ASM International

Strategic positioning in the age of angstrom scaling

Summary

To clear up any misunderstandings right away: no, this is not about lithography king ASML, but rather its former parent company. ASM International N.V. (ASM) is a structurally critical supplier to the global semiconductor industry whose business model is based on mastering complex deposition processes – primarily atomic layer deposition (ALD) and epitaxy. The company generates revenue through the sale of highly specialised wafer processing equipment to leading semiconductor manufacturers (foundries and IDMs) and through a growing, high-margin service business. Economically, ASM is characterised by an exceptionally robust balance sheet with high net liquidity, operating margins of over 26–30% and a gross margin of over 50%, reflecting the high value added by its intellectual property.

The strategic advantages lie in a dominant market position in the ALD segment with a market share of over 55%, a deep technological moat through extensive patent portfolios, and a direct correlation to the secular growth drivers of the industry: the miniaturization of transistors (gate-all-around at 2nm and below) and new memory architectures (high-bandwidth memory, 3D DRAM). Risks arise primarily from the high customer concentration on a few key players such as TSMC, Intel, and Samsung, geopolitical tensions, in particular export restrictions on China, and the inherent cyclicality of capital expenditure (CapEx) in the semiconductor sector.

1. What they sell and who buys it

ASM International operates at the center of the semiconductor manufacturing value chain, specifically in the area of front-end wafer fab equipment (WFE). The product portfolio is not focused on breadth, but rather on extreme technological depth in specific deposition processes that are essential for the manufacture of state-of-the-art logic and memory chips.

The technological product portfolio

ASM's core offering can be divided into four primary technology platforms, with atomic layer deposition (ALD) forming the undisputed centerpiece. These technologies enable chip manufacturers to deposit materials on silicon wafers with atomic precision, which is critical for ongoing miniaturization (Moore's Law).

Atomic Layer Deposition (ALD): The dominance machine

ALD is a process in which chemical precursors are fed into a reaction chamber one after the other to deposit material layer by layer—often only one atom thick—onto a substrate. Unlike conventional chemical vapor deposition (CVD), which is a continuous process, ALD is a self-limiting process. This guarantees perfect layer thickness control and, more importantly, 100 percent conformity. This means that the layer thickness on the vertical walls of a deep trench is exactly the same as on the horizontal surfaces.

ASM offers two main variants here:

1. Thermal ALD: Uses thermal energy for the surface reaction. Platforms such as Synergis dominate here.
2. Plasma Enhanced ALD (PEALD): Uses plasma to enable reactions at lower temperatures, which is crucial for temperature-sensitive materials. The Eagle XP8 platform is the industry standard here.

The relevance of this technology is growing exponentially with the complexity of chip architectures. With 3D NAND memories and the new Gate-All-Around (GAA) transistors being introduced at 2nm nodes, ALD is often the only physically possible method for depositing critical dielectrics and metal gates in nanoscopic structures. ASM holds a global market share of over 55% in this segment, which amounts to a de facto oligopoly with a tendency toward monopoly in certain high-performance applications.

Epitaxy (Epi): The Growth Challenge

Epitaxy refers to the growth of a crystalline layer on a crystalline substrate, whereby the lattice structure is continued. This is crucial for the creation of electrical channels in transistors (e.g., silicon-germanium for PMOS channels) and for the creation of mechanical stress in the lattice to increase electron mobility.

ASM has aggressively expanded its market share in this segment with products such as the Intrepid series (Intrepid ES, Intrepid ESA) and the Epsilon 2000 series. While Applied Materials has historically been the market leader, ASM has increased its share from approximately 12% in 2020 to the mid-20% range in 2024. ASM is gaining significant ground, particularly in the area of “advanced CMOS epitaxy,” i.e., for the most advanced logic nodes.

Vertical furnaces and PECVD

In addition, ASM offers vertical furnaces (e.g., A400 DUO) for thermal processes such as oxidation and diffusion, as well as low-pressure CVD (LPCVD). Although this is considered a more mature market, it plays an important role in the manufacture of power electronics, sensors, and analog chips. ASM also offers specialized PECVD (Plasma Enhanced Chemical Vapor Deposition) solutions, which are often used in integrated process flows.

