic only). Share = $0.58B / card size $71.9B = 0.807%, scaled by 0.967 = 0.7801%. Scaled by 0.967 so that this function's shares sum to 99.9% (listed companies' revenues exceed the card's T4 market size). Activity: IMS's July 2026 keynote abstract (https://embsys.technikum-wien.at/austrochip2026/keynote/ac2026_keynote.pdf, opened) says its latest multi-beam mask writers are deployed in advanced mask shops worldwide and names Intel, Micron, Samsung, SK hynix and TSMC among the leading-edge manufacturers they serve (company statement)."},"process-control":{"participates":false,"evidence":{"url":"https://www.ims.co.at/en/products/","title":"Products, IMS Nanofabrication GmbH","publisher":"IMS Nanofabrication GmbH","publishedDate":"undated","tier":"T2","locator":"The products page lists only the MBMW multi-beam mask writer generations (MBMW-101, MBMW-201); no product in this function. The home page (https://www.ims.co.at/en/) describes the company as specialising in electron-beam lithography innovations. Both pages show no date.","accessedDate":"2026-10-22"}},"test":{"participates":false,"evidence":{"url":"https://www.ims.co.at/en/products/","title":"Products, IMS Nanofabrication GmbH","publisher":"IMS Nanofabrication GmbH","publishedDate":"undated","tier":"T2","locator":"The products page lists only the MBMW multi-beam mask writer generations (MBMW-101, MBMW-201); no product in this function. The home page (https://www.ims.co.at/en/) describes the company as specialising in electron-beam lithography innovations. Both pages show no date.","accessedDate":"2026-10-22"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://www.ims.co.at/en/products/","title":"Products, IMS Nanofabrication GmbH","publisher":"IMS Nanofabrication GmbH","publishedDate":"undated","tier":"T2","locator":"The products page lists only the MBMW multi-beam mask writer generations (MBMW-101, MBMW-201); no product in this function. The home page (https://www.ims.co.at/en/) describes the company as specialising in electron-beam lithography innovations. Both pages show no date.","accessedDate":"2026-10-22"}},"fab-materials":{"participates":false,"evidence":{"url":"https://www.ims.co.at/en/products/","title":"Products, IMS Nanofabrication GmbH","publisher":"IMS Nanofabrication GmbH","publishedDate":"undated","tier":"T2","locator":"The products page lists only the MBMW multi-beam mask writer generations (MBMW-101, MBMW-201); no product in this function. The home page (https://www.ims.co.at/en/) describes the company as specialising in electron-beam lithography innovations. Both pages show no date.","accessedDate":"2026-10-22"}}},"screening":{"wafer-processing":{"levelLow":3.5,"levelHigh":5}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"53dc5146d9b12063eea31cca057572a7ba5f6024ae0020e37ee89d535f18e0f1"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"53dc5146d9b12063eea31cca057572a7ba5f6024ae0020e37ee89d535f18e0f1"}}},"nuflare-technology":{"schema":"5lc-index-inputs/1","key":"chips-tools","entityId":"nuflare-technology","name":"NuFlare Technology (Toshiba)","kind":"unit","parentId":"toshiba","commercialActivityVerified":false,"shares":{"design":{"participates":false,"evidence":{"url":"https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100G7SX.pdf","title":"NuFlare Technology, Inc. Annual Securities Report (Yuka shoken hokokusho), 24th term, year ended 31 March 2019","publisher":"NuFlare Technology, Inc.","publishedDate":"2019-06-26","tier":"T1","locator":"Item 3 (description of business), page 5: the group's main products are electron-beam mask writers, mask inspection systems and epitaxial growth equipment; none is in this function. EE Times Japan, 9 Feb 2022 (https://eetimes.itmedia.co.jp/ee/articles/2202/09/news065_4.html, page 4) says the business still focuses on e-beam mask writers and epitaxial equipment.","accessedDate":"2026-10-22"}},"lithography":{"participates":false,"evidence":{"url":"https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100G7SX.pdf","title":"NuFlare Technology, Inc. Annual Securities Report (Yuka shoken hokokusho), 24th term, year ended 31 March 2019","publisher":"NuFlare Technology, Inc.","publishedDate":"2019-06-26","tier":"T1","locator":"Item 3 (description of business), page 5: the group's main products are electron-beam mask writers, mask inspection systems and epitaxial growth equipment; none is in this function. EE Times Japan, 9 Feb 2022 (https://eetimes.itmedia.co.jp/ee/articles/2202/09/news065_4.html, page 4) says the business still focuses on e-beam mask writers and epitaxial equipment.","accessedDate":"2026-10-22"}},"lithography-subsystems":{"participates":false,"evidence":{"url":"https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100G7SX.pdf","title":"NuFlare Technology, Inc. Annual Securities Report (Yuka shoken hokokusho), 24th term, year ended 31 March 2019","publisher":"NuFlare Technology, Inc.","publishedDate":"2019-06-26","tier":"T1","locator":"Item 3 (description of business), page 5: the group's main products are electron-beam mask writers, mask inspection systems and epitaxial growth equipment; none is in this function. EE Times Japan, 9 Feb 2022 (https://eetimes.itmedia.co.jp/ee/articles/2202/09/news065_4.html, page 4) says the business still focuses on e-beam mask writers and epitaxial equipment.","accessedDate":"2026-10-22"}},"wafer-processing":{"low":0.3576,"central":0.5669,"high":0.7763,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY ended 31 Mar 2026","periodEnd":"2026-03-31","source":{"url":"https://eetimes.itmedia.co.jp/ee/articles/2202/09/news065_4.html","title":"Toshiba's semiconductor strategy: 100 billion yen for power-semiconductor R&D, with HDD and chip-equipment strategies also explained (page 4 of 4)","publisher":"EE Times Japan (ITmedia)","publishedDate":"2022-02-09","tier":"T5","locator":"Page 4/4: for NuFlare Technology as a whole, sales of JPY 41.0B expected for FY2021, to be raised to JPY 89.0B by FY2025 (Toshiba's plan, chart credited to Toshiba); the business focuses on e-beam mask writers and epitaxial growth equipment","accessedDate":"2026-10-22"},"note":"Reasoned T5 judgment, re-sourced (nuflare.co.jp showed an emergency-maintenance page on 22 Oct 2026 and is not used). NuFlare is a Toshiba subsidiary and no sales figure for recent years was found in any opened source, so sales for the year to March 2026 are judged between two opened anchors. (1) Toshiba's December 2021 plan as reported by EE Times Japan on 9 Feb 2022 (URL in source, page 4): NuFlare sales JPY 41.0B expected for FY2021 and a plan of JPY 89.0B for FY2025, the year to March 2026; the plan is a company target, not a result. (2) NuFlare's last public annual securities report, year to March 2019 (https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100G7SX.pdf, page 15): sales JPY 57.8B, of which mask writers 90.9%, mask inspection 3.2% and epitaxial growth equipment 5.9%. Judgment: total JPY 65.0B (midpoint of 41.0 and 89.0; low JPY 41.0B means no growth from the FY2021 forecast, high JPY 89.0B means the plan was met). Mask writers plus epitaxial equipment, both in the card's wafer-processing remainder, are taken as 97% of the total and mask inspection as 3% (2019 mix: 96.8% and 3.2%). Wafer processing = 0.97 x JPY 65.0B = JPY 63.05B = $0.42B at 149.5686 JPY/USD, Federal Reserve G.5A 2025 average (low JPY 39.77B = $0.27B; high JPY 86.33B = $0.58B). Share = $0.4215B / card size $71.9B = 0.586%, scaled by 0.967 = 0.5669%. Scaled by 0.967 so that this function's shares sum to 99.9% (listed companies' revenues exceed the card's T4 market size). The company's claim to be the sole supplier of single-beam e-beam mask writers for nodes of 20 nm and below (December 2021, its own survey, as quoted on the same EE Times Japan page) is a company claim and is not used. Activity is not marked verified because the latest dated evidence of shipments is the 2019 filing and the 2021 briefing."},"process-control":{"low":0.0274,"central":0.0767,"high":0.2101,"unit":"percent","basis":"Share of the function's worldwide 2025 revenue in US dollars (fiscal year closest to calendar 2025)","period":"FY ended 31 Mar 2026","periodEnd":"2026-03-31","source":{"url":"https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100G7SX.pdf","title":"NuFlare Technology, Inc. Annual Securities Report (Yuka shoken hokokusho), 24th term, year ended 31 March 2019","publisher":"NuFlare Technology, Inc.","publishedDate":"2019-06-26","tier":"T5","locator":"Page 15, sales: JPY 57,822.7M, of which electron-beam mask writers JPY 52,536.0M, mask inspection systems JPY 1,854.6M, epitaxial growth equipment JPY 3,432.1M; page 5 lists these as the three products","accessedDate":"2026-10-22"},"note":"Reasoned T5 judgment for NuFlare's photomask inspection systems (the register lists them under process control; the earlier non-participation record is withdrawn). Input (opened): the annual securities report for the year to March 2019 (URL in source, pages 5 and 15) gives mask inspection sales of JPY 1.85B, 3.2% of sales (JPY 0.69B, 1.7%, a year earlier). Judgment: 3% of the JPY 65.0B total (see the wafer-processing note for the total) = JPY 1.95B = $0.013B at 149.5686 JPY/USD; low 1.7% of JPY 41.0B = $0.005B; high 6% of JPY 89.0B = JPY 5.34B = $0.036B (twice the 2019 mix, allowing for the e-beam wafer inspection tool that the filing says was in development). Share = $0.0130B / card size $16.3B = 0.0800%, scaled by 0.959 = 0.0767%. Scaled by 0.959 so that this function's shares sum to 99.9% (listed companies' revenues exceed the card's T4 market size). A very small part of the function."},"test":{"participates":false,"evidence":{"url":"https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100G7SX.pdf","title":"NuFlare Technology, Inc. Annual Securities Report (Yuka shoken hokokusho), 24th term, year ended 31 March 2019","publisher":"NuFlare Technology, Inc.","publishedDate":"2019-06-26","tier":"T1","locator":"Item 3 (description of business), page 5: the group's main products are electron-beam mask writers, mask inspection systems and epitaxial growth equipment; none is in this function. EE Times Japan, 9 Feb 2022 (https://eetimes.itmedia.co.jp/ee/articles/2202/09/news065_4.html, page 4) says the business still focuses on e-beam mask writers and epitaxial equipment.","accessedDate":"2026-10-22"}},"silicon-wafers":{"participates":false,"evidence":{"url":"https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100G7SX.pdf","title":"NuFlare Technology, Inc. Annual Securities Report (Yuka shoken hokokusho), 24th term, year ended 31 March 2019","publisher":"NuFlare Technology, Inc.","publishedDate":"2019-06-26","tier":"T1","locator":"Item 3 (description of business), page 5: the group's main products are electron-beam mask writers, mask inspection systems and epitaxial growth equipment; none is in this function. EE Times Japan, 9 Feb 2022 (https://eetimes.itmedia.co.jp/ee/articles/2202/09/news065_4.html, page 4) says the business still focuses on e-beam mask writers and epitaxial equipment.","accessedDate":"2026-10-22"}},"fab-materials":{"participates":false,"evidence":{"url":"https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100G7SX.pdf","title":"NuFlare Technology, Inc. Annual Securities Report (Yuka shoken hokokusho), 24th term, year ended 31 March 2019","publisher":"NuFlare Technology, Inc.","publishedDate":"2019-06-26","tier":"T1","locator":"Item 3 (description of business), page 5: the group's main products are electron-beam mask writers, mask inspection systems and epitaxial growth equipment; none is in this function. EE Times Japan, 9 Feb 2022 (https://eetimes.itmedia.co.jp/ee/articles/2202/09/news065_4.html, page 4) says the business still focuses on e-beam mask writers and epitaxial equipment.","accessedDate":"2026-10-22"}}},"screening":{"wafer-processing":{"levelLow":3,"levelHigh":5},"process-control":{"levelLow":1.5,"levelHigh":3}},"checks":{"sourceSupport":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"6a3ffd20f46720a3ea0341eab3d72d32cde9f22a87a8c0cc41dbf1f78c3402ef"},"consistency":{"by":"Claude check pass, Sonnet 5.5","date":"2026-10-22","passed":true,"sha256":"6a3ffd20f46720a3ea0341eab3d72d32cde9f22a87a8c0cc41dbf1f78c3402ef"}}}},"ratings":{"asml":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"asml","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"lithography":{"alternatives":{"level":5,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/937966/000162828026011377/asml-2025xannualxreportx.htm","date":"2026-02-25","support":"ASML annual report: 'ASML is currently the world's only manufacturer of EUV lithography systems.'"},{"url":"https://www.sec.gov/Archives/edgar/data/937966/000162828026011377/asml-2025xannualxreportx.htm","date":"2026-02-25","support":"ASML annual report (risk factors): 'We compete primarily with Canon and Nikon in respect of DUV systems.'"}]},"switchingTime":{"level":5,"evidence":[{"url":"https://www.thejakartapost.com/business/2025/12/18/how-china-built-its-manhattan-project-to-rival-the-west-in-ai-chips","date":"2025-12-18","support":"Reuters: ASML took nearly two decades of R&D before EUV made commercial chips in 2019."},{"url":"https://www.thejakartapost.com/business/2025/12/18/how-china-built-its-manhattan-project-to-rival-the-west-in-ai-chips","date":"2025-12-18","support":"Reuters (via Jakarta Post): China's EUV prototype has produced no working chips; chips targeted 2028, 2030 more realistic."}]},"capabilityGap":{"level":5,"evidence":[{"url":"https://www.thejakartapost.com/business/2025/12/18/how-china-built-its-manhattan-project-to-rival-the-west-in-ai-chips","date":"2025-12-18","support":"Reuters (via Jakarta Post): China's EUV prototype has produced no working chips; chips targeted 2028, 2030 more realistic."},{"url":"https://www.sec.gov/Archives/edgar/data/937966/000162828026011377/asml-2025xannualxreportx.htm","date":"2026-02-25","support":"ASML annual report: 'ASML is currently the world's only manufacturer of EUV lithography systems.'"}]}},"process-control":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","date":"2026-08-06","support":"KLA 10-K: competitors include Applied Materials, ASML, Hitachi High-Tech, Lasertec and Onto Innovation."},{"url":"https://henryfund.tippie.uiowa.edu/sites/henryfund.tippie.uiowa.edu/files/2026-04/KLAC-S26.pdf","date":"2026-04-22","support":"Henry Fund equity research (student-run): KLA about 60% process-control share, no credible at-scale competitor."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","date":"2026-08-06","support":"KLA 10-K: competitors include Applied Materials, ASML, Hitachi High-Tech, Lasertec and Onto Innovation."},{"url":"https://henryfund.tippie.uiowa.edu/sites/henryfund.tippie.uiowa.edu/files/2026-04/KLAC-S26.pdf","date":"2026-04-22","support":"Henry Fund equity research (student-run): KLA about 60% process-control share, no credible at-scale competitor."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://henryfund.tippie.uiowa.edu/sites/henryfund.tippie.uiowa.edu/files/2026-04/KLAC-S26.pdf","date":"2026-04-22","support":"Henry Fund equity research (student-run): KLA about 60% process-control share, no credible at-scale competitor."},{"url":"https://henryfund.tippie.uiowa.edu/sites/henryfund.tippie.uiowa.edu/files/2026-04/KLAC-S26.pdf","date":"2026-04-22","support":"Henry Fund report: Applied Materials holds under 8% of process control, and declining."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"asml","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"lithography":{"alternatives":{"level":5,"evidence":[{"url":"https://ourbrand.asml.com/m/8ab959d4926657b/original/asml-2025-annual-report-strategic-report-section.pdf","date":"2026-02","support":"ASML says it competes primarily with Canon and Nikon only in DUV (risk factors, PDF p.64); it recognised 4 EXE and 44 NXE EUV systems in 2025 (p.54). Date form: month only, from the PDF creation metadata (24 Feb 2026); the pages show only the year."},{"url":"https://www.zeiss.com/corporate/en/about-zeiss/present/newsroom/press-releases/2022/kretschmann.html","date":"2022-06-24","support":"ZEISS describes itself and ASML as the world's only maker of EUV lithography machines for chip production (24 Jun 2022 release)."},{"url":"https://bits-chips.com/article/nikon-aims-to-challenge-asmls-dominance-in-arf-immersion/","date":"2025-02-19","support":"ASML claims about 90% of ArF immersion; Nikon sold 11 ArFi systems in FY2024 and none in the first three quarters of FY2025."