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ASM International

Portfolio Rebalance: Capturing the Next Phase of AI Infrastructure Buildout (Pt.2)
Portfolio

Portfolio Rebalance: Capturing the Next Phase of AI Infrastructure Buildout (Pt.2)

Part 2 of the rebalance deepens the focus on power electronics for 800V DC architectures, sharpens photonics conviction around hybrid bonding and space optics, and refines the neocloud and software allocations toward the highest-asymmetry names in the AI value chain.
31 min read 21 Jul 2026
Notes: ASM and the Rising Complexity of Chips & Why ALD Matters More Than Ever
ASM International
9 min read 08 Feb 2026

Notes: ASM and the Rising Complexity of Chips & Why ALD Matters More Than Ever

Summary * Semiconductor scaling is shifting from lithography alone to materials precision and 3D architectures, structurally increasing ALD intensity where ASM is strongest. * The transition to GAA, backside power delivery, and 2nm-class nodes creates a multi-year growth cycle driven by process complexity rather than wafer volume. * AI-driven demand

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