Silicon carbide (SiC) epitaxy

With the acquisition of LPE in 2022, ASM has expanded its portfolio to include epitaxy equipment for silicon carbide. SiC is a key material for power electronics in electric vehicles (EVs) because it tolerates higher voltages and temperatures than silicon. This strategically positions ASM in the rapidly growing market of automotive electrification.

The customer base: An exclusive elite

The buyers of ASM technology represent the absolute pinnacle of global technology infrastructure. Due to the extreme cost and complexity of cutting-edge semiconductor manufacturing, the customer base is concentrated among a few dominant players.

The revenue distribution and customer structure can be characterized as follows:

Logic/Foundry as the main driver:

The lion's share of sales comes from the logic/foundry segment. TSMC, as the world's largest foundry, is of central importance here. TSMC's aggressive expansion toward 2nm (N2) and A16 requires a massive scaling of ALD capacities, from which ASM benefits disproportionately. Intel is also a critical customer, especially as the company attempts to regain technological leadership with the 18A process (1.8nm). Intel recently honored ASM with the “EPIC Outstanding Supplier Award,” underscoring the close integration in development.

Geographic dynamics:

Historically, Asia has been the most important sales market, with Taiwan (TSMC) and South Korea (Samsung, SK Hynix) dominating. In 2023 and 2024, China played a special role: massive investments in “mature node” capacities (older technologies >28nm) drove sales there, in some cases to over 40% of total sales. However, ASM expects this China boom to subside and normalize, with the focus shifting back to the “leading edge” locations in Taiwan, Korea, and the US (Intel and TSMC Arizona fabs promoted by the CHIPS Act).

2. How they earn money

ASM International's revenue model has a dual structure and is based on the initial sale of capital goods (equipment) and a downstream, recurring revenue stream from services and spare parts.

Equipment sales (system sales) – The cyclical growth engine

The sale of machines generates the majority of sales (approx. 80–85%).

Monetization: A single ALD or Epi tool costs several million euros, depending on the configuration. Revenue is usually only recognized when the customer gives final approval (“sign-off”) at the factory. This can lead to a time lag between order receipt (booking) and revenue recognition (billing).

Technology nodes as drivers: ASM earns particularly well when customers introduce new technology nodes (node transitions). Each jump to a smaller structure width (e.g., from 5nm to 3nm to 2nm) requires not only more machines (volume), but also more complex machines (price/mix). ASM estimates that the addressable market (SAM) per wafer start will grow by $450–500 million solely due to the transition from 2nm to 1.4nm.

Process integrity: Since ASM often sells proprietary processes, hardware and process chemistry are closely linked. The sale of a machine is often the beginning of a long-term source of revenue.

Spares & Services – The stabilizing factor

This segment is growing steadily and accounts for a significant portion of gross profit. In fiscal year 2024, currency-adjusted sales in this area rose by 29%.

• Spare parts: ALD and Epi processes are chemically aggressive and often take place at high temperatures or in plasma environments. This leads to wear and tear on chamber components, valves, and sensors, which must be replaced regularly. Since these parts are critical to the process, customers often purchase original parts (OEM) from ASM to minimize the risk of yield loss.
• Outcome-Based Services: ASM is increasingly transforming its service business from a reactive “break-fix” model (repair in case of failure) to proactive, outcome-based contracts. In these models, the customer does not pay for the technician's working hours, but for guaranteed performance parameters such as machine availability (uptime), wafer output, or process yield.
• This model massively increases customer loyalty (stickiness).
• It enables ASM to realize efficiency gains through data analysis and predictive maintenance, increase margins, and at the same time offer added value to the customer.
• Sustainability aspects such as parts cleaning and reconditioning are increasingly being integrated into these contracts, which reduces the total cost of ownership (TCO) for the customer.

The combination of technologically indispensable hardware and service models that are deeply integrated into customers' operational processes creates a revenue base that, although subject to the cycles of the semiconductor industry, is structurally growing in the long term.