}]},"switchingTime":{"level":5,"evidence":[{"url":"https://bits-chips.com/article/nikon-aims-to-challenge-asmls-dominance-in-arf-immersion/","date":"2025-02-19","support":"Nikon aims to deliver a new ArF immersion prototype to a chipmaker only by 2027, with the partner collaboration running beyond 2030."},{"url":"https://www.trendforce.com/news/?p=51255","date":"2026-01-07","support":"SMEE's mass-production tool is at the 90nm node and its 28nm immersion model is still in development; a domestic immersion tool under test at SMIC resembles ASML's 2008 NXT:1950i. No EUV alternative exists to qualify."}]},"capabilityGap":{"level":5,"evidence":[{"url":"https://www.trendforce.com/news/?p=51255","date":"2026-01-07","support":"The closest domestic challenger is at 90nm mass production with 28nm immersion in development; no EUV system exists outside ASML."},{"url":"https://ourbrand.asml.com/m/8ab959d4926657b/original/asml-2025-annual-report-strategic-report-section.pdf","date":"2026-02","support":"ASML's 2025 EUV (NXE/EXE) and ArF immersion sales drove its net sales growth (p.54); only Canon and Nikon are named as DUV rivals (p.64). Date form: month only, from the PDF creation metadata (24 Feb 2026); the pages show only the year."}]}},"process-control":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","date":"2026-08-06","support":"KLA's 10-K (Item 1, Competition, p.6) names ASML, Applied Materials, Hitachi High-Tech, Lasertec and Onto Innovation as competitors, so ASML's metrology and inspection sits among several process-control suppliers. Date is the 10-K filing date."},{"url":"https://ourbrand.asml.com/m/8ab959d4926657b/original/asml-2025-annual-report-strategic-report-section.pdf","date":"2026-02","support":"ASML sells YieldStar optical overlay metrology and HMI e-beam inspection (PDF pp.17-18); the company says YieldStar 500 has broad acceptance among leading customers. Date form: month only, from the PDF creation metadata (24 Feb 2026); the pages show only the year."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","date":"2026-08-06","support":"KLA says customers must commit significant resources to qualify, install and integrate process-control equipment and rely on it for an extended period (risk factors, p.24). ASML's YieldStar feeds lithography control loops (AR p.17), so a swap also needs scanner integration. No duration is given; level 3 is a judgement. Date is the 10-K filing date."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","date":"2026-08-06","support":"KLA's fiscal-2026 product revenue was $10.45B including $6.63B wafer inspection and $2.71B patterning (10-K pp.39-40), so the best alternative is a much larger process-control supplier. Date is the 10-K filing date."},{"url":"https://www.electronicsweekly.com/news/business/metrology-and-inspection-equipment-market-tops-18bn-2026-06/","date":"2026-06-22","support":"Electronics Weekly (22 Jun 2026) names KLA, Applied and Lasertec as leaders of a metrology and inspection market above $18bn in 2025."}]}}}}},"zeiss-smt":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"zeiss-smt","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"lithography-subsystems":{"alternatives":{"level":5,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/937966/000162828026011377/asml-2025xannualxreportx.htm","date":"2026-02-25","support":"ASML annual report: Carl Zeiss SMT is 'our sole supplier of lenses, mirrors, illuminators, collectors' and other optics."},{"url":"https://www.sec.gov/Archives/edgar/data/937966/000162828026011377/asml-2025xannualxreportx.htm","date":"2026-02-25","support":"ASML annual report: 'We have an exclusive arrangement with Carl Zeiss SMT'; output limited by Zeiss capacity."}]},"switchingTime":{"level":5,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/937966/000162828026011377/asml-2025xannualxreportx.htm","date":"2026-02-25","support":"ASML annual report: 'We have an exclusive arrangement with Carl Zeiss SMT'; output limited by Zeiss capacity."},{"url":"https://www.thejakartapost.com/business/2025/12/18/how-china-built-its-manhattan-project-to-rival-the-west-in-ai-chips","date":"2025-12-18","support":"Reuters: ASML took nearly two decades of R&D before EUV made commercial chips in 2019."}]},"capabilityGap":{"level":5,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/937966/000162828026011377/asml-2025xannualxreportx.htm","date":"2026-02-25","support":"ASML annual report: 'We have an exclusive arrangement with Carl Zeiss SMT'; output limited by Zeiss capacity."},{"url":"https://www.thejakartapost.com/business/2025/12/18/how-china-built-its-manhattan-project-to-rival-the-west-in-ai-chips","date":"2025-12-18","support":"Reuters (via Jakarta Post): China's EUV prototype has produced no working chips; chips targeted 2028, 2030 more realistic."}]}},"process-control":{"alternatives":{"level":4,"evidence":[{"url":"https://zeiss.com/semiconductor-manufacturing-technology/smt-magazine/30-years-of-photomask-qualification.html","date":"2023-12-12","support":"ZEISS says AIMS is the industry standard for mask qualification; first AIMS EUV shipped in 2017."},{"url":"https://www.lasertec.co.jp/en/news/2019/20190912_2936.html","date":"2019-09-12","support":"Lasertec says ACTIS A150 is 'the world's first actinic EUV patterned mask inspection system.'"}]},"switchingTime":{"level":4,"evidence":[{"url":"https://semiengineering.com/19108/","date":"2015-04-16","support":"SemiEngineering (2015): actinic mask inspection needed three to five more years and about $500 million to reach market."},{"url":"https://zeiss.com/semiconductor-manufacturing-technology/smt-magazine/30-years-of-photomask-qualification.html","date":"2023-12-12","support":"ZEISS says AIMS is the industry standard for mask qualification; first AIMS EUV shipped in 2017."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://zeiss.com/semiconductor-manufacturing-technology/smt-magazine/30-years-of-photomask-qualification.html","date":"2023-12-12","support":"ZEISS says AIMS is the industry standard for mask qualification; first AIMS EUV shipped in 2017."},{"url":"https://semiengineering.com/19108/","date":"2015-04-16","support":"SemiEngineering (2015): actinic mask inspection needed three to five more years and about $500 million to reach market."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"zeiss-smt","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"lithography-subsystems":{"alternatives":{"level":5,"evidence":[{"url":"https://ourbrand.asml.com/m/8ab959d4926657b/original/asml-2025-annual-report-strategic-report-section.pdf","date":"2026-02","support":"ASML calls Carl Zeiss SMT its sole supplier of lenses, mirrors, illuminators, collectors and other critical optics, under an exclusive arrangement (risk factors, PDF p.68). Date form: month only, from the PDF creation metadata (24 Feb 2026); the pages show only the year."}]},"switchingTime":{"level":5,"evidence":[{"url":"https://www.zeiss.com/corporate/en/about-zeiss/present/newsroom/press-releases/2022/kretschmann.html","date":"2022-06-24","support":"ZEISS says producing one EUV mirror takes more than a year (24 Jun 2022 release)."},{"url":"https://ourbrand.asml.com/m/8ab959d4926657b/original/asml-2025-annual-report-strategic-report-section.pdf","date":"2026-02","support":"ASML says that if Zeiss stopped optics production for a prolonged period it \"would effectively cease to be able to conduct our business\" (PDF p.68). Date form: month only, from the PDF creation metadata (24 Feb 2026); the pages show only the year."}]},"capabilityGap":{"level":5,"evidence":[{"url":"https://ourbrand.asml.com/m/8ab959d4926657b/original/asml-2025-annual-report-strategic-report-section.pdf","date":"2026-02","support":"ASML says the number of lithography systems it can make is limited by Zeiss's production capacity, and Zeiss runs a limited number of facilities (PDF p.68); no other optics source is named. Date form: month only, from the PDF creation metadata (24 Feb 2026); the pages show only the year."}]}},"process-control":{"alternatives":{"level":3,"evidence":[{"url":"https://www.zeiss.com/corporate/en/about-zeiss/past/history/technological-milestones/semiconductor-metrology-systems.html","date":"undated","support":"ZEISS says it delivered its first AIMS mask-review system in 1994 and that Intel, Samsung, GlobalFoundries and TSMC agreed in 2011 to support development of AIMS EUV; MeRiT mask repair launched in 2004. No source found names rival suppliers, so evidence is thin. Page shows no date."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.zeiss.com/corporate/en/about-zeiss/past/history/technological-milestones/semiconductor-metrology-systems.html","date":"undated","support":"AIMS EUV was co-funded by four chipmakers (2011 agreement) and has been the mask-review reference for decades; a rival would need mask-house and chipmaker qualification. No duration is stated; evidence is thin. Page shows no date."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.electronicsweekly.com/news/business/metrology-and-inspection-equipment-market-tops-18bn-2026-06/","date":"2026-06-22","support":"Electronics Weekly (22 Jun 2026) says ZEISS grew strongly in metrology and inspection from 2024 to 2025 while KLA, Applied and Lasertec lead the market; no source found quantifies rival mask-review or repair tools, so the gap is a judgement."}]}}}}},"applied-materials":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"applied-materials","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"wafer-processing":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: primary competitor in dielectric and metals deposition is Applied Materials; ALD also ASM, Wonik IPS."},{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: etch competitors are Applied Materials, Hitachi and Tokyo Electron."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: once a fab qualifies a supplier's tool, it generally keeps it for that application and node."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm","date":"2025-12-12","support":"Applied's 10-K: the company says it leads materials engineering used to make virtually every chip; competition in all segments."},{"url":"https://asiatimes.com/2026/01/chinas-50-domestic-chips-tools-drive-lifts-stocks-faces-limits/","date":"2026-01-07","support":"Asia Times: China localization under 5% in ion implantation and lithography; coating-developing below 10%."},{"url":"https://asiatimes.com/2026/01/chinas-50-domestic-chips-tools-drive-lifts-stocks-faces-limits/","date":"2026-01-07","support":"Asia Times: China localization about 50-60% in etch and clean, 20-30% thin film, 15-25% CMP."}]}},"process-control":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","date":"2026-08-06","support":"KLA 10-K: competitors include Applied Materials, ASML, Hitachi High-Tech, Lasertec and Onto Innovation."},{"url":"https://henryfund.tippie.uiowa.edu/sites/henryfund.tippie.uiowa.edu/files/2026-04/KLAC-S26.pdf","date":"2026-04-22","support":"Henry Fund equity research (student-run): KLA about 60% process-control share, no credible at-scale competitor."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","date":"2026-08-06","support":"KLA 10-K: competitors include Applied Materials, ASML, Hitachi High-Tech, Lasertec and Onto Innovation."},{"url":"https://henryfund.tippie.uiowa.edu/sites/henryfund.tippie.uiowa.edu/files/2026-04/KLAC-S26.pdf","date":"2026-04-22","support":"Henry Fund equity research (student-run): KLA about 60% process-control share, no credible at-scale competitor."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://henryfund.tippie.uiowa.edu/sites/henryfund.tippie.uiowa.edu/files/2026-04/KLAC-S26.pdf","date":"2026-04-22","support":"Henry Fund report: Applied Materials holds under 8% of process control, and declining."},{"url":"https://henryfund.tippie.uiowa.edu/sites/henryfund.tippie.uiowa.edu/files/2026-04/KLAC-S26.pdf","date":"2026-04-22","support":"Henry Fund equity research (student-run): KLA about 60% process-control share, no credible at-scale competitor."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"applied-materials","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"process-control":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","date":"2026-08-06","support":"KLA's 10-K (p.6) names Applied Materials among its process-control competitors alongside ASML, Hitachi High-Tech, Lasertec and Onto; ASML (HMI) and Hitachi sell e-beam tools too. Date is the 10-K filing date."},{"url":"https://www.electronicsweekly.com/news/business/metrology-and-inspection-equipment-market-tops-18bn-2026-06/","date":"2026-06-22","support":"Electronics Weekly (22 Jun 2026) names KLA, Applied and Lasertec as the market leaders."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","date":"2026-08-06","support":"KLA says customers must commit significant resources to qualify, install and integrate process-control equipment and rely on it for an extended period (risk factors, p.24). Duration not stated; level 3 is a judgement. Date is the 10-K filing date."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","date":"2026-08-06","support":"KLA's fiscal-2026 product revenue of $10.45B (10-K p.39) shows the best alternative is far larger and covers e-beam and optical inspection. Date is the 10-K filing date."}]}},"wafer-processing":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","date":"2026-08-07","support":"Lam names Applied as its primary competitor in dielectric and metals deposition and as one of three primary etch rivals with Hitachi and TEL; for ALD and PECVD it also names ASM International and Wonik IPS (Item 1, Competition, pp.10-11). Date is the 10-K filing date."},{"url":"https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm","date":"2025-12-12","support":"Applied says it could face more competition from Chinese domestic equipment makers (10-K Item 1, Competition, p.7). Date is the 10-K filing date."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","date":"2026-08-07","support":"Lam says manufacturers make a substantial investment to qualify tools and generally keep the supplier chosen for an application and node (Item 1, pp.10-11); Lam expects selling to a customer that has chosen a rival's tool to be harder (risk factors, p.15). Date is the 10-K filing date."},{"url":"https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm","date":"2025-12-12","support":"Applied cites the challenge of securing development- and production-tool-of-record positions with customers (risk factors, p.15). No duration is given; level 3 reflects tool-of-record cycles. Evidence is thin on time. Date is the 10-K filing date."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.tel.com/ir/library/report/pjuomj00000000tf-att/fy26q4transcript-e.pdf","date":"2026-04-30","support":"TEL's CY2025 world shares (Gartner, per TEL, slide 28): deposition 27%, dry etch 23%, cleaning 20%, so rivals are capable but each would need large capacity additions to replace Applied's volume (judgement)."}]}}}}},"kla":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"kla","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"process-control":{"alternatives":{"level":4,"evidence":[{"url":"https://henryfund.tippie.uiowa.edu/sites/henryfund.tippie.uiowa.edu/files/2026-04/KLAC-S26.pdf","date":"2026-04-22","support":"Henry Fund equity research (student-run): KLA about 60% process-control share, no credible at-scale competitor."},{"url":"https://henryfund.tippie.uiowa.edu/sites/henryfund.tippie.uiowa.edu/files/2026-04/KLAC-S26.pdf","date":"2026-04-22","support":"Henry Fund report: Applied Materials holds under 8% of process control, and declining."},{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","date":"2026-08-06","support":"KLA 10-K: competitors include Applied Materials, ASML, Hitachi High-Tech, Lasertec and Onto Innovation."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://henryfund.tippie.uiowa.edu/sites/henryfund.tippie.uiowa.edu/files/2026-04/KLAC-S26.pdf","date":"2026-04-22","support":"Henry Fund report: replacing a qualified KLA tool needs requalification across hundreds of process steps."},{"url":"https://henryfund.tippie.uiowa.edu/sites/henryfund.tippie.uiowa.edu/files/2026-04/KLAC-S26.pdf","date":"2026-04-22","support":"Henry Fund equity research (student-run): KLA about 60% process-control share, no credible at-scale competitor."