In early October, a piece of capital-market news drew attention. Citing concerns that might enter the hybrid bonding equipment market, along with delayed demand for HBM-related equipment, Bank of America downgraded the rating of Dutch packaging equipment maker Besi on October 6. Its shares fell 5.39% that day. The next day, UBS cut its rating further, and Besi dropped another 8.49%, for a cumulative decline of about 13.4% in just two trading days. In fact, ASML already delivered its TWINSCAN XT:260 lithography system for advanced packaging in 2025, and this year reports emerged that it is developing hybrid bonding equipment, extending further beyond its traditional lithography business.
Meanwhile, Applied Materials and Lam Research are also accelerating their moves. In the first week of October alone, Applied Materials announced deeper collaborations with both Besi and Intel, with R&D spanning hybrid bonding, TCB, chip-to-panel and Foveros 3D packaging. Lam Research, building on its etch, deposition and copper electroplating technologies, continues to expand its equipment portfolio in TSV and 3D interconnect. In March this year, Reuters reported that both Lam Research and Applied Materials had shown interest in acquiring Besi.