3. Quality of revenue

The quality of ASM International's revenue is above average, characterized by high predictability, deep customer loyalty, and structural tailwinds. Nevertheless, there are cyclical and concentration-related limitations.

Stickiness and the Process of Record (POR)

In semiconductor manufacturing, the principle of “never change a running system” is law. Once an ASM tool has been qualified for a specific process step (e.g., deposition of high-k dielectric in the gate of a 3nm transistor) and established as the “process of record” (POR), it is extremely risky and costly for the customer to change suppliers.

• A change would require requalification, which can take months and cost millions, with the simultaneous risk of a complete production shutdown.
• This gives the revenue from the installed base enormous stability. As long as the factory is running and this chip is being produced, revenue from spare parts and service continues to flow.
• Since ALD layers are often the most critical layers for transistor performance, the hurdle for switching is particularly high here, higher than for less critical cleaning steps, for example.

Order backlog and visibility

ASM has a solid order backlog, which offers investors good visibility for the coming quarters. At the end of the third quarter of 2025, the backlog stood at €1.13 billion. ¹⁹ Although this represents a decline compared to previous quarters (due to normalization after the post-COVID shortage), it still covers more than one quarter of revenue.

Book-to-bill ratio as a leading indicator:

The quality of future revenue is often measured by the book-to-bill ratio (order intake divided by revenue).

• In Q3 2025, this ratio was 0.8. A value below 1.0 means that the company is processing orders faster than new ones are coming in.
• This indicates short-term market weakness or a “digestion phase” among customers, especially after the massive capacity expansions of 2023/2024.
• From an analytical perspective, however, this is often a cyclical phenomenon. Given the upcoming ramp-ups for 2nm technologies (TSMC N2, Intel 18A), this ratio is expected to stabilize or turn positive again in the coming 12–18 months.

Diversification vs. concentration

Positive: Service revenue (approx. 15-20%) is non-cyclical and highly profitable, which dampens the volatility of equipment revenue.

Negative: The massive dependence on TSMC, Intel, and Samsung means that a CapEx cut by just one of these giants (e.g., Intel's cost-cutting measures in 2024/2025) has a direct impact on ASM's top line. In addition, the high share of sales from China (mature nodes) was of lower quality, as it is politically risky and not based on sustainable technological excellence (leading edge). However, ASM has transparently communicated that this share will decline, which will improve the quality of the remaining sales mix in the long term.

4. Cost structure

ASM's cost structure reflects the profile of a technology company whose value creation lies primarily in intellectual property (IP) and engineering, rather than in physical mass production.

High gross margins signal pricing power

The gross margin is the most important indicator of the value of the technology. ASM consistently achieves gross margins of over 50% (Q3 2025: 51.9%, FY 2024: 50.5%).

• These margins are significantly higher than those of a pure machine manufacturer and are on par with the best software or pharmaceutical companies.
• They confirm that customers are willing to pay a significant premium for the performance of ASM tools. Material costs (bill of materials) account for only about half of the sales price; the rest is value added through design and process expertise.
• The recent increase in margins is driven by a favorable product mix (more high-end ALD tools, strong business in China) and high capacity utilization in the service organization.

Operating expenses (OPEX): Focus on innovation

The cost structure below the gross margin is dominated by two blocks: Research & Development (R&D) and Sales & Administration (SG&A).

Research & Development (R&D):

This is the company's life insurance. In order to defend its technological leadership in ALD and attack in Epi, ASM must invest heavily.

• The R&D ratio (R&D as % of sales) is typically in the range of 10–13%. In Q3 2025, net R&D expenditure was approximately €99 million (implied from the report).
• This expenditure is largely fixed and personnel-intensive (highly specialized physicists, chemists, engineers). It cannot simply be cut during downturns without jeopardizing long-term competitiveness.

Sales, general and administrative (SG&A):

ASM demonstrates a high level of cost discipline in this area.

• Despite sales growth, the company has managed to keep its SG&A ratio stable or even reduce it. In H1 2025, SG&A costs fell in absolute terms to €151 million compared to €163 million in the previous year.
• This demonstrates strong operating leverage: every additional euro of sales contributes disproportionately to operating profit, as the fixed cost base grows more slowly.