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://henryfund.tippie.uiowa.edu/sites/henryfund.tippie.uiowa.edu/files/2026-04/KLAC-S26.pdf","date":"2026-04-22","support":"Henry Fund equity research (student-run): KLA about 60% process-control share, no credible at-scale competitor."},{"url":"https://henryfund.tippie.uiowa.edu/sites/henryfund.tippie.uiowa.edu/files/2026-04/KLAC-S26.pdf","date":"2026-04-22","support":"Henry Fund report: Applied Materials holds under 8% of process control, and declining."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"kla","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"process-control":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","date":"2026-08-06","support":"KLA's 10-K (Item 1, Competition, p.6) names Applied Materials, ASML, Hitachi High-Tech, Lasertec and Onto Innovation as competitors. Date is the 10-K filing date."},{"url":"https://www.electronicsweekly.com/news/business/metrology-and-inspection-equipment-market-tops-18bn-2026-06/","date":"2026-06-22","support":"Electronics Weekly (22 Jun 2026) names KLA, Applied and Lasertec as leaders of a metrology and inspection market above $18bn in 2025."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","date":"2026-08-06","support":"KLA says customers must commit significant resources to qualify, install and integrate process-control and yield-management equipment and rely on it for an extended period (risk factors, p.24). Replacing KLA's volume would need rivals to build capacity as well; no duration stated, so level 4 is a judgement. Date is the 10-K filing date."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","date":"2026-08-06","support":"KLA's fiscal-2026 product revenue was $10.45B ($6.63B wafer inspection, $2.71B patterning; pp.39-40). Date is the 10-K filing date."},{"url":"https://www.lasertec.co.jp/en/ir/plan/message.html","date":"2026-09","support":"Lasertec, a named rival, reports FY6/2026 net sales of about 230 billion yen (roughly $1.5bn), about one-seventh of KLA's product revenue. Date form: month only (report dated September 2026)."}]}}}}},"lam-research":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"lam-research","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"wafer-processing":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: etch competitors are Applied Materials, Hitachi and Tokyo Electron."},{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: primary competitor in dielectric and metals deposition is Applied Materials; ALD also ASM, Wonik IPS."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: once a fab qualifies a supplier's tool, it generally keeps it for that application and node."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://newsroom.lamresearch.com/2024-07-31-Lam-Research-Introduces-Lam-Cryo-TM-3-0-Cryogenic-Etch-Technology-to-Accelerate-Scaling-of-3D-NAND-for-the-AI-Era","date":"2024-07-31","support":"Lam says it has 7,500+ HAR dielectric etch chambers in NAND production and leads 3D NAND etch."},{"url":"https://asiatimes.com/2026/01/chinas-50-domestic-chips-tools-drive-lifts-stocks-faces-limits/","date":"2026-01-07","support":"Asia Times: China localization about 50-60% in etch and clean, 20-30% thin film, 15-25% CMP."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"lam-research","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"wafer-processing":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","date":"2026-08-07","support":"Lam's 10-K names Applied, Hitachi and TEL as primary etch rivals, Applied as primary deposition rival (with ASM and Wonik IPS in ALD/PECVD), and Screen, Semes and TEL in wet clean (Item 1, Competition, pp.10-11). Date is the 10-K filing date."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","date":"2026-08-07","support":"Lam says customers generally rely on selected equipment for a production-line application for an extended period and expect it to be harder to sell to a customer that qualified a rival first (risk factors, p.15). No duration stated; level 3 reflects tool-of-record cycles. Date is the 10-K filing date."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.tel.com/ir/library/report/pjuomj00000000tf-att/fy26q4transcript-e.pdf","date":"2026-04-30","support":"TEL says it holds over 50% global share in dielectric etch and is strong in HBM interconnect and GAA gate etch (FY2026 Q4 transcript, p.16), so the best alternative matches in parts but not across Lam's conductor etch and deposition range (judgement)."}]}}}}},"tokyo-electron":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"tokyo-electron","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"wafer-processing":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: etch competitors are Applied Materials, Hitachi and Tokyo Electron."},{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: wet clean competitors are SCREEN, SEMES and Tokyo Electron."},{"url":"https://www.trendforce.com/news/2025/10/16/news-tokyo-electron-builds-major-kumamoto-rd-hub-near-tsmc-to-advance-1nm-chip-equipment/","date":"2025-10-16","support":"TrendForce, citing Nikkan Kogyo: TEL holds 100% of coater-developers used with EUV scanners."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: once a fab qualifies a supplier's tool, it generally keeps it for that application and node."},{"url":"https://www.trendforce.com/news/2025/10/16/news-tokyo-electron-builds-major-kumamoto-rd-hub-near-tsmc-to-advance-1nm-chip-equipment/","date":"2025-10-16","support":"TrendForce, citing Nikkan Kogyo: TEL holds 100% of coater-developers used with EUV scanners."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/2025/10/16/news-tokyo-electron-builds-major-kumamoto-rd-hub-near-tsmc-to-advance-1nm-chip-equipment/","date":"2025-10-16","support":"TrendForce, citing Nikkan Kogyo: TEL holds 100% of coater-developers used with EUV scanners."},{"url":"https://asiatimes.com/2026/01/chinas-50-domestic-chips-tools-drive-lifts-stocks-faces-limits/","date":"2026-01-07","support":"Asia Times: China localization under 5% in ion implantation and lithography; coating-developing below 10%."}]}},"test":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1039399/000103939926000009/form-20251227.htm","date":"2026-02-20","support":"FormFactor 10-K names Tokyo Electron among several primary competitors in probe stations (probe systems)."},{"url":"https://www.accretech.com/en/company/","date":"undated","support":"Accretech history page (undated): its probers made it the world's leading prober maker."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1039399/000103939926000009/form-20251227.htm","date":"2026-02-20","support":"FormFactor 10-K names Tokyo Electron among several primary competitors in probe stations (probe systems)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.accretech.com/en/company/","date":"undated","support":"Accretech history page (undated): its probers made it the world's leading prober maker."},{"url":"https://www.sec.gov/Archives/edgar/data/1039399/000103939926000009/form-20251227.htm","date":"2026-02-20","support":"FormFactor 10-K names Tokyo Electron among several primary competitors in probe stations (probe systems)."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"tokyo-electron","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"test":{"alternatives":{"level":3,"evidence":[{"url":"https://www.tel.com/ir/library/report/pjuomj00000000tf-att/fy26q4transcript-e.pdf","date":"2026-04-30","support":"TEL cites a 38% world share in wafer probers (TechInsights, April 2026, slide 28) and a compelling share in probers for advanced logic (p.16)."},{"url":"https://www.accretech.com/en/product/","date":"undated","support":"Accretech (Tokyo Seimitsu) says it holds the largest global market share in wafer manufacturing, test and back-end processing equipment, and lists probing machines among its products (undated product page); it is the other main prober maker. Evidence on other prober suppliers is thin. Page shows no date."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.tel.com/ir/library/report/pjuomj00000000tf-att/fy26q4transcript-e.pdf","date":"2026-04-30","support":"TEL says it has a compelling share in probers for advanced logic, with sales expected above 100 billion yen this fiscal year (p.16). No source gives prober qualification time; level 2 is a judgement. Evidence thin."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.tel.com/ir/library/report/pjuomj00000000tf-att/fy26q4transcript-e.pdf","date":"2026-04-30","support":"At 38% share (slide 28) TEL is large but not dominant, so a peer can absorb its volume over a few quarters (judgement)."}]}},"wafer-processing":{"alternatives":{"level":3,"evidence":[{"url":"https://www.tel.com/ir/library/report/pjuomj00000000tf-att/fy26q4transcript-e.pdf","date":"2026-04-30","support":"TEL says its coater/developer share exceeds 90% (p.16); its CY2025 world shares per Gartner are coater/developer 91%, dry etch 23%, deposition 27%, cleaning 20% (slide 28)."},{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","date":"2026-08-07","support":"Lam names Applied and Hitachi as TEL's etch rivals and Screen and Semes in wet clean (Item 1, pp.10-11); alternatives are few for coater/developer and several for etch and clean. Date is the 10-K filing date."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.tel.com/ir/library/report/pjuomj00000000tf-att/fy26q4transcript-e.pdf","date":"2026-04-30","support":"TEL says almost all customers adopting EUV send it coater/developer inquiries and it won processes of record in memory etch and advanced packaging (pp.14, 16). Track tools sit in line with EUV scanners; no switching time is stated, so level 4 is a judgement. Evidence is thin on time."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.tel.com/ir/library/report/pjuomj00000000tf-att/fy26q4transcript-e.pdf","date":"2026-04-30","support":"With a 91% coater/developer share (slide 28) no rival is near scale there; in etch and deposition TEL holds 23% and 27%, where peers are close."}]}}}}},"advantest":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"advantest","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"test":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm","date":"2026-02-19","support":"Teradyne 10-K: Semiconductor Test competitors include Advantest, SPEA and Cohu, plus emerging Asian firms."},{"url":"https://www.advantest.com/document/en/investors/shares-and-corporate-bonds/meeting/AGM_presentation_20260731_en.pdf","date":"undated","support":"Advantest AGM deck (file dated 20260731): its 2025 tester share was 65%; SoC 66%, memory 61%."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.electronicsforu.com/tech-zone/test-measurement/post-silicon-testing/3","date":"2011-01-01","support":"Older trade article (2011): test programs are tester-specific; only 30-40% of programs, boards, tools reusable."},{"url":"https://www.advantest.com/document/en/investors/shares-and-corporate-bonds/meeting/AGM_presentation_20260731_en.pdf","date":"undated","support":"Advantest says its position with GPU, CPU and custom-ASIC makers 'has become more dominant'."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.advantest.com/document/en/investors/shares-and-corporate-bonds/meeting/AGM_presentation_20260731_en.pdf","date":"undated","support":"Advantest AGM deck (file dated 20260731): its 2025 tester share was 65%; SoC 66%, memory 61%."},{"url":"https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm","date":"2026-02-19","support":"Teradyne 10-K: it borrowed to support the ramp-up of Semiconductor Test manufacturing capacity."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"advantest","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"test":{"alternatives":{"level":3,"evidence":[{"url":"https://investors.teradyne.com/sec-filings/all-sec-filings/content/0001193125-26-059002/ter-20251231.htm","date":"2026-02-19","support":"Teradyne's 10-K (Item 1, Competition, p.6) names Advantest, SPEA and Cohu among semiconductor test competitors. Date is the 10-K filing date."},{"url":"https://counterpointresearch.com/en/reports/semiconductor-test-equipment-makers-2024-performance","date":"2025-02-25","support":"Counterpoint (25 Feb 2025): Advantest and Teradyne together held more than 90% of the 2024 test equipment market, so Teradyne is the one alternative at scale."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.advantest.com/document/en/investors/ir-library/result/E_BIZ_250729_QA.pdf","date":"2025-07-29","support":"Advantest says it is very difficult for customers to switch test platforms in the middle of ramps (Q&A A3, 29 Jul 2025). Replacing its volume also needs rivals to expand capacity; no exact duration, so level 4 is a judgement."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.advantest.com/document/en/investors/ir-library/result/E_BIZ_250729_QA.pdf","date":"2025-07-29","support":"Advantest says its share is above its 58% KPI in both SoC and memory testers (A2); that implies all others hold under 42%, so they would need to raise output about 2.4 times to replace it. It also says it roughly tripled capacity and plans 60-70% more SoC capacity by end-2026 (A10)."}]}}}}},"synopsys":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"synopsys","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"design":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","date":"2026-02-19","support":"Cadence's 10-K (Competition): key competitors include Synopsys, Ansys (now Synopsys) and Siemens EDA."},{"url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","date":"2026-02-19","support":"Cadence's 10-K also names emerging Chinese rivals (Huada Empyrean, Xpeedic, X-Epic), not peers at the leading edge."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","date":"2026-02-19","support":"Cadence's 10-K: time-based licenses run generally two to three years; sales cycles up to six months or longer."},{"url":"https://enapp.chinadaily.com.cn/a/202303/24/AP641d36a8a3103705a5f42875.html","date":"2023-03-24","support":"Huawei said it localized EDA only for 14nm and above, after years of work; China Daily calls these middle-end tools."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://iconnect007.com/article/151742/cadence-tsmc-collaborate-on-certified-tools-and-siliconproven-ualink-ip/151739/smt","date":"2026-09-25","support":"I-Connect007: Cadence digital, signoff and custom/analog flows certified for TSMC A16, A14 and N2P."},{"url":"https://www.yicaiglobal.com/news/chinese-chip-design-software-shares-jump-amid-us-export-controls-on-synopsys-and-cadence","date":"2025-05-30","support":"Industry sources: international vendors hold about 70% of China's EDA market even under export pressure."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"synopsys","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"design":{"alternatives":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/2025/06/02/news-china-revenue-at-risk-as-u-s-curbs-slam-eda-giants-impact-on-synopsys-cadence-and-more/","date":"2025-06-02","support":"TrendForce gives 2024 EDA shares of Synopsys 31%, Cadence 30%, Siemens EDA 13%, and says Chinese EDA firms still fall short, especially in advanced GAA tools."},{"url":"https://newsletter.semianalysis.com/p/eda-market-primer","date":"2026-05-21","support":"SemiAnalysis says no vendor outside the big three holds more than 5% of any core EDA category, so Cadence and Siemens EDA are the qualified alternatives (market-structure section)."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://newsletter.semianalysis.com/p/eda-market-primer","date":"2026-05-21","support":"SemiAnalysis: foundries co-develop PDKs about 24 months before production and name the tools for tape-out; changing synthesis forces re-running place-and-route and signoff; a displaced vendor's contracts run off over 2-3 years because teams cannot switch mid-project. No source gives an exact switch time, so level 4 rests on these cycle lengths."},{"url":"https://www.tsmc.com/dedicatedFoundry/oip/eda_alliance","date":"2026-10-01","support":"TSMC's EDA tool certification (status tables dated 1 Oct 2026) names only Cadence, Siemens EDA and Synopsys for A14, A16, N2P and N3C, so any switch must follow foundry-certified flows. Date is the \"As of 10/01/2026\" status date shown on the page."