Las 10 principales acciones de equipos de semiconductores para apoyo a la fabricación (septiembre 2026)

Los semiconductores son el nuevo petróleo

Nearly every electronic device these days utilizes a semiconductor. From washing machines to cars to computers and phones, virtually every manufactured device or machine contains a chip or an electronic board of some sort.

Esto convierte a los semiconductores en uno de los suministros más importantes de la economía moderna. Y en una preocupación estratégica para las grandes potencias. El mercado de semiconductores creció en sucesivas olas, impulsado primero por las computadoras, luego por Internet, después por la Nube y ahora por la IA y el IoT (Internet de las Cosas).

Fuente: Applied Materials

Es una industria con una fuerte concentración, con unas pocas empresas controlando la mayor parte de la producción. También es un proceso de fabricación extremadamente complejo, y cada compañía suele especializarse solo en algunos pasos de la producción de semiconductores.

Empresas como TSMC o Intel (INTC ) son más conocidas y llaman la atención cuando se trata de invertir en semiconductores. Pero otro segmento son los proveedores de máquinas y equipos para estos gigantes industriales. Dependen de proveedores especializados, capaces de ofrecer el mejor y más fiable equipamiento para producir chips y otros semiconductores a gran escala.

Una industria atractiva

Because semiconductor manufacturing is such an exact science, chip producers will want only the best tool available. And because it is such a complex endeavor, this can only be achieved by a handful of very specialized suppliers.

Esto otorga a estos proveedores un gran poder de precios y un fuerte foso económico. Empresas como TSMC se mantendrán con sus proveedores actuales o arriesgarán interrumpir sus operaciones.

También crea una rueda de impulso positiva donde las ventas existentes alimentan I+D y más experiencia interna, lo que a su vez garantiza que cualquier posible nuevo competidor tendría dificultades para lograr los mismos resultados técnicos. E incluso entonces, resultados similares no serían suficientes para que los fabricantes de chips se arriesguen a cambiar sus protocolos.

Así, con los semiconductores convirtiéndose en un activo estratégico, puede tener sentido invertir en proveedores de equipos, ya que se beneficiarán del crecimiento de las fundiciones de chips, sin importar qué fabricante de chips (SMIC, TSMC, Nvidia , Intel, etc.) sea el que finalmente se beneficie más de la demanda de semiconductores.

Fuente: Tech Insights

Las 10 principales acciones de equipos de semiconductores para apoyo a la fabricación

1. ASML Holding N.V.

ASML Gráfico de precios

The world’s largest semiconductor equipment supplier by market cap, ASML is also the leader in the field, with a quasi-monopoly on a key technology called EUV lithography (Extreme UltraViolet). It is the successor to previous technology, also sold by ASML, the DUV lithography (Deep UltraViolet).

Fuente: ASML

La litografía es el proceso mediante el cual el “nodo” de un procesador se graba en una oblea de silicio, convirtiéndose en un chip de computadora. Cuanto más avanzado es el chip, más pequeño es el nodo y más complejo el proceso de litografía. La miniaturización continua del nodo y la mejora de la litografía son lo que ha permitido que las computadoras se vuelvan más potentes año tras año.

La EUV permite nodos ultra‑pequeños, de hasta 7 nm, e incluso 5 nm y 3 nm. Estos niveles de nodo avanzados suelen considerarse necesarios para aplicaciones como IA, aprendizaje automático, 5G, AR/VR y servicios avanzados en la nube.

La EUV está actualmente en el centro de las tensiones y guerras comerciales entre China y EE. UU. En el verano de 2022, EE. UU. prohibió la exportación de máquinas EUV a China. Esto fue seguido por los esfuerzos de Huawei para desarrollar sus propias soluciones EUV, con una patente depositada en diciembre de 2022.

Al tener un monopolio de facto de la EUV fuera de China, ASML es un fabricante de equipos de chips muy destacado, una posición acentuada por la presión estadounidense para restringir la exportación de la tecnología a su principal rival. Como resultado, ASML es un proveedor crucial para todos los fabricantes de chips que buscan construir los chips más avanzados.

Más de la mitad de los ingresos de ASML provienen de la tecnología EUV, y la mayor parte de sus ventas se dirigen a Taiwán y Corea del Sur, lo cual no sorprende considerando que son los dos líderes en la fabricación de chips. Las ventas a China han caído drásticamente tras las sanciones y ya no representan un mercado importante para ASML.

Fuente: ASML

La compañía ha incrementado sus ganancias por acción en un 18 % de CAGR desde 2010, gracias al aumento de márgenes, ingresos y la creciente demanda general de chips.

Esta situación hace que las perspectivas de la empresa sean excelentes, pero también justifica un precio de acción muy alto si se mide por el ratio P/E o el precio respecto al flujo de caja libre.

Por lo tanto, los inversores en ASML querrán juzgar si el precio actual es justo, considerando la calidad de la compañía, o si pueden obtener otras oportunidades en el sector a un precio más bajo.

2. Applied Materials, Inc.

AMAT Gráfico de precios

Where ASML specializes in lithography, Applied Materials provides a myriad of products supporting the manufacturing of semiconductors. Most will be hard to fully understand for non-engineers, like “Metal and oxide barrier films,” “Color shifting and holographic films,” or “In-chamber patterned metal layers.

Fuente: Applied Materials

This makes it a central supplier to “virtually anybody that makes a microchip.” It also makes its business model very stable, with more than 60% of revenues coming from subscriptions like equipment automatic renewal, maintenance services, consumable sales, etc. On average, these contracts last 2.6 years and are renewed in more than 90% of cases.

This led the company to register 15 consecutive quarters of year-to-year growth at the end of 2022.