Result: This structure leads to an impressive operating margin (EBIT) of approximately 26–31%, with the goal of further increasing this to >30% by 2030.

5. Capital intensity

ASM International operates according to an asset-light model, which enables a high degree of flexibility and return on invested capital (ROIC).

Manufacturing strategy

Unlike its customers, who have to pour billions into concrete and clean rooms, ASM outsources much of its manufacturing and pre-assembly to specialized partners or uses flexible manufacturing locations (e.g., in Singapore and South Korea).

• The company focuses on final assembly, testing, and software installation—the steps with the highest added value and the greatest need for confidentiality.
• This model makes the cost base variable: in times of weak demand, costs for suppliers automatically fall without ASM having to bear massive idle costs for its own factories.

Capital expenditure (CapEx)

Capital intensity is very low relative to revenue.

• CapEx in Q3 2025 was €38 million, which is less than 5% of revenue.
• Investments are primarily directed toward strategic infrastructure, not production capacity per se. Examples include the new R&D center in Scottsdale, Arizona (to be close to Intel) and the expansion of the innovation center in Dongtan, South Korea (for Samsung and SK Hynix).
• These investments serve to shorten the time-to-market for new technologies and deepen collaboration with customers (“co-creation”).

Working capital management

Efficient management of net working capital is crucial, as ASM has to pre-finance expensive components.

• In Q3 2025, working capital was reduced to €330 million (from €401 million in Q2), signaling improved inventory control and faster receivables management.
• Nevertheless, inventory levels remain strategically high in order to maintain delivery capacity in times of geopolitical uncertainty and fragile supply chains.

Analytical conclusion: The combination of high margins and low capital intensity makes ASM a “cash conversion machine.” A large portion of profits is directly converted into free cash flow, which is available for shareholder returns.

6. Growth drivers

ASM's growth is directly linked to the physical limits of chip manufacturing. The more difficult it becomes to miniaturize transistors, the more ASM technology is needed. Three primary megatrends are driving the business.

1. Gate-All-Around (GAA) and the Angstrom Era

The transition from FinFET architecture (used up to 3nm) to Gate-All-Around (GAA) nanosheet architecture (from 2nm/18A) is the strongest growth driver in the company's history.

• Problem: FinFETs “leak” power when they become too small. GAA solves this by enclosing the channel on all four sides.
• Solution: ALD is essential for depositing material under and around tiny nanosheets. PVD or CVD no longer work here (shadow effects).
• Market potential: ASM forecasts that the addressable market (SAM) will grow by $450–500 million per 100k wafer starts solely due to the transition from 2nm to 1.4nm. ASM is positioned as the “tool of record” for the critical GAA steps at TSMC, Samsung, and Intel.

2. High-bandwidth memory (HBM) and 3D DRAM

Artificial intelligence (AI) requires memory with extreme bandwidth. HBM (high-bandwidth memory) is the standard here.

• HBM: Consists of stacked DRAM chips connected by thousands of vertical connections (through-silicon vias, TSVs). ASM supplies special ALD liners for these TSVs as well as materials for the micro bumps.
• 3D DRAM: In the long term, DRAM (like NAND before it) will also move into the third dimension (4F² cells). This will multiply the surface area per chip and massively increase the demand for highly conformal ALD coatings for capacitors. ASM sees SAM growth of USD 400–450 million here.

3. Market share gains in epitaxy

While the ALD market is growing with the market, ASM is growing faster than the market in epitaxy by displacing competitors.

• Market share in leading-edge epitaxy (critical for transistor performance) has doubled from 2020 to 2024 (to ~25%).
• With the introduction of GAA, complex epitaxy steps (source/drain epi) are becoming even more important for managing channel stress. ASM is leveraging its strong position in ALD to cross-sell epi (“Synergis” and “Intrepid” in tandem).

4. Advanced Packaging

As chips become not only smaller but also more modular (“chiplets”), advanced packaging is gaining in importance. ASM is addressing this market with technologies for hybrid bonding and TSV deposition, opening up a new SAM of up to USD 11.5 billion by 2030.