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.tsmc.com/dedicatedFoundry/oip/eda_alliance","date":"2026-10-01","support":"TSMC lists Cadence and Siemens EDA in the same full-line certification as Synopsys, so the best alternative is a certified full-flow peer. Date is the \"As of 10/01/2026\" status date shown on the page."},{"url":"https://www.trendforce.com/news/2025/06/02/news-china-revenue-at-risk-as-u-s-curbs-slam-eda-giants-impact-on-synopsys-cadence-and-more/","date":"2025-06-02","support":"Cadence holds about 30% against Synopsys's 31% (2024), so the best alternative is of similar scale."}]}}}}},"cadence":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"cadence","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"design":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","date":"2026-02-19","support":"Cadence's 10-K (Competition): key competitors include Synopsys, Ansys (now Synopsys) and Siemens EDA."},{"url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","date":"2026-02-19","support":"Cadence's 10-K also names emerging Chinese rivals (Huada Empyrean, Xpeedic, X-Epic), not peers at the leading edge."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","date":"2026-02-19","support":"Cadence's 10-K: time-based licenses run generally two to three years; sales cycles up to six months or longer."},{"url":"https://enapp.chinadaily.com.cn/a/202303/24/AP641d36a8a3103705a5f42875.html","date":"2023-03-24","support":"Huawei said it localized EDA only for 14nm and above, after years of work; China Daily calls these middle-end tools."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://news.synopsys.com/2025-04-23-Synopsys-and-TSMC-Usher-In-Angstrom-Scale-Designs-with-Certified-EDA-Flows-on-Advanced-TSMC-A16-and-N2P-Processes","date":"2025-04-23","support":"Synopsys says its digital, analog flows and IC Validator signoff are certified for TSMC A16 and N2P."},{"url":"https://www.yicaiglobal.com/news/chinese-chip-design-software-shares-jump-amid-us-export-controls-on-synopsys-and-cadence","date":"2025-05-30","support":"Industry sources: international vendors hold about 70% of China's EDA market even under export pressure."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"cadence","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"design":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","date":"2026-02-19","support":"Cadence's 10-K (Item 1, Competition, p.9) names Synopsys, Ansys (now Synopsys) and Siemens EDA as key competitors; Keysight, Zuken, Altium and Chinese vendors are listed as others. Date is the 10-K filing date."},{"url":"https://newsletter.semianalysis.com/p/eda-market-primer","date":"2026-05-21","support":"SemiAnalysis says no vendor outside the big three holds more than 5% of any core EDA category, so the qualified alternatives are Synopsys and Siemens EDA."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://newsletter.semianalysis.com/p/eda-market-primer","date":"2026-05-21","support":"SemiAnalysis reports 95%+ annual renewal for core tools and 99%+ for signoff and analog, and says a $50M emulation installation locks a customer in for the hardware's 5-7 year life; displaced vendors' contracts run off over 2-3 years. No exact switch time is given, so level 4 rests on these cycles."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2025/06/02/news-china-revenue-at-risk-as-u-s-curbs-slam-eda-giants-impact-on-synopsys-cadence-and-more/","date":"2025-06-02","support":"Synopsys holds about 31% against Cadence's 30% (2024); the best alternative is a larger full-flow peer."},{"url":"https://www.tsmc.com/dedicatedFoundry/oip/eda_alliance","date":"2026-10-01","support":"TSMC certifies Synopsys and Siemens EDA alongside Cadence across the listed nodes (status date 1 Oct 2026). Date is the \"As of 10/01/2026\" status date shown on the page."}]}}}}},"trumpf":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"trumpf","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"lithography-subsystems":{"alternatives":{"level":5,"evidence":[{"url":"https://www.eejournal.com/industry_news/asml-honors-trumpf-for-new-euv-laser/","date":"2025-10-27","support":"ASML supplier award release describes a 'close and exclusive partnership' with ASML; new EUV laser series production from 2026."},{"url":"https://esi.tno.nl/news/trumpf-strategic-partner-asml-help-esi/","date":"undated","support":"TNO-ESI (undated page): TRUMPF makes the drive laser systems that power ASML's EUV light sources; architecture transferred to TRUMPF."}]},"switchingTime":{"level":5,"evidence":[{"url":"https://esi.tno.nl/news/trumpf-strategic-partner-asml-help-esi/","date":"undated","support":"TNO-ESI (undated page): TRUMPF makes the drive laser systems that power ASML's EUV light sources; architecture transferred to TRUMPF."},{"url":"https://www.eejournal.com/industry_news/asml-honors-trumpf-for-new-euv-laser/","date":"2025-10-27","support":"ASML supplier award release describes a 'close and exclusive partnership' with ASML; new EUV laser series production from 2026."},{"url":"https://www.thejakartapost.com/business/2025/12/18/how-china-built-its-manhattan-project-to-rival-the-west-in-ai-chips","date":"2025-12-18","support":"Reuters: ASML took nearly two decades of R&D before EUV made commercial chips in 2019."}]},"capabilityGap":{"level":5,"evidence":[{"url":"https://www.trumpf.com/en_US/products/lasers/euv-drive-laser","date":"undated","support":"TRUMPF product page (undated): its CO2 Laser Amplifier was developed with ASML and ZEISS over years of collaboration."},{"url":"https://www.thejakartapost.com/business/2025/12/18/how-china-built-its-manhattan-project-to-rival-the-west-in-ai-chips","date":"2025-12-18","support":"Reuters (via Jakarta Post): China's EUV prototype has produced no working chips; chips targeted 2028, 2030 more realistic."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"trumpf","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"lithography-subsystems":{"alternatives":{"level":5,"evidence":[{"url":"https://www.trumpf.com/en_GB/applications/euv-lithography","date":"undated","support":"TRUMPF calls its EUV drive laser a \"one-of-a-kind\" CO2 laser system, with ASML as integrator and Zeiss as optics supplier. No other EUV drive-laser supplier is named in any source found; evidence is thin. Page shows no date."},{"url":"https://ourbrand.asml.com/m/8ab959d4926657b/original/asml-2025-annual-report-strategic-report-section.pdf","date":"2026-02","support":"ASML says many parts are single-sourced and that for EUV the uniqueness of parts often makes multi-sourcing impractical (risk factors, PDF p.68); the report does not name TRUMPF. Date form: month only, from the PDF creation metadata (24 Feb 2026); the pages show only the year."}]},"switchingTime":{"level":5,"evidence":[{"url":"https://www.trumpf.com/en_US/products/lasers/euv-drive-laser","date":"undated","support":"TRUMPF says ASML, Zeiss and TRUMPF \"joined forces\" to bring EUV light generation to industrial maturity; a replacement would repeat that joint development. No duration is stated; evidence is thin. Page shows no date."}]},"capabilityGap":{"level":5,"evidence":[{"url":"https://www.lobbyregister.bundestag.de/media/82/07/743975/TRUMPF-Geschaeftsbericht-2024-2025.pdf","date":"2025","support":"TRUMPF's annual report 2024/25 (German) calls its EUV system a unique CO2 laser system; its EUV business field had sales of EUR 724M and is run almost entirely with ASML in the Netherlands. No alternative at scale is described in any source found. Date form: year only (annual report 2024/25, German)."}]}}}}},"shin-etsu":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"shin-etsu","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"silicon-wafers":{"alternatives":{"level":2,"evidence":[{"url":"https://semiengineering.com/more-silicon-wafer-consolidation","date":"2021-02-18","support":"SemiEngineering, citing GlobalWafers: Shin-Etsu 29.4%, SUMCO 21.9%, GlobalWafers 15.2%, Siltronic 11.5%, SK Siltron 11.4%."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.eenewseurope.com/en/globalwafers-breaks-ground-on-300mm-wafer-megafactory/","date":"2022-12-02","support":"eeNews Europe: GlobalWafers broke ground on its Texas 300mm megafactory in December 2022."},{"url":"https://www.kxii.com/2025/04/03/globalwafers-celebrates-its-first-shipment","date":"2025-04-02","support":"KXII: GlobalWafers' Texas plant made its first customer shipment in April 2025, after 2022 groundbreaking."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://semiengineering.com/more-silicon-wafer-consolidation","date":"2021-02-18","support":"SemiEngineering, citing GlobalWafers: Shin-Etsu 29.4%, SUMCO 21.9%, GlobalWafers 15.2%, Siltronic 11.5%, SK Siltron 11.4%."},{"url":"https://semiengineering.com/more-silicon-wafer-consolidation","date":"2021-02-18","support":"SemiEngineering (2021): epi reactor lead times extended; wafer production needs large capital and volumes."},{"url":"https://www.kxii.com/2025/04/03/globalwafers-celebrates-its-first-shipment","date":"2025-04-02","support":"KXII: GlobalWafers' Texas plant made its first customer shipment in April 2025, after 2022 groundbreaking."}]}},"fab-materials":{"alternatives":{"level":3,"evidence":[{"url":"https://www.taipeitimes.com/News/biz/archives/2019/08/31/2003721424","date":"2019-08-31","support":"Reuters (Taipei Times): only TOK, JSR and Shin-Etsu supply high-quality photoresists; Samsung tested others."},{"url":"https://www.hoya.com/ir/2026/en/review/it.html","date":"undated","support":"HOYA integrated report page (undated, 2026 edition): HOYA holds an exceptionally high mask blank share."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.taipeitimes.com/News/biz/archives/2019/08/31/2003721424","date":"2019-08-31","support":"Reuters (Taipei Times): Tokyo Ohka Kogyo says it takes up to two years to develop new resists."},{"url":"https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm","date":"2026-02-26","support":"Qnity 10-K: the company claims a leading CMP pad position at advanced nodes; materials are qualified into roadmaps."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.taipeitimes.com/News/biz/archives/2019/08/31/2003721424","date":"2019-08-31","support":"Reuters (Taipei Times): only TOK, JSR and Shin-Etsu supply high-quality photoresists; Samsung tested others."},{"url":"https://www.agc.com/en/news/detail/1203819_2814.html","date":"2023-04-27","support":"AGC: EUV mask blank capacity expansion from January 2024 raises group capacity about 30% by 2025."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"shin-etsu","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"fab-materials":{"alternatives":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/2026/02/26/news-chinas-chip-materials-drive-intensifies-as-photoresist-leader-red-avenue-seeks-hong-kong-ipo/","date":"2026-02-26","support":"TrendForce (26 Feb 2026): five suppliers (JSR, TOK, DuPont, Shin-Etsu, Fujifilm) hold about 85% of photoresists, and only JSR, TOK and Shin-Etsu are said to have EUV resist mass production."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"Entegris says switching away from its products may be costly and time-consuming for customers (Item 1, p.4); Qnity says materials are qualified into customers' roadmaps (p.7). Resist-specific durations not found; evidence thin. Date is the 10-K filing date."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/02/26/news-chinas-chip-materials-drive-intensifies-as-photoresist-leader-red-avenue-seeks-hong-kong-ipo/","date":"2026-02-26","support":"TrendForce says Chinese suppliers hold under 1% of higher-end KrF and ArF resists and EUV is still in R&D, so the alternatives are the other incumbents, which are close peers."}]}},"silicon-wafers":{"alternatives":{"level":2,"evidence":[{"url":"https://www.siltronic.com/fileadmin/investorrelations/2026/Q2/20260911_SiltronicInvestorPresentation.pdf","date":"2026-09","support":"Siltronic (Sept 2026 deck, slide 6) says about 75% of the market is served by the top 5 wafer makers, naming SK Siltron, Shin-Etsu, SUMCO and GlobalWafers, with Siltronic as the only western-based maker. Date form: month only (deck titled September 2026)."},{"url":"https://trendforce.com/news/?p=2039","date":"2023-08-14","support":"TrendForce (14 Aug 2023) names Shin-Etsu and SUMCO as leaders with 55-60% combined, with GlobalWafers, Siltronic, SK Siltron, Formosa Sumco and Wafer Works also supplying."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://trendforce.com/news/?p=2039","date":"2023-08-14","support":"TrendForce says standard long-term silicon wafer contracts run 3 to 8 years, so supply is committed far ahead and a switch needs the other suppliers to add volume. No source I found gives a prime-wafer qualification time; evidence thin."},{"url":"https://www.prnewswire.com/news-releases/semi-reports-2025-annual-worldwide-silicon-wafer-shipments-and-revenue-results-302683028.html","date":"2026-02-10","support":"SEMI (10 Feb 2026) says 300mm demand remains strong in advanced AI-driven logic and HBM, and shipments rose 5.8% in 2025."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.siltronic.com/fileadmin/investorrelations/2026/Q2/20260911_SiltronicInvestorPresentation.pdf","date":"2026-09","support":"Siltronic lists SK Siltron, Shin-Etsu, SUMCO and GlobalWafers among the top 5 makers (slide 6), so the best alternative, SUMCO, is a peer of similar scale. Date form: month only (deck titled September 2026)."}]}}}}},"naura":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"naura","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"wafer-processing":{"alternatives":{"level":2,"evidence":[{"url":"https://asiatimes.com/2026/01/chinas-50-domestic-chips-tools-drive-lifts-stocks-faces-limits/","date":"2026-01-07","support":"Asia Times: Naura has a clear lead among Chinese toolmakers; AMEC sits in a strong second tier."},{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: etch competitors are Applied Materials, Hitachi and Tokyo Electron."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://asiatimes.com/2026/01/chinas-50-domestic-chips-tools-drive-lifts-stocks-faces-limits/","date":"2026-01-07","support":"Asia Times: fabs reportedly told at least half of newly installed equipment must be domestic."},{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: export restrictions advantage non-US rivals and raise competition from domestic equipment makers abroad."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://asiatimes.com/2026/01/chinas-50-domestic-chips-tools-drive-lifts-stocks-faces-limits/","date":"2026-01-07","support":"Asia Times: Naura has a clear lead among Chinese toolmakers; AMEC sits in a strong second tier."},{"url":"https://asiatimes.com/2026/01/chinas-50-domestic-chips-tools-drive-lifts-stocks-faces-limits/","date":"2026-01-07","support":"Asia Times: China localization about 50-60% in etch and clean, 20-30% thin film, 15-25% CMP."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"naura","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"wafer-processing":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/02/02/news-three-chinese-chip-toolmakers-reportedly-enter-global-top-20-as-naura-rises-to-fifth-by-sales/","date":"2026-02-02","support":"TrendForce (2 Feb 2026): NAURA ranked fifth worldwide in 2025 behind ASML, Applied, Lam and TEL; Chinese makers now cover most process steps including deposition, etching and cleaning."},{"url":"https://www.trendforce.com/news/2026/04/21/news-china-memory-expansion-lifts-domestic-equipment-suppliers-amec-wuhan-jingce-hwatsing-acm-in-focus/","date":"2026-04-21","support":"TrendForce (21 Apr 2026): AMEC and ACM Research are domestic frontrunners in etch and cleaning, and domestic tools are typically 15-30% of Chinese fabs."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","date":"2026-08-07","support":"Lam says some governments give local customers incentives to buy from local suppliers and competitors in a more favourable legal environment can sell to customers Lam is barred from serving (risk factors, pp.15, 20). Qualification time not stated; level 3 is a judgement. Date is the 10-K filing date."