- BESI.AS fell from €320 to roughly €146; the author calls the stock attractive at 22.5x projected 2027 earnings.
- HBM5 adoption may slip to 2029, but 16–20 DRAM stacks could require hybrid bonding; memory makers would need to order tools in 2027–28.
- The author views ASML competition fears as overstated: BESI has 21 customers, scaled production and completed qualifications, while its CEO says the companies collaborate.
- Logic is already adopting hybrid bonding, and Q3 2026 order intake reached €342.6m versus €298m expected. AMAT’s 9% stake and potential CPO or buyout interest add optionality.
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