7. Competitive advantages (moat)

ASM International has a wide and deep economic moat that protects the company from competition and ensures above-average returns.

Technological monopoly in ALD

ASM is the undisputed market leader in the single-wafer ALD market with a share of over 55%.

• Patent fortress: The company holds the strongest patent portfolio in terms of quality and quantity in the ALD sector. Independent analyses (LexisNexis PatentSight) show that ASM's patents are cited more frequently and have greater technological relevance than those of much larger competitors such as Applied Materials or Tokyo Electron.
• First-mover advantage: ASM was the first to focus on ALD (back in the 1990s). This knowledge, accumulated over decades, is difficult to catch up with.

Process chemistry as a differentiating factor

One often overlooked advantage is chemistry. ASM not only supplies the machine, but also often develops the specific precursors (precursor chemicals) in collaboration with chemical companies and customers.

• The precise coordination of gas flow, temperature, plasma power, and chemical reactivity is a “black box” that competitors find difficult to reverse engineer.
• In the Eagle XP8 platform (PEALD), the unique reactor design enables plasma density and uniformity that competing products cannot achieve, which is critical for defect-free layers at 2nm.

High switching costs

As explained in section 3, the switching costs for customers are extremely high.

• Once an ASM tool is qualified for a critical layer (e.g., gate oxide), it is almost impossible to replace it. The risk for the customer of losing yield is unacceptable.
• This gives ASM strong pricing power for contract renewals and services.

8. Industry structure and position

The semiconductor equipment industry (WFE) is a global oligopoly.

Competitive landscape

ASM primarily competes with three giants:

1. Applied Materials (AMAT): The “supermarket” of the industry. Market leader in almost everything except lithography and – crucially – single-wafer ALD. AMAT is aggressively trying to penetrate ALD (acquisition of Picosun, development of the Olympia platform), but lags behind ASM in terms of technology for the most critical layers.
2. Tokyo Electron (TEL): Strong Japanese competitor, especially in batch furnaces and some deposition processes. TEL is present in ALD, but has lower market shares in the high-end segment.
3. Lam Research (LRCX): Dominant in etching and deposition (CVD/ECD), less direct competition in ALD, but overlaps exist.

Positioning of ASM:

ASM is the specialist in a world of generalists.

• While AMAT and TEL try to offer everything, ASM focuses almost exclusively on deposition (ALD, Epi, furnaces).
• This focus allows for a higher speed of innovation in the niche. ASM invests a higher percentage of its revenue in R&D for deposition than its competitors.

Consolidation and barriers

The industry is extremely consolidated. New market entrants have an extremely difficult time because the technological hurdles are enormous.

• Chinese competitors such as Naura and Piotech are trying to catch up with government assistance. They are gaining market share in the “mature node” segment in China, but are still years behind in terms of “leading edge” (2nm, high-NA) technology. Due to geopolitical risks, they are not an option for Western customers (Intel, TSMC).

9. Unit economics and key KPIs

The economic indicators at the unit level illustrate the attractiveness of the business model.

Service margin: Although not reported separately, service margins (especially for outcome-based contracts) are typically accretive to the operating margin, as they do not require R&D and are scalable.

10. Capital allocation and balance sheet

ASM has a “fortress balance sheet” that makes the company immune to interest rate risks and guarantees strategic freedom of action.

Balance sheet strength

• Net cash: The company is debt-free and had cash reserves of just under €1.1 billion at the end of Q3 2025.
• ASMPT stake: ASM holds a stake of approximately 25% in ASM Pacific Technology (Hong Kong). This stake has grown historically and is classified as a financial investment.
• Value: The stake represents a significant “hidden reserve.” The valuation fluctuates with the market (in Q3 2025, there was a €181 million write-up due to the rise in ASMPT's share price).
• Strategy: Investors have long been calling for a sale or spin-off to unlock value. ASM uses this investment as a strategic option and source of dividends, but has reduced its stake in the past.