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/02/02/news-three-chinese-chip-toolmakers-reportedly-enter-global-top-20-as-naura-rises-to-fifth-by-sales/","date":"2026-02-02","support":"TrendForce says domestic tools make up roughly 20-30% of China's equipment usage, up from about 10% three years earlier; foreign tools are more capable but access depends on export controls."}]}}}}},"asm-international":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"asm-international","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"wafer-processing":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: primary competitor in dielectric and metals deposition is Applied Materials; ALD also ASM, Wonik IPS."},{"url":"https://mfn.se/all/a/asm-international-nv/asm-hosts-investor-day-provides-new-2030-targets-revises-h2-2025-outlook-72543df9","date":"2025-09-23","support":"ASM investor day release: the company says it is 'holding our leading market share in ALD' and gaining Epi."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: once a fab qualifies a supplier's tool, it generally keeps it for that application and node."},{"url":"https://mfn.se/all/a/asm-international-nv/asm-hosts-investor-day-provides-new-2030-targets-revises-h2-2025-outlook-72543df9","date":"2025-09-23","support":"ASM investor day release: the company says it is 'holding our leading market share in ALD' and gaining Epi."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: primary competitor in dielectric and metals deposition is Applied Materials; ALD also ASM, Wonik IPS."},{"url":"https://mfn.se/all/a/asm-international-nv/asm-hosts-investor-day-provides-new-2030-targets-revises-h2-2025-outlook-72543df9","date":"2025-09-23","support":"ASM investor day release: the company says it is 'holding our leading market share in ALD' and gaining Epi."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"asm-international","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"wafer-processing":{"alternatives":{"level":3,"evidence":[{"url":"https://www.asm.com/media/o0el4c3i/q425_investor_presentation.pdf","date":"2026-03-03","support":"ASM says it has a leading share above 55% in single-wafer ALD and an expanding position in epitaxy (Q4 2025 deck, slides 5 and 25)."},{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","date":"2026-08-07","support":"Lam names ASM International and Wonik IPS as ALD and PECVD competitors (Item 1, Competition); TEL cites a 15% share of ALD in its own definition (slide 28). Date is the 10-K filing date."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.asm.com/media/o0el4c3i/q425_investor_presentation.pdf","date":"2026-03-03","support":"ASM says GAA nodes need increasingly more ALD and Epi layers, so films are re-qualified node by node (slide 5). No duration stated; level 3 reflects a node-cycle requalification. Evidence thin on time."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.asm.com/media/o0el4c3i/q425_investor_presentation.pdf","date":"2026-03-03","support":"ASM's share above 55% (slides 5, 25) against TEL's 15% in ALD overall (TEL slide 28) shows the best alternative is far behind in single-wafer ALD."}]}}}}},"lasertec":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"lasertec","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"process-control":{"alternatives":{"level":4,"evidence":[{"url":"https://www.lasertec.co.jp/en/news/2019/20190912_2936.html","date":"2019-09-12","support":"Lasertec says ACTIS A150 is 'the world's first actinic EUV patterned mask inspection system.'"},{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","date":"2026-08-06","support":"KLA 10-K: competitors include Applied Materials, ASML, Hitachi High-Tech, Lasertec and Onto Innovation."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://semiengineering.com/19108/","date":"2015-04-16","support":"SemiEngineering (2015): actinic mask inspection needed three to five more years and about $500 million to reach market."},{"url":"https://www.lasertec.co.jp/en/news/2024/20241202_3887.html","date":"2024-12-02","support":"Lasertec: its actinic (13.5nm) mask blank inspection E120 is widely used for blank quality assurance."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.lasertec.co.jp/en/news/2019/20190912_2936.html","date":"2019-09-12","support":"Lasertec says ACTIS A150 is 'the world's first actinic EUV patterned mask inspection system.'"},{"url":"https://semiengineering.com/19108/","date":"2015-04-16","support":"SemiEngineering (2015): actinic mask inspection needed three to five more years and about $500 million to reach market."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"lasertec","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"process-control":{"alternatives":{"level":4,"evidence":[{"url":"https://www.lasertec.co.jp/en/news/2025/20251031_3912.html","date":"2025-10-31","support":"Lasertec says its ACTIS A150 (2019) was the world's first actinic EUV patterned mask inspection system and released the faster A200HiT on 31 Oct 2025."},{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","date":"2026-08-06","support":"KLA's 10-K (p.6) names Lasertec as a competitor; my 22 Oct 2026 search found no shipped KLA actinic EUV patterned-mask tool (absence in search is not proof). Date is the 10-K filing date."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://www.lasertec.co.jp/en/ir/plan/message.html","date":"2026-09","support":"Lasertec's FY6/2026 report (September 2026) describes the A200HiT for incoming inspection and periodic monitoring of EUV masks, with orders of 237.5bn yen against 105.2bn the year before. A rival would need to develop and qualify an actinic tool; no duration stated, evidence thin. Date form: month only (report dated September 2026)."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.lasertec.co.jp/en/news/2025/20251031_3912.html","date":"2025-10-31","support":"The A200HiT is described as three times faster than the A150 and sensitive to defects that could print on wafers; non-actinic mask inspection is only a partial substitute (judgement)."}]}}}}},"siemens-eda":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"siemens-eda","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"design":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","date":"2026-02-19","support":"Cadence's 10-K (Competition): key competitors include Synopsys, Ansys (now Synopsys) and Siemens EDA."},{"url":"https://news.siemens.com/en-us/siemens-samsung-safe-forum-2025/","date":"2025-06-16","support":"Siemens says Calibre, Solido and Aprisa are certified for Samsung Foundry 14nm to 2nm processes."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","date":"2026-02-19","support":"Cadence's 10-K: time-based licenses run generally two to three years; sales cycles up to six months or longer."},{"url":"https://enapp.chinadaily.com.cn/a/202303/24/AP641d36a8a3103705a5f42875.html","date":"2023-03-24","support":"Huawei said it localized EDA only for 14nm and above, after years of work; China Daily calls these middle-end tools."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://news.synopsys.com/2025-04-23-Synopsys-and-TSMC-Usher-In-Angstrom-Scale-Designs-with-Certified-EDA-Flows-on-Advanced-TSMC-A16-and-N2P-Processes","date":"2025-04-23","support":"Synopsys says its digital, analog flows and IC Validator signoff are certified for TSMC A16 and N2P."},{"url":"https://iconnect007.com/article/151742/cadence-tsmc-collaborate-on-certified-tools-and-siliconproven-ualink-ip/151739/smt","date":"2026-09-25","support":"I-Connect007: Cadence digital, signoff and custom/analog flows certified for TSMC A16, A14 and N2P."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"siemens-eda","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"design":{"alternatives":{"level":3,"evidence":[{"url":"https://newsletter.semianalysis.com/p/eda-market-primer","date":"2026-05-21","support":"SemiAnalysis: Calibre holds 85%+ of advanced-node physical verification and TSMC requires \"Calibre-clean\" DRC/LVS; Cadence and Synopsys compete in most other categories, and Keysight and Zuken are the largest independents."},{"url":"https://www.tsmc.com/dedicatedFoundry/oip/eda_alliance","date":"2026-10-01","support":"TSMC certifies Cadence, Siemens EDA and Synopsys tools together, so physical-verification alternatives exist but with far smaller installed use. Date is the \"As of 10/01/2026\" status date shown on the page."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://newsletter.semianalysis.com/p/eda-market-primer","date":"2026-05-21","support":"SemiAnalysis: TSMC requires Calibre-clean sign-off and Samsung and Intel reportedly do too, so replacing Calibre means foundry-accepted decks and flow changes at the next design cycle. No source gives a duration; level 3 reflects a design-cycle change for a point tool rather than a whole-flow rebuild."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/2025/06/02/news-china-revenue-at-risk-as-u-s-curbs-slam-eda-giants-impact-on-synopsys-cadence-and-more/","date":"2025-06-02","support":"TrendForce, relaying a 36Kr report, says Calibre is about 40% of Siemens EDA revenue and is used for sign-off by over 90% of IC designers, with over 70% share."},{"url":"https://newsletter.semianalysis.com/p/eda-market-primer","date":"2026-05-21","support":"SemiAnalysis calls Calibre the industry standard; rival sign-off tools are certified but not the accepted reference at the leading foundries."}]}}}}},"teradyne":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"teradyne","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"test":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm","date":"2026-02-19","support":"Teradyne 10-K: Semiconductor Test competitors include Advantest, SPEA and Cohu, plus emerging Asian firms."},{"url":"https://www.advantest.com/document/en/investors/shares-and-corporate-bonds/meeting/AGM_presentation_20260731_en.pdf","date":"undated","support":"Advantest AGM deck (file dated 20260731): its 2025 tester share was 65%; SoC 66%, memory 61%."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.electronicsforu.com/tech-zone/test-measurement/post-silicon-testing/3","date":"2011-01-01","support":"Older trade article (2011): test programs are tester-specific; only 30-40% of programs, boards, tools reusable."},{"url":"https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm","date":"2026-02-19","support":"Teradyne 10-K: Semiconductor Test competitors include Advantest, SPEA and Cohu, plus emerging Asian firms."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.advantest.com/document/en/investors/shares-and-corporate-bonds/meeting/AGM_presentation_20260731_en.pdf","date":"undated","support":"Advantest AGM deck (file dated 20260731): its 2025 tester share was 65%; SoC 66%, memory 61%."},{"url":"https://www.advantest.com/document/en/investors/shares-and-corporate-bonds/meeting/AGM_presentation_20260731_en.pdf","date":"undated","support":"Advantest says its position with GPU, CPU and custom-ASIC makers 'has become more dominant'."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"teradyne","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"test":{"alternatives":{"level":3,"evidence":[{"url":"https://investors.teradyne.com/sec-filings/all-sec-filings/content/0001193125-26-059002/ter-20251231.htm","date":"2026-02-19","support":"Teradyne's own 10-K (Item 1, Competition, p.6) names Advantest, SPEA and Cohu, and emerging Asian companies and customers' internal supply. Date is the 10-K filing date."},{"url":"https://counterpointresearch.com/en/reports/semiconductor-test-equipment-makers-2024-performance","date":"2025-02-25","support":"Counterpoint (25 Feb 2025): Advantest and Teradyne held more than 90% of 2024 test equipment sales, so Advantest is the one alternative at full scale."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.advantest.com/document/en/investors/ir-library/result/E_BIZ_250729_QA.pdf","date":"2025-07-29","support":"Advantest says it is very difficult for customers to switch test platforms mid-ramp (A3, 29 Jul 2025), implying changes at the next device generation. No duration is stated; evidence thin."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.advantest.com/document/en/investors/ir-library/result/E_BIZ_250729_QA.pdf","date":"2025-07-29","support":"Advantest says it can ship over 3,000 of its 93k systems a year, has roughly tripled capacity, and plans 60-70% more SoC capacity by end-2026 (A10), so it can absorb Teradyne's smaller volume."}]}}}}},"sumco":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"sumco","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"silicon-wafers":{"alternatives":{"level":2,"evidence":[{"url":"https://semiengineering.com/more-silicon-wafer-consolidation","date":"2021-02-18","support":"SemiEngineering, citing GlobalWafers: Shin-Etsu 29.4%, SUMCO 21.9%, GlobalWafers 15.2%, Siltronic 11.5%, SK Siltron 11.4%."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.eenewseurope.com/en/globalwafers-breaks-ground-on-300mm-wafer-megafactory/","date":"2022-12-02","support":"eeNews Europe: GlobalWafers broke ground on its Texas 300mm megafactory in December 2022."},{"url":"https://www.kxii.com/2025/04/03/globalwafers-celebrates-its-first-shipment","date":"2025-04-02","support":"KXII: GlobalWafers' Texas plant made its first customer shipment in April 2025, after 2022 groundbreaking."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://semiengineering.com/more-silicon-wafer-consolidation","date":"2021-02-18","support":"SemiEngineering, citing GlobalWafers: Shin-Etsu 29.4%, SUMCO 21.9%, GlobalWafers 15.2%, Siltronic 11.5%, SK Siltron 11.4%."},{"url":"https://semiengineering.com/more-silicon-wafer-consolidation","date":"2021-02-18","support":"SemiEngineering (2021): epi reactor lead times extended; wafer production needs large capital and volumes."},{"url":"https://www.kxii.com/2025/04/03/globalwafers-celebrates-its-first-shipment","date":"2025-04-02","support":"KXII: GlobalWafers' Texas plant made its first customer shipment in April 2025, after 2022 groundbreaking."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"sumco","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"silicon-wafers":{"alternatives":{"level":2,"evidence":[{"url":"https://www.siltronic.com/fileadmin/investorrelations/2026/Q2/20260911_SiltronicInvestorPresentation.pdf","date":"2026-09","support":"Siltronic (Sept 2026 deck, slide 6) says about 75% of the market is served by the top 5 wafer makers, naming SK Siltron, Shin-Etsu, SUMCO and GlobalWafers, with Siltronic as the only western-based maker. Date form: month only (deck titled September 2026)."},{"url":"https://trendforce.com/news/?p=2039","date":"2023-08-14","support":"TrendForce (14 Aug 2023) names Shin-Etsu and SUMCO as leaders with 55-60% combined, with GlobalWafers, Siltronic, SK Siltron, Formosa Sumco and Wafer Works also supplying."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://trendforce.com/news/?p=2039","date":"2023-08-14","support":"TrendForce says standard long-term wafer contracts run 3 to 8 years (14 Aug 2023); replacing SUMCO's volume needs other suppliers to add output. No prime-wafer qualification time found; evidence thin."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://trendforce.com/news/?p=2039","date":"2023-08-14","support":"Shin-Etsu holds over 30% and with SUMCO about 55-60% of the market, so the best alternative, Shin-Etsu, is a larger peer."}]}}}}},"qnity":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"qnity","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"fab-materials":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm","date":"2026-02-26","support":"Qnity 10-K: the company claims a leading CMP pad position at advanced nodes; materials are qualified into roadmaps."},{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"Entegris 10-K lists notable competitors per segment; says no global rival matches its full range."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm","date":"2026-02-26","support":"Qnity 10-K: the company claims a leading CMP pad position at advanced nodes; materials are qualified into roadmaps."},{"url":"https://www.dupont.com/news/qnity-and-sk-kynix-sign-long-term-cmp-pad-supply-agreement.html","date":"2025-10-16","support":"Qnity-SK hynix long-term CMP pad supply MOU; Qnity calls itself a leader in CMP technology."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.dupont.com/news/qnity-and-sk-kynix-sign-long-term-cmp-pad-supply-agreement.html","date":"2025-10-16","support":"Qnity-SK hynix long-term CMP pad supply MOU; Qnity calls itself a leader in CMP technology."