Teradyne reports tonight. Even if you don’t own $TER, tonight’s call is one of the best read-throughs for $ATEYY. They dominate semiconductor test equipment, but Japan usually gets Advantest before the company speaks. Advantest reports Wednesday in Japan, and the HBM test chain has been pointing one way: TSMC’s record Q2, Disco’s beat, and TER’s last quarter with AI at ~70% of revenue and memory test still accelerating. So I’m listening for one thing tonight: Does memory test still sound capacity constrained, or is it starting to soften? A step down in memory test or AI mix back below ~65% would be an early crack. If not, it’s another data point that the Advantest setup remains intact before Japan opens.
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