Capital allocation policy

ASM follows a clear hierarchy:

1. Organic growth (R&D & CapEx): Absolute priority. Financing of the new R&D center in Arizona and expansion in Korea.
2. Sustainable dividend: ASM pays a steadily increasing dividend. €3.00 per share was distributed for 2024.
3. Share buybacks: Surplus cash is systematically returned. A €150 million program was completed in July 2025. This also serves to offset dilution from employee stock options.
4. M&A: Selective acquisitions (such as Reno Sub-Systems or LPE) to close technological gaps, but no transformative “mega-mergers” that could jeopardize the culture.

11. Risks and sources of error

Despite its strong positioning, the risk profile should not be neglected.

1. Geopolitics: The China factor

This is the most acute risk.

• Situation: The US and the Netherlands have imposed export restrictions on advanced lithography and deposition tools to China.
• Impact: ASM has benefited massively from Chinese investment in “mature nodes” (not sanctioned) over the past two years. However, this revenue stream is politically fragile. Should the US tighten the definition of “advanced node” or China scale back its investments (“digestion phase”), ASM could suffer significant revenue losses. ASM is already forecasting a decline in China revenues in H2 2025.

2. Customer concentration and “air pockets”

• Dependency: With TSMC, Samsung, and Intel accounting for 80% of the high-end market, ASM is dependent on their CapEx cycles.
• Intel risk: Should Intel's 18A strategy fail and Intel continue to lose market share or cut CapEx, this will hit ASM hard, as ASM is closely integrated into Intel's roadmap.
• Delays: If the ramp of 2nm at TSMC is delayed (technical problems, yield issues), a revenue gap (“air pocket”) will arise in which orders are not placed.

3. Technological disruption

• Although ALD is currently the winner, disruptive technologies (e.g., SAMs – self-assembled monolayers or novel PVD processes) could attack in niche areas.
• The introduction of High-NA EUV by ASML could theoretically reduce the number of multi-patterning steps required (which use ALD) (“patterning simplification”). However, ASM argues that the complexity of 3D structures more than compensates for this effect.

4. Currency risks

ASM reports in euros but invoices much of its business in US dollars. Currency fluctuations affect reported results, although ASM uses hedges.

12. Valuation and expected return profile

ASM International is a high-quality compounder stock, which is reflected in its valuation.

Valuation multiples

The stock typically trades at a premium to the broader sector (except ASML).

• P/E ratio: Forward P/E multiples are often in the range of 30x to 40x. Current estimates for 2026 are around 36x. This implies that the market expects sustained double-digit growth.
• EV/EBITDA: Historically between 20x and 30x. In 2024, it was around 31x.

Expected returns

Investors are paying today for tomorrow's growth (2026/2027).

• Revenue growth: ASM is targeting a CAGR of >12% through 2030 (revenue >€5.7 billion). This is significantly above the expected market growth for WFE (approx. 6-7%).
• Earnings growth: EPS growth should be around 15% p.a. due to margin expansion and share buybacks.
• Total shareholder return (TSR): With a dividend yield of <1%, the majority of the return comes from price gains.

Attractiveness: At the current price, a lot of optimism regarding the 2nm ramp is priced in. The stock is expensive for value investors. However, for growth investors who believe in the AI supercycle, ASM will be a “must-own” as there are few alternatives with comparable exposure to ALD/GAA. A setback due to weak Chinese figures could be seen as an opportunity to buy the dip.

13. Catalysts and time horizon

Investment case over the next 12 to 36 months:

Short term (Q4 2025 figures pending): Transition and volatility

• Catalyst: Completion of the “digestion phase” among customers. Observation of the book-to-bill ratio. If it rises above 1.0 again, this signals the start of the new cycle.
• Risk: Further news about US export controls or weakness in China business could weigh on the share price.

Medium term (2026–2027): The GAA boom

Catalyst: Start of high-volume manufacturing (HVM) of 2nm chips at TSMC and 18A at Intel. This is the “holy grail” for ASM. Once these fabs ramp up, massive orders for Synergis and XP8 tools are expected.

• Catalyst: Expansion of HBM4 production capacities and new DRAM technologies.