},{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"Entegris 10-K lists notable competitors per segment; says no global rival matches its full range."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"qnity","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"fab-materials":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"Entegris's 10-K (Item 1, Competition, p.9) names Qnity, Merck KGaA's EMD Performance Materials, Air Liquide, Linde and Anji as materials competitors. Date is the 10-K filing date."},{"url":"https://www.trendforce.com/news/2026/02/26/news-chinas-chip-materials-drive-intensifies-as-photoresist-leader-red-avenue-seeks-hong-kong-ipo/","date":"2026-02-26","support":"TrendForce (26 Feb 2026) names DuPont (whose electronics business is now Qnity) among the five suppliers with about 85% of photoresists."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm","date":"2026-02-26","support":"Qnity says its advanced materials are qualified into customers' roadmaps (10-K Item 1, p.7) and top-10 customer relationships average over 30 years (p.12). No duration found; evidence thin. Date is the 10-K filing date."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"Competing CMP, clean and resist makers named by Entegris are capable peers, so the gap is small (judgement). Date is the 10-K filing date."}]}}}}},"hitachi-high-tech":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"hitachi-high-tech","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"wafer-processing":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: etch competitors are Applied Materials, Hitachi and Tokyo Electron."},{"url":"https://asiatimes.com/2026/01/chinas-50-domestic-chips-tools-drive-lifts-stocks-faces-limits/","date":"2026-01-07","support":"Asia Times: China localization about 50-60% in etch and clean, 20-30% thin film, 15-25% CMP."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: once a fab qualifies a supplier's tool, it generally keeps it for that application and node."},{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: etch competitors are Applied Materials, Hitachi and Tokyo Electron."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: etch competitors are Applied Materials, Hitachi and Tokyo Electron."},{"url":"https://newsroom.lamresearch.com/2024-07-31-Lam-Research-Introduces-Lam-Cryo-TM-3-0-Cryogenic-Etch-Technology-to-Accelerate-Scaling-of-3D-NAND-for-the-AI-Era","date":"2024-07-31","support":"Lam says it has 7,500+ HAR dielectric etch chambers in NAND production and leads 3D NAND etch."}]}},"process-control":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","date":"2026-08-06","support":"KLA 10-K: competitors include Applied Materials, ASML, Hitachi High-Tech, Lasertec and Onto Innovation."},{"url":"https://henryfund.tippie.uiowa.edu/sites/henryfund.tippie.uiowa.edu/files/2026-04/KLAC-S26.pdf","date":"2026-04-22","support":"Henry Fund report: Applied Materials holds under 8% of process control, and declining."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://henryfund.tippie.uiowa.edu/sites/henryfund.tippie.uiowa.edu/files/2026-04/KLAC-S26.pdf","date":"2026-04-22","support":"Henry Fund report: replacing a qualified KLA tool needs requalification across hundreds of process steps."},{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","date":"2026-08-06","support":"KLA 10-K: competitors include Applied Materials, ASML, Hitachi High-Tech, Lasertec and Onto Innovation."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://henryfund.tippie.uiowa.edu/sites/henryfund.tippie.uiowa.edu/files/2026-04/KLAC-S26.pdf","date":"2026-04-22","support":"Henry Fund report: Applied Materials holds under 8% of process control, and declining."},{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","date":"2026-08-06","support":"KLA 10-K: competitors include Applied Materials, ASML, Hitachi High-Tech, Lasertec and Onto Innovation."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"hitachi-high-tech","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"process-control":{"alternatives":{"level":4,"evidence":[{"url":"https://www.hitachi.com/content/dam/hitachi/global/en/ir/media/library/integrated/2026/ar2026e.pdf","date":"2026","support":"Hitachi says its CD-SEMs hold a global market share of about 76% (Integrated Report 2026, printed p.18); this leaves about a quarter of the market for all rivals. Evidence naming the one partial alternative is thin. Date form: year only (Integrated Report 2026)."},{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","date":"2026-08-06","support":"KLA's 10-K (p.6) names Hitachi High-Tech as a process-control competitor. Date is the 10-K filing date."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/319201/000031920126000027/klac-20260630.htm","date":"2026-08-06","support":"KLA says customers must commit significant resources to qualify, install and integrate process-control equipment (risk factors, p.24); CD-SEM recipes are matched tool to tool. No duration stated; level 3 is a judgement. Date is the 10-K filing date."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.hitachi.com/content/dam/hitachi/global/en/ir/media/library/integrated/2026/ar2026e.pdf","date":"2026","support":"A 76% self-reported share means rivals now holding about 24% would need to raise CD-SEM output about four times to replace Hitachi (arithmetic on the company's own claim). Date form: year only (Integrated Report 2026)."}]}},"wafer-processing":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","date":"2026-08-07","support":"Lam names Applied, Hitachi and TEL as the primary etch rivals (Item 1, Competition), so a Hitachi customer can choose among Lam, Applied and TEL, plus Chinese etch makers. Date is the 10-K filing date."},{"url":"https://www.trendforce.com/news/2026/04/21/news-china-memory-expansion-lifts-domestic-equipment-suppliers-amec-wuhan-jingce-hwatsing-acm-in-focus/","date":"2026-04-21","support":"TrendForce (21 Apr 2026) says AMEC etch systems are gaining traction in Chinese fabs, with over 6,800 reactors shipped worldwide by end-2025."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","date":"2026-08-07","support":"Lam says qualification needs a substantial investment and customers generally keep the selected supplier per application and node (pp.10-11). No duration stated; level 3 reflects tool-of-record cycles. Evidence thin on time. Date is the 10-K filing date."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.tel.com/ir/library/report/pjuomj00000000tf-att/fy26q4transcript-e.pdf","date":"2026-04-30","support":"TEL holds 23% of dry etch and over 50% of dielectric etch (pp.16, 28); Hitachi's etch volume is small next to these rivals (judgement)."}]}}}}},"screen-holdings":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"screen-holdings","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"wafer-processing":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: wet clean competitors are SCREEN, SEMES and Tokyo Electron."},{"url":"https://asiatimes.com/2026/01/chinas-50-domestic-chips-tools-drive-lifts-stocks-faces-limits/","date":"2026-01-07","support":"Asia Times: China localization about 50-60% in etch and clean, 20-30% thin film, 15-25% CMP."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://asiatimes.com/2026/01/chinas-50-domestic-chips-tools-drive-lifts-stocks-faces-limits/","date":"2026-01-07","support":"Asia Times: China localization about 50-60% in etch and clean, 20-30% thin film, 15-25% CMP."},{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: once a fab qualifies a supplier's tool, it generally keeps it for that application and node."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: wet clean competitors are SCREEN, SEMES and Tokyo Electron."},{"url":"https://www.trendforce.com/news/2025/10/16/news-tokyo-electron-builds-major-kumamoto-rd-hub-near-tsmc-to-advance-1nm-chip-equipment/","date":"2025-10-16","support":"TrendForce, citing Nikkan Kogyo: TEL holds 100% of coater-developers used with EUV scanners."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"screen-holdings","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"wafer-processing":{"alternatives":{"level":2,"evidence":[{"url":"https://hdjp-corporateweb-files.screen.co.jp/6917/6835/8151/20251216_Mtg_E.pdf","date":"2025-12-16","support":"SCREEN says it holds the No.1 global share in single-wafer, batch-type and spin-scrubber cleaning (2024 basis, slide 6)."},{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","date":"2026-08-07","support":"Lam names Screen, Semes and TEL as its primary wet-clean competitors (Item 1, Competition, pp.10-11). Date is the 10-K filing date."},{"url":"https://www.trendforce.com/news/2026/04/21/news-china-memory-expansion-lifts-domestic-equipment-suppliers-amec-wuhan-jingce-hwatsing-acm-in-focus/","date":"2026-04-21","support":"TrendForce (21 Apr 2026) calls ACM Research the domestic frontrunner in wet cleaning and plating and says it targets a 50-60% domestic share."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://hdjp-corporateweb-files.screen.co.jp/6917/6835/8151/20251216_Mtg_E.pdf","date":"2025-12-16","support":"SCREEN says it raises share by winning new processes of record in DRAM and NAND (slides 35-36), so cleaning vendors change at new process generations. No duration stated; evidence thin."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.tel.com/ir/library/report/pjuomj00000000tf-att/fy26q4transcript-e.pdf","date":"2026-04-30","support":"TEL reports a 20% world cleaning share (Gartner, per TEL, slide 28) and Lam also sells wet clean, so alternatives are established and capable (judgement on capacity)."}]}}}}},"merck-electronics":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"merck-electronics","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"fab-materials":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"Entegris 10-K lists notable competitors per segment; says no global rival matches its full range."},{"url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm","date":"2026-02-25","support":"Linde 10-K: competitors include Air Liquide, Air Products, Messer and Taiyo Nippon Sanso."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm","date":"2026-02-26","support":"Qnity 10-K: the company claims a leading CMP pad position at advanced nodes; materials are qualified into roadmaps."},{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"Entegris 10-K: the company says switching away from its products 'may be costly and time-consuming'."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://reports.emdgroup.com/en/annualreport/2025/_assets/downloads/ele-electronics-emd-ar25.pdf","date":"undated","support":"Merck 2025 annual report (Electronics, pp. 80-81): Semiconductor Materials grew strongly on AI and mature-node demand."},{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"Entegris 10-K lists notable competitors per segment; says no global rival matches its full range."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"merck-electronics","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"fab-materials":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"Entegris's 10-K (p.9) names Merck KGaA's EMD Performance Materials division as a competitor, alongside Qnity, Air Liquide, Linde and Anji. Date is the 10-K filing date."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.reports.emdgroup.com/en/annualreport/2025/management-report/report-on-economic-position/course-of-business-and-economic-position/electronics.html","date":"2026","support":"Merck says Semiconductor Solutions sales were EUR 2,494M in 2025 with strong materials growth from advanced and mature-node chips including AI (Annual Report 2025 electronics page). Qualification time not stated; Entegris notes switching is costly and time-consuming (p.4); evidence thin. Date form: year only (Annual Report 2025 page shows no date)."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"Entegris, Qnity, Air Liquide and Linde sell overlapping deposition, clean and gas products, so the best alternative is a capable peer (judgement). Date is the 10-K filing date."}]}}}}},"fujifilm-electronic-materials":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"fujifilm-electronic-materials","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"fab-materials":{"alternatives":{"level":2,"evidence":[{"url":"https://www.taipeitimes.com/News/biz/archives/2019/08/31/2003721424","date":"2019-08-31","support":"Reuters (Taipei Times): only TOK, JSR and Shin-Etsu supply high-quality photoresists; Samsung tested others."},{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"Entegris 10-K lists notable competitors per segment; says no global rival matches its full range."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm","date":"2026-02-26","support":"Qnity 10-K: the company claims a leading CMP pad position at advanced nodes; materials are qualified into roadmaps."},{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"Entegris 10-K: the company says switching away from its products 'may be costly and time-consuming'."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.taipeitimes.com/News/biz/archives/2019/08/31/2003721424","date":"2019-08-31","support":"Reuters (Taipei Times): only TOK, JSR and Shin-Etsu supply high-quality photoresists; Samsung tested others."},{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"Entegris 10-K lists notable competitors per segment; says no global rival matches its full range."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"fujifilm-electronic-materials","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"fab-materials":{"alternatives":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/02/26/news-chinas-chip-materials-drive-intensifies-as-photoresist-leader-red-avenue-seeks-hong-kong-ipo/","date":"2026-02-26","support":"TrendForce (26 Feb 2026) lists Fujifilm among the five photoresist suppliers holding about 85% of the market."},{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"Entegris's 10-K (p.9) lists Merck, Qnity, Air Liquide, Linde and Anji as competitors in materials such as CMP slurries, cleans and deposition materials. Date is the 10-K filing date."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://ir.fujifilm.com/en/investors/ir-materials/earnings-presentations/main/01113/teaserItems5/00/linkList/0/link/ff_fy2025q4_001e.pdf","date":"2026-05-12","support":"Fujifilm says semiconductor materials sales were strong, including CMP slurries, with major foundries and chipmakers in the US and South Korea recovering (Q4 FY2025 deck, 12 May 2026). Qualification time not stated; evidence thin."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://ir.fujifilm.com/en/investors/ir-materials/earnings-presentations/main/01113/teaserItems5/00/linkList/0/link/ff_fy2025q4_001e.pdf","date":"2026-05-12","support":"Fujifilm's Electronics segment is a multi-product materials supplier; named competitors such as Merck and Qnity cover the same product groups, so the gap is small (judgement)."}]}}}}},"hoya":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"hoya","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"fab-materials":{"alternatives":{"level":3,"evidence":[{"url":"https://www.hoya.com/ir/2026/en/review/it.html","date":"undated","support":"HOYA integrated report page (undated, 2026 edition): HOYA holds an exceptionally high mask blank share."},{"url":"https://www.agc.com/en/news/detail/1203819_2814.html","date":"2023-04-27","support":"AGC: EUV mask blank capacity expansion from January 2024 raises group capacity about 30% by 2025."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.hoya.com/ir/2026/en/review/it.html","date":"undated","support":"HOYA: customers may gradually move to multi-sourcing EUV blanks; new Singapore plant to start in FY28."},{"url":"https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm","date":"2026-02-26","support":"Qnity 10-K: the company claims a leading CMP pad position at advanced nodes; materials are qualified into roadmaps."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.hoya.com/ir/2026/en/review/it.html","date":"undated","support":"HOYA integrated report page (undated, 2026 edition): HOYA holds an exceptionally high mask blank share."},{"url":"https://www.agc.com/en/news/detail/1203819_2814.html","date":"2023-04-27","support":"AGC: EUV mask blank capacity expansion from January 2024 raises group capacity about 30% by 2025."},{"url":"https://www.hoya.com/ir/2026/en/review/it.html","date":"undated","support":"HOYA: customers may gradually move to multi-sourcing EUV blanks; new Singapore plant to start in FY28."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"hoya","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"fab-materials":{"alternatives":{"level":4,"evidence":[{"url":"https://www.hoya.com/ir/2026/en/review/it.html","date":"2026","support":"Hoya says it holds an exceptionally high share and aims to stay the primary supplier for leading-edge EUV nodes, and that customers may gradually move to multi-sourcing EUV mask blanks (Integrated Report 2026). Date form: year only (Integrated Report 2026)."},{"url":"https://www.agc.com/ir/library/financial/pdf/financial2025.pdf","date":"2026","support":"AGC supplies EUV photomask blanks but cut its 2026 profit targets partly on EUV blank shortfalls and lower shipments (Financial Review 2025, pp.5, 9, 11). Date form: year only (Financial Review 2025, issued after February 2026)."}]},"switchingTime":{"level":4,"evidence":[{"url":"https://kind.krx.co.kr/external/dst/irReference/18013/%5BS%26S%20Tech%5D%202026.02%20IR%20%28eng%29.pdf","date":"2026-02","support":"S&S Tech says it began EUV mask blank development in 2020 and set up an EUV Center in 2025 for mass-production readiness (Feb 2026 deck, slides 5-6), so a further source is still being qualified. No qualification duration is stated; evidence thin. Date form: month only (deck titled February 2026)."}]},"capabilityGap":{"level":4,"evidence":[{"url":"https://www.hoya.com/ir/2026/en/review/it.html","date":"2026","support":"Hoya plans a Singapore plant of about 42 billion yen, operating in FY2028, for EUV blank growth above 10% (Integrated Report 2026), while AGC's EUV blank shipments declined (AGC Financial Review pp.9, 11). Date form: year only (Integrated Report 2026)."}]}}}}},"jsr":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"jsr","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"fab-materials":{"alternatives":{"level":3,"evidence":[{"url":"https://www.taipeitimes.com/News/biz/archives/2019/08/31/2003721424","date":"2019-08-31","support":"Reuters (Taipei Times): only TOK, JSR and Shin-Etsu supply high-quality photoresists; Samsung tested others."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.taipeitimes.com/News/biz/archives/2019/08/31/2003721424","date":"2019-08-31","support":"Reuters (Taipei Times): Tokyo Ohka Kogyo says it takes up to two years to develop new resists."},{"url":"https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm","date":"2026-02-26","support":"Qnity 10-K: the company claims a leading CMP pad position at advanced nodes; materials are qualified into roadmaps."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.taipeitimes.com/News/biz/archives/2019/08/31/2003721424","date":"2019-08-31","support":"Reuters (Taipei Times): only TOK, JSR and Shin-Etsu supply high-quality photoresists; Samsung tested others."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"jsr","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"fab-materials":{"alternatives":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/2026/02/26/news-chinas-chip-materials-drive-intensifies-as-photoresist-leader-red-avenue-seeks-hong-kong-ipo/","date":"2026-02-26","support":"TrendForce (26 Feb 2026): five suppliers hold about 85% of photoresists and only JSR, TOK and Shin-Etsu are said to have EUV resist mass production, leaving two EUV peers."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm","date":"2026-02-26","support":"Qnity, a resist and CMP rival, says its advanced materials are qualified into customers' roadmaps (10-K Item 1, p.7). No resist qualification duration found in primary sources; level 3 is a judgement and evidence is thin. Date is the 10-K filing date."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/02/26/news-chinas-chip-materials-drive-intensifies-as-photoresist-leader-red-avenue-seeks-hong-kong-ipo/","date":"2026-02-26","support":"The other EUV-capable resist makers are Japanese peers of similar scale; Chinese suppliers are under 1% of higher-end KrF and ArF."}]}}}}},"canon":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"canon","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"lithography":{"alternatives":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/937966/000162828026011377/asml-2025xannualxreportx.htm","date":"2026-02-25","support":"ASML annual report (risk factors): 'We compete primarily with Canon and Nikon in respect of DUV systems.'"},{"url":"https://global.canon/en/ir/conference/pdf/conf2025q3e-qa.pdf","date":"2025","support":"Canon 3Q 2025 analyst Q&A (dated only by title): competitors are only now announcing entry into back-end lithography."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://global.canon/en/ir/conference/pdf/conf2025q3e-qa.pdf","date":"2025","support":"Canon 3Q 2025 analyst Q&A (dated only by title): competitors are only now announcing entry into back-end lithography."},{"url":"https://www.nikon.com/company/news/2025/0716_01/","date":"2025-07-16","support":"Nikon opened orders for its first back-end packaging lithography tool (DSP-100), release scheduled fiscal 2026."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://global.canon/en/ir/conference/pdf/conf2025e-note.pdf","date":"2026-01-29","support":"Canon FY2025 results: 234 semiconductor litho units sold (188 i-line, 46 KrF); back-end tools set packaging standard."},{"url":"https://www.sec.gov/Archives/edgar/data/937966/000162828026011377/asml-2025xannualxreportx.htm","date":"2026-02-25","support":"ASML annual report: DUV system sales fell from 374 units in 2024 to 279 in 2025."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"canon","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"lithography":{"alternatives":{"level":3,"evidence":[{"url":"https://ourbrand.asml.com/m/8ab959d4926657b/original/asml-2025-annual-report-strategic-report-section.pdf","date":"2026-02","support":"ASML says Canon and Nikon each offer products that compete directly with its DUV systems (risk factors, PDF p.64), and ASML still sells KrF and i-line scanners (NXT:870B and i-line cost-effectiveness work, p.54). Date form: month only, from the PDF creation metadata (24 Feb 2026); the pages show only the year."},{"url":"https://www.trendforce.com/news/?p=51255","date":"2026-01-07","support":"SMEE's 600 series is in mass production at the 90nm node, a possible third source for i-line and KrF-class layers."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://ourbrand.asml.com/m/8ab959d4926657b/original/asml-2025-annual-report-strategic-report-section.pdf","date":"2026-02","support":"ASML continues to develop KrF and i-line scanners for the same layers (PDF p.54), so a replacement tool exists today. No source states a qualification time; level 2 reflects tool-for-tool replacement on established i-line and KrF processes. Evidence is thin. Date form: month only, from the PDF creation metadata (24 Feb 2026); the pages show only the year."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://ourbrand.asml.com/m/8ab959d4926657b/original/asml-2025-annual-report-strategic-report-section.pdf","date":"2026-02","support":"ASML's DUV system sales fell from 374 units in 2024 to 279 in 2025 (PDF p.54), which points to spare DUV capacity and a small gap for Canon's volume. Date form: month only, from the PDF creation metadata (24 Feb 2026); the pages show only the year."}]}}}}},"amec":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"amec","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"wafer-processing":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: etch competitors are Applied Materials, Hitachi and Tokyo Electron."},{"url":"https://asiatimes.com/2026/01/chinas-50-domestic-chips-tools-drive-lifts-stocks-faces-limits/","date":"2026-01-07","support":"Asia Times: Naura has a clear lead among Chinese toolmakers; AMEC sits in a strong second tier."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://asiatimes.com/2026/01/chinas-50-domestic-chips-tools-drive-lifts-stocks-faces-limits/","date":"2026-01-07","support":"Asia Times: fabs reportedly told at least half of newly installed equipment must be domestic."},{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: export restrictions advantage non-US rivals and raise competition from domestic equipment makers abroad."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://asiatimes.com/2026/01/chinas-50-domestic-chips-tools-drive-lifts-stocks-faces-limits/","date":"2026-01-07","support":"Asia Times: China localization about 50-60% in etch and clean, 20-30% thin film, 15-25% CMP."},{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm","date":"2025-08-11","support":"Lam 10-K: etch competitors are Applied Materials, Hitachi and Tokyo Electron."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"amec","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"wafer-processing":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","date":"2026-08-07","support":"Lam names Applied, Hitachi and TEL as primary etch competitors (Item 1, Competition, pp.10-11). Date is the 10-K filing date."},{"url":"https://www.trendforce.com/news/2026/02/02/news-three-chinese-chip-toolmakers-reportedly-enter-global-top-20-as-naura-rises-to-fifth-by-sales/","date":"2026-02-02","support":"TrendForce (2 Feb 2026) ranks NAURA fifth worldwide and says Chinese makers now cover etching, deposition and cleaning, so NAURA is a domestic alternative to AMEC."},{"url":"https://www.trendforce.com/news/2026/04/21/news-china-memory-expansion-lifts-domestic-equipment-suppliers-amec-wuhan-jingce-hwatsing-acm-in-focus/","date":"2026-04-21","support":"TrendForce (21 Apr 2026): AMEC etch systems gain traction in Chinese fabs; cumulative etch reactors shipped passed 6,800 by end-2025."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","date":"2026-08-07","support":"Lam says customers generally keep the supplier qualified for an application and node (pp.10-11) and that export controls and local-supplier incentives shape China sales (risk factors, pp.15, 20). No duration stated; evidence thin. Date is the 10-K filing date."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/02/02/news-three-chinese-chip-toolmakers-reportedly-enter-global-top-20-as-naura-rises-to-fifth-by-sales/","date":"2026-02-02","support":"TrendForce says Chinese makers now cover most major process steps and domestic tools are 20-30% of China's usage; foreign etch tools are more capable where permitted."}]}}}}},"tokyo-ohka-kogyo":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"tokyo-ohka-kogyo","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"fab-materials":{"alternatives":{"level":3,"evidence":[{"url":"https://www.taipeitimes.com/News/biz/archives/2019/08/31/2003721424","date":"2019-08-31","support":"Reuters (Taipei Times): only TOK, JSR and Shin-Etsu supply high-quality photoresists; Samsung tested others."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.taipeitimes.com/News/biz/archives/2019/08/31/2003721424","date":"2019-08-31","support":"Reuters (Taipei Times): Tokyo Ohka Kogyo says it takes up to two years to develop new resists."},{"url":"https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm","date":"2026-02-26","support":"Qnity 10-K: the company claims a leading CMP pad position at advanced nodes; materials are qualified into roadmaps."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.taipeitimes.com/News/biz/archives/2019/08/31/2003721424","date":"2019-08-31","support":"Reuters (Taipei Times): only TOK, JSR and Shin-Etsu supply high-quality photoresists; Samsung tested others."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"tokyo-ohka-kogyo","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"fab-materials":{"alternatives":{"level":3,"evidence":[{"url":"https://www.trendforce.com/news/2026/02/26/news-chinas-chip-materials-drive-intensifies-as-photoresist-leader-red-avenue-seeks-hong-kong-ipo/","date":"2026-02-26","support":"TrendForce (26 Feb 2026): JSR, TOK, DuPont, Shin-Etsu and Fujifilm hold about 85% of photoresists, and only JSR, TOK and Shin-Etsu are said to have EUV resist mass production."},{"url":"https://www.tok.co.jp/application/files/5417/7061/1184/q4_2512_en.pdf","date":"2026-02-09","support":"TOK says its aim is to gain the No.1 global share of cutting-edge photoresists (FY2025 results, 9 Feb 2026), so it is not yet the leader."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.tok.co.jp/application/files/5417/7061/1184/q4_2512_en.pdf","date":"2026-02-09","support":"TOK says it is building a new photoresist building at Koriyama for expected demand (9 Feb 2026), so supply is being added at the incumbents rather than from new entrants. Resist qualification durations not found; evidence thin."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.trendforce.com/news/2026/02/26/news-chinas-chip-materials-drive-intensifies-as-photoresist-leader-red-avenue-seeks-hong-kong-ipo/","date":"2026-02-26","support":"The alternative EUV suppliers (JSR, Shin-Etsu) are peers; Chinese makers are still in EUV R&D."}]}}}}},"ebara":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"ebara","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"wafer-processing":{"alternatives":{"level":2,"evidence":[{"url":"https://www.atlascopcogroup.com/en/media/press-releases/2022/20221102-new-york-factory","date":"2022-11-02","support":"Atlas Copco: Edwards' new US semiconductor dry pump factory, announced 2022, planned fully operational late 2024."},{"url":"https://asiatimes.com/2026/01/chinas-50-domestic-chips-tools-drive-lifts-stocks-faces-limits/","date":"2026-01-07","support":"Asia Times: China localization about 50-60% in etch and clean, 20-30% thin film, 15-25% CMP."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.atlascopcogroup.com/en/media/press-releases/2022/20221102-new-york-factory","date":"2022-11-02","support":"Atlas Copco: Edwards' new US semiconductor dry pump factory, announced 2022, planned fully operational late 2024."},{"url":"https://asiatimes.com/2026/01/chinas-50-domestic-chips-tools-drive-lifts-stocks-faces-limits/","date":"2026-01-07","support":"Asia Times: China localization about 50-60% in etch and clean, 20-30% thin film, 15-25% CMP."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.atlascopcogroup.com/content/dam/atlas-copco/group/documents/investors/financial-publications/english/20260127-quarterly-results-presentation-en-q4-2025.pdf.coredownload.inline.pdf","date":"undated","support":"Atlas Copco Q4 2025 deck (file dated 20260127): 2025 vacuum orders up on industrial and scientific customers."},{"url":"https://www.atlascopcogroup.com/en/media/press-releases/2022/20221102-new-york-factory","date":"2022-11-02","support":"Atlas Copco: Edwards' new US semiconductor dry pump factory, announced 2022, planned fully operational late 2024."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"ebara","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"wafer-processing":{"alternatives":{"level":3,"evidence":[{"url":"https://asia.nikkei.com/spotlight/the-big-story/us-china-tech-war-beijing-s-secret-chipmaking-champions","date":"2021-05-05","support":"Nikkei (5 May 2021) said Hwatsing was set to break Applied Materials' monopoly in CMP, with tools used by SMIC, Hua Hong and YMTC. Evidence is thin: no source I could open gives CMP shares; Ebara's own site refused access."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/707549/000070754926000037/lrcx-20260628.htm","date":"2026-08-07","support":"Lam says manufacturers make a substantial investment to qualify equipment and generally keep the supplier chosen for an application (pp.10-11); CMP tools are tied to slurry and pad processes. No duration stated; evidence thin. Date is the 10-K filing date."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://asia.nikkei.com/spotlight/the-big-story/us-china-tech-war-beijing-s-secret-chipmaking-champions","date":"2021-05-05","support":"Nikkei (5 May 2021) says Applied leads the world in CMP, so the main alternative is the larger incumbent; no source gives a capacity comparison."