Long term (until 2030):

• Target: Achieve sales of €5.7 billion.
• Technology: Establish ASM in advanced packaging and new materials (molybdenum, ruthenium).

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18. ASM International NV (ASMIY) Q2 2025 Earnings Call Transcript | Seeking Alpha, Zugriff am Januar 16, 2026, https://seekingalpha.com/article/4803626-asm-international-nv-asmiy-q2-2025-earnings-call-transcript
19. ASM reports third quarter 2025 results, Zugriff am Januar 16, 2026, https://www.asm.com/media/3ukhabzj/20251028-asm-reports-q3-2025-results.pdf
20. ASM reports second quarter 2025 results, Zugriff am Januar 16, 2026, https://www.asm.com/media/ugshildq/20250722-asm-reports-q2-results.pdf
21. Statutory Interim Report 2025 text - ASM, Zugriff am Januar 16, 2026, https://www.asm.com/media/tn0lmwew/statutory-interim-report-2025-text.pdf
22. ASM hosts Investor Day, increases 2025 revenue targets and provides guidance for 2027, Zugriff am Januar 16, 2026, https://www.asm.com/press-releases/asm-hosts-investor-day-increases-2025-revenue-targets-and-provides-guidance-for-2027-2749152
23. ASM 3Q25 investor presentation, Zugriff am Januar 16, 2026, https://www.asm.com/media/3gem1woe/q325_investor_presentation.pdf
24. Atomic Layer Deposition – Thin Layers Are a Big Thing | - LexisNexis IP, Zugriff am Januar 16, 2026, https://www.lexisnexisip.com/resources/atomic-layer-deposition-thin-layers-are-a-big-thing/
25. Annual Report 2023 text - ASM, Zugriff am Januar 16, 2026, https://www.asm.com/media/gqomltrc/asm-annual-report-2023-cto-interview.pdf
26. ALD Equipment Companies - ASM International N.V. (Netherlands) and Tokyo Electron Limited. (Japan) are the Key Players - MarketsandMarkets, Zugriff am Januar 16, 2026, https://www.marketsandmarkets.com/ResearchInsight/atomic-layer-deposition-ald-equipment-market.asp
27. Atomic Layer Deposition Market Size to Hit USD 10.71 Billion by 2035, Zugriff am Januar 16, 2026, https://www.precedenceresearch.com/atomic-layer-deposition-market
28. Dividends & share buybacks - ASM, Zugriff am Januar 16, 2026, https://www.asm.com/investors/dividends-share-buybacks
29. Is Intel Keeping a (Wonderful) Secret From the Market Regarding Its 18A Node? - Nasdaq, Zugriff am Januar 16, 2026, https://www.nasdaq.com/articles/intel-keeping-wonderful-secret-market-regarding-its-18a-node
30. Intel's pivotal 18A process is making steady progress, but still lags behind — yields only set to reach industry standard levels in 2027 | Tom's Hardware, Zugriff am Januar 16, 2026, https://www.tomshardware.com/pc-components/cpus/intels-pivotal-18a-process-is-making-steady-progress-but-still-lags-behind-yields-only-set-to-reach-industry-standard-levels-in-2027
31. ASM International NV (ASMIY) Earnings Estimates, Revenue Estimates | Seeking Alpha, Zugriff am Januar 16, 2026, https://seekingalpha.com/symbol/ASMIY/earnings/estimates
32. EV / EBITDA For ASM International L (0NX3) - Finbox, Zugriff am Januar 16, 2026, https://finbox.com/LSE:0NX3/explorer/ev_to_ebitda_ltm/
33. 2 nm Chip Ramp: TSMC Starts Volume Production - eeNews Europe, Zugriff am Januar 16, 2026, https://www.eenewseurope.com/en/2nm-chip-ramp-tsmc-volume-production/
34. [News] TSMC Flags Significantly Higher CapEx Over Next 3 Years; Arizona 4th Fab, Packaging Site in Works - TrendForce, Zugriff am Januar 16, 2026, https://www.trendforce.com/news/2026/01/15/news-tsmc-flags-significantly-higher-CapEx-over-next-3-years-arizona-4th-fab-packaging-site-in-works/