}]}}}}},"air-liquide":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"air-liquide","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"fab-materials":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm","date":"2026-02-25","support":"Linde 10-K: competitors include Air Liquide, Air Products, Messer and Taiyo Nippon Sanso."},{"url":"https://www.airliquide.com/group/press-releases-news/2025-07-24/air-liquide-invest-more-250-million-euros-support-semiconductor-industry-europe-reinforcing-its","date":"2025-07-24","support":"Air Liquide says this strengthens its position as the leading global supplier to the semiconductor industry."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.airliquide.com/group/press-releases-news/2025-07-24/air-liquide-invest-more-250-million-euros-support-semiconductor-industry-europe-reinforcing-its","date":"2025-07-24","support":"Air Liquide: Dresden fab contract for three air separation units signed 2025, operational in 2027."},{"url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm","date":"2026-02-25","support":"Linde 10-K: on-site supply contracts typically run 10 to 20 years as total-requirement contracts."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm","date":"2026-02-25","support":"Linde 10-K: competitors include Air Liquide, Air Products, Messer and Taiyo Nippon Sanso."},{"url":"https://www.airliquide.com/group/press-releases-news/2025-07-24/air-liquide-invest-more-250-million-euros-support-semiconductor-industry-europe-reinforcing-its","date":"2025-07-24","support":"Air Liquide: Dresden fab contract for three air separation units signed 2025, operational in 2027."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"air-liquide","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"fab-materials":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm","date":"2026-02-25","support":"Linde's 10-K names L'Air Liquide, Air Products, Messer and Taiyo Nippon Sanso as the main industrial-gas competitors (Item 1, Competition). Date is the signing date of the 10-K certifications."},{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"Entegris's 10-K (p.9) names Air Liquide's Electronics Advanced Materials division as a materials competitor. Date is the 10-K filing date."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm","date":"2026-02-25","support":"Linde says on-site gas contracts typically run 10-20 years (Item 1), so a supplier change on site needs new supply. Specialty gases switch faster; evidence thin on time. Date is the signing date of the 10-K certifications."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm","date":"2026-02-25","support":"Linde, Air Products, Messer and Taiyo Nippon Sanso supply the same gases at similar scale, so the gap is small (judgement). Date is the signing date of the 10-K certifications."}]}}}}},"entegris":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"entegris","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"fab-materials":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"Entegris 10-K lists notable competitors per segment; says no global rival matches its full range."},{"url":"https://www.sec.gov/Archives/edgar/data/2058873/000205887326000010/q-20251231.htm","date":"2026-02-26","support":"Qnity 10-K: the company claims a leading CMP pad position at advanced nodes; materials are qualified into roadmaps."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"Entegris 10-K: the company says switching away from its products 'may be costly and time-consuming'."},{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"Entegris 10-K: 'We lead the market for 300 millimeter FOUPs'; products specified into processes."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"Entegris 10-K lists notable competitors per segment; says no global rival matches its full range."},{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"Entegris 10-K: 'We lead the market for 300 millimeter FOUPs'; products specified into processes."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"entegris","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"fab-materials":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"Entegris's 10-K (Item 1, Competition, p.9) names Merck KGaA's EMD Performance Materials, Qnity, Air Liquide, Linde and Anji Microelectronics as competitors for its materials segment. Date is the 10-K filing date."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"Entegris says switching away from its products may be costly and time-consuming for customers and that new materials must outperform incumbents (Item 1, pp.4-5). No duration given; evidence thin. Date is the 10-K filing date."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"The named competitors are large chemical groups (Merck, Air Liquide, Linde) with overlapping CMP, clean, gas and deposition products, so the best alternative is a capable peer. Date is the 10-K filing date."}]}}}}},"globalwafers":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"globalwafers","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"silicon-wafers":{"alternatives":{"level":2,"evidence":[{"url":"https://semiengineering.com/more-silicon-wafer-consolidation","date":"2021-02-18","support":"SemiEngineering, citing GlobalWafers: Shin-Etsu 29.4%, SUMCO 21.9%, GlobalWafers 15.2%, Siltronic 11.5%, SK Siltron 11.4%."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://semiengineering.com/more-silicon-wafer-consolidation","date":"2021-02-18","support":"SemiEngineering, citing GlobalWafers: Shin-Etsu 29.4%, SUMCO 21.9%, GlobalWafers 15.2%, Siltronic 11.5%, SK Siltron 11.4%."},{"url":"https://www.kxii.com/2025/04/03/globalwafers-celebrates-its-first-shipment","date":"2025-04-02","support":"KXII: GlobalWafers' Texas plant made its first customer shipment in April 2025, after 2022 groundbreaking."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://semiengineering.com/more-silicon-wafer-consolidation","date":"2021-02-18","support":"SemiEngineering, citing GlobalWafers: Shin-Etsu 29.4%, SUMCO 21.9%, GlobalWafers 15.2%, Siltronic 11.5%, SK Siltron 11.4%."},{"url":"https://www.kxii.com/2025/04/03/globalwafers-celebrates-its-first-shipment","date":"2025-04-02","support":"KXII: GlobalWafers' Texas plant made its first customer shipment in April 2025, after 2022 groundbreaking."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"globalwafers","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"silicon-wafers":{"alternatives":{"level":2,"evidence":[{"url":"https://www.siltronic.com/fileadmin/investorrelations/2026/Q2/20260911_SiltronicInvestorPresentation.pdf","date":"2026-09","support":"Siltronic (Sept 2026 deck, slide 6) says about 75% of the market is served by the top 5 wafer makers, naming SK Siltron, Shin-Etsu, SUMCO and GlobalWafers, with Siltronic as the only western-based maker. Date form: month only (deck titled September 2026)."},{"url":"https://trendforce.com/news/?p=2039","date":"2023-08-14","support":"TrendForce (14 Aug 2023) names Shin-Etsu and SUMCO as leaders with 55-60% combined, with GlobalWafers, Siltronic, SK Siltron, Formosa Sumco and Wafer Works also supplying."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://trendforce.com/news/?p=2039","date":"2023-08-14","support":"TrendForce says standard long-term wafer contracts run 3 to 8 years (14 Aug 2023); GlobalWafers' smaller volume can be absorbed by four larger peers. No prime-wafer qualification time found; evidence thin."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.siltronic.com/fileadmin/investorrelations/2026/Q2/20260911_SiltronicInvestorPresentation.pdf","date":"2026-09","support":"Siltronic (Sept 2026, slide 6) lists SK Siltron, Shin-Etsu and SUMCO as larger or equal top-5 peers able to serve the same fabs. Date form: month only (deck titled September 2026)."}]}}}}},"linde":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"linde","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"fab-materials":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm","date":"2026-02-25","support":"Linde 10-K: competitors include Air Liquide, Air Products, Messer and Taiyo Nippon Sanso."},{"url":"https://www.airliquide.com/group/press-releases-news/2025-07-24/air-liquide-invest-more-250-million-euros-support-semiconductor-industry-europe-reinforcing-its","date":"2025-07-24","support":"Air Liquide says this strengthens its position as the leading global supplier to the semiconductor industry."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm","date":"2026-02-25","support":"Linde 10-K: on-site supply contracts typically run 10 to 20 years as total-requirement contracts."},{"url":"https://www.airliquide.com/group/press-releases-news/2025-07-24/air-liquide-invest-more-250-million-euros-support-semiconductor-industry-europe-reinforcing-its","date":"2025-07-24","support":"Air Liquide: Dresden fab contract for three air separation units signed 2025, operational in 2027."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm","date":"2026-02-25","support":"Linde 10-K: competitors include Air Liquide, Air Products, Messer and Taiyo Nippon Sanso."},{"url":"https://www.airliquide.com/group/press-releases-news/2025-07-24/air-liquide-invest-more-250-million-euros-support-semiconductor-industry-europe-reinforcing-its","date":"2025-07-24","support":"Air Liquide says this strengthens its position as the leading global supplier to the semiconductor industry."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"linde","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"fab-materials":{"alternatives":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm","date":"2026-02-25","support":"Linde's 10-K (Item 1, Competition) names Air Liquide, Air Products, Messer and Taiyo Nippon Sanso (Mitsubishi Chemical), plus many smaller independents. Date is the signing date of the 10-K certifications."},{"url":"https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm","date":"2026-02-11","support":"Entegris's 10-K (p.9) lists Linde and Air Liquide as competitors in electronic materials. Date is the 10-K filing date."}]},"switchingTime":{"level":3,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm","date":"2026-02-25","support":"Linde says on-site supply contracts typically run 10-20 years (Item 1, Industrial Gases Distribution), so changing an on-site gas supplier means building new supply. Specialty gases switch faster; evidence thin on time. Date is the signing date of the 10-K certifications."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828026011430/lin-20251231.htm","date":"2026-02-25","support":"Air Liquide, Air Products, Messer and Taiyo Nippon Sanso are large gas groups with comparable reach, so the best alternative is a peer where pipelines exist (judgement). Date is the signing date of the 10-K certifications."}]}}}}},"atlas-copco-vacuum-technique":{"a":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"atlas-copco-vacuum-technique","rater":"a","model":"claude-opus-5-5","ratedAt":"2026-10-22","functions":{"wafer-processing":{"alternatives":{"level":2,"evidence":[{"url":"https://www.atlascopcogroup.com/en/media/press-releases/2022/20221102-new-york-factory","date":"2022-11-02","support":"Atlas Copco: Edwards' new US semiconductor dry pump factory, announced 2022, planned fully operational late 2024."},{"url":"https://asiatimes.com/2026/01/chinas-50-domestic-chips-tools-drive-lifts-stocks-faces-limits/","date":"2026-01-07","support":"Asia Times: China localization about 50-60% in etch and clean, 20-30% thin film, 15-25% CMP."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.atlascopcogroup.com/en/media/press-releases/2022/20221102-new-york-factory","date":"2022-11-02","support":"Atlas Copco: Edwards' new US semiconductor dry pump factory, announced 2022, planned fully operational late 2024."},{"url":"https://www.atlascopcogroup.com/content/dam/atlas-copco/group/documents/investors/financial-publications/english/20260127-quarterly-results-presentation-en-q4-2025.pdf.coredownload.inline.pdf","date":"undated","support":"Atlas Copco Q4 2025 deck (file dated 20260127): 2025 vacuum orders up on industrial and scientific customers."}]},"capabilityGap":{"level":2,"evidence":[{"url":"https://www.atlascopcogroup.com/content/dam/atlas-copco/group/documents/investors/financial-publications/english/20260127-quarterly-results-presentation-en-q4-2025.pdf.coredownload.inline.pdf","date":"undated","support":"Atlas Copco Q4 2025 deck (file dated 20260127): 2025 vacuum orders up on industrial and scientific customers."},{"url":"https://www.atlascopcogroup.com/en/media/press-releases/2022/20221102-new-york-factory","date":"2022-11-02","support":"Atlas Copco: Edwards' new US semiconductor dry pump factory, announced 2022, planned fully operational late 2024."}]}}}},"b":{"schema":"5lc-index-rating/1","key":"chips-tools","entityId":"atlas-copco-vacuum-technique","rater":"b","model":"claude-sonnet-5-5","ratedAt":"2026-10-22","functions":{"wafer-processing":{"alternatives":{"level":2,"evidence":[{"url":"https://www.atlascopcogroup.com/content/dam/atlas-copco/group/documents/investors/financial-publications/english/20251126-capital-markets-day-2025-vacuum-technique.pdf.coredownload.pdf","date":"2025-11","support":"The company says it is the market leader in semiconductor vacuum and abatement (Capital Markets Day, slide 9). Evidence on rival pump makers is thin: no source I could open names or sizes them. Date form: month only (Capital Markets Day, November 2025)."},{"url":"https://asia.nikkei.com/business/tech/semiconductors/japan-s-ebara-to-raise-chip-plant-pump-output-in-china-and-south-korea","date":"2025-10-17","support":"Nikkei Asia's headline of 17 Oct 2025 says Ebara will raise chip-plant pump output in China and South Korea, showing another pump maker adding capacity."}]},"switchingTime":{"level":2,"evidence":[{"url":"https://www.atlascopcogroup.com/content/dam/atlas-copco/group/documents/investors/financial-publications/english/20251126-capital-markets-day-2025-vacuum-technique.pdf.coredownload.pdf","date":"2025-11","support":"The company says wafers spend 2-3 months in the fab through hundreds of vacuum steps (slide 10); pumps and abatement are specified per process tool. No qualification time is stated; level 2 is a judgement. Evidence thin. Date form: month only (Capital Markets Day, November 2025)."}]},"capabilityGap":{"level":3,"evidence":[{"url":"https://www.atlascopcogroup.com/content/dam/atlas-copco/group/documents/investors/financial-publications/english/20251126-capital-markets-day-2025-vacuum-technique.pdf.coredownload.pdf","date":"2025-11","support":"As self-described market leader (slide 9) its volume exceeds any single rival's output, so replacement needs capacity additions; no quantified comparison found. Date form: month only (Capital Markets Day, November 2025)."}]}}}}},"ims-nanofabrication":{},"nuflare-technology":{}},"validation":[{"id":"chips-tools-asml-euv-sole-supplier","key":"chips-tools","entityId":"asml","description":"Throughout the AI build-out (2023 to date), ASML has been the world's only manufacturer of EUV lithography systems. Leading-edge (5 nm-class and below) logic, the node family used for current AI accelerators, is not mass-produced without EUV, so ASML is a sole-supplier choke point.","sources":[{"url":"https://www.sec.gov/Archives/edgar/data/937966/000093796625000011/a2024annualreportbasedon.htm","title":"ASML Annual Report 2024 (IFRS), furnished on Form 6-K","publisher":"ASML Holding N.V. / U.S. SEC","publishedDate":"2025-03-05","accessedDate":"2026-10-22","tier":"T1","locator":"Our products and services > Extreme ultraviolet (EUV) lithography systems: 'ASML is currently the world's only manufacturer of EUV lithography systems.' 'They are used for the most intricate, critical layers on the most advanced microchips.'"},{"url":"https://www.csis.org/analysis/chip-race-china-gives-huawei-steering-wheel-huaweis-new-smartphone-and-future","title":"In Chip Race, China Gives Huawei the Steering Wheel: Huawei's New Smartphone and the Future of Semiconductor Export Controls","publisher":"Center for Strategic and International Studies (Gregory C. Allen)","publishedDate":"2023-10-06","accessedDate":"2026-10-22","tier":"T4","locator":"'the sole supplier of complete EUV lithography machines is a Dutch company, ASML'; 'No major international chipmaker has ever engaged in mass production of 5 nm chips without using EUV lithography machines.'"}]}]}