The company has steadily grown its dividend distribution, even if the quicker stock price rise has lowered the dividend yield. The company also repurchased around a quarter of its outstanding shares since 2012.

Fuente: Applied Materials

This makes Applied Material a good stock to stand as a proxy of the semiconductor industry as a whole, with its sales closely following the overall capex spending and manufacturing activities of chip makers, so investors might want to consider buying Applied stock as an alternative to semiconductor ETFs.

3. Lam Research Corporation

LRCX Gráfico de precios

After the production of the actual computer chip, it needs to be “packaged.” It allows the connection of the chip to the other components and protects it from getting damaged.

Another key semiconductor component is memory, which allows the storage of data calculated by the chip.

Both memory and packaging are at the core of Lam Research’s (LRCX ) business.

The company is making a quarter of its revenues from China and more than half from Korea, Japan, and Taiwan.

Fuente: LAM Research

Even more than chips, memory tends to be a highly volatile market, with prices potentially fluctuating by more than 34% quarter-to-quarter, as it did in Q4 2022. This can make LAM Research stock equally volatile in the short term.

In the longer term, the company’s memory business is steadily growing with the global demand for computing power, and its packaging solutions are used in most chips manufactured, whether they go into a car, a dishwasher, or a top-performing data center for training AIs.

This can make LAM Research another good proxy for the semiconductor industry as a whole, with a stronger exposure to the Chinese market than most. Occasional periods of volatility in prices on semiconductor commodities like memory can be used by investors to buy at cheaper entry points, considering the high cyclicality of the sector.

4. KLA Corporation

KLAC Gráfico de precios

When producing chips and other semiconductors, it is crucial to have the highest quality possible. One metric is yield, representing how many functional chips are made per silicon wafer.

KLA products are there to measure accurately every step of the manufacturing process, detect any problems, and offer solutions on how to solve them.

Fuente: KLA

This makes KLA an important partner of semiconductor producers for keeping costs low and production efficient.

KLA revenues are highly tied to China (30%) and overall Asia, especially Taiwan (21%) and Korea (18%).

Fuente: KLA

The company has steadily grown its free cash flow, almost tripling it since 2019. The dividend has also grown by 15% CAGR since 2006

Because KLA machines are usually bought when new semiconductor foundry production lines are created, the company is especially sensible to the industry’s capex cycle. Demand has softened after the shortage of chips during the pandemic, and there is some price pressure in the short term, reducing the chip maker’s plans for new factories in the short term.

In a longer time frame, the plan is to open foundries out of Asia, notably several tens of billions of dollars for chip factories in the US and Europe to “de-risk” production from a possible conflict between China and Taiwan.

So, as long as the USA-China conflict does not escalate out of control, KLA could be one of the prime beneficiaries of the build-up of extra foundry capacity. So, investors in this stock will want to keep a close eye on the industry investment plans.

5. Tokyo Electron Limited

Similarly to other equipment suppliers in the industry, Tokyo Electron has established a strong presence in a few specific steps of the manufacturing process. Most notably, it controls almost 100% of the market of “coaters” for EUV lithography. This makes this segment directly correlated to the push of TSMC and other top chip makers to use EUV for 7nm nodes and smaller ones.

The company has the largest cumulated installed base of equipment for semiconductor manufacturing globally, with 88,000 machines installed.

The company is also highly dependent on the Chinese market, which is expected to represent 39.3% of its sales in Q1 2024, with most of the rest of its sales done in Asia.

Fuente: Tokyo Electron

Like most Japanese companies, Tokyo Electron stock has relatively under-performed its peers in the last decade. This was due to a stagnant domestic stock market since the crash in the late 1980s and an economy struggling to escape deflationary pressure.

This is a risk but also an opportunity. It means the company is priced cheaper than its competitors when measured by P/E, dividend yield, or price to free cash flow.

It also seems that the macroeconomic situation of Japan is changing, with the last year marked by the return of inflation and GDP growth, both potentially forcing a change of image for Japanese stocks.

This makes Tokyo Electron a good pick for value investors looking for exposure to the semiconductor industry but unwilling to pay the all-too-common high valuations for stocks in this sector.

6. Teradyne, Inc.

TER Gráfico de precios

When semiconductors are finished, they need to be tested to be sure that the chip or memory bar will actually perform as expected. Teradyne provides the equipment to perform these tests. More than half of the world’s semiconductors are tested using Teradyne machines.

Teradyne reaches beyond the chip-making industry and into automotive, robotic, and telecommunication (wireless antenna, WiFi, etc.), even if semiconductors represent the bulk of Teradyne’s revenues. The company expects robotics to be a strong growth driver in the coming years and for it to grow from the current 13% of total sales to 19% by 2026.

The company’s low dividend yield does not reflect the money returned to shareholders, with the large majority of returns to shareholders in the form of share buybacks.

Fuente: Teradyne

Teradyne’s semiconductor activity is expected to follow the industry’s growth thanks to its dominant position in the testing market. But its exposure to other sectors allows it to target stronger growth, counting on the expanding telecom and robotic markets, with drones and EVs another potential profit center.

This makes Teradyne a good pick for investors looking for exposure to both the semiconductor and the automation industry and interested in a strong growth profile.

7. Entegris, Inc.

ENTG Gráfico de precios

Entegris produces high-purity specialty chemicals for various sectors, including semiconductors, life sciences, and diverse industries (aerospace, glass, chemicals, water treatment).

More advanced chips need more material and chemicals than previous generations and are less tolerant of impurities. This means that Entegris benefits not only from the growing chip and semiconductor production but also from a growing demand for the production of each individual item.

The same can be said for life science products. For example, oligonucleotides,  cell cultures, and small molecules are increasingly useful in new therapies for rare diseases or cancer. And life-saving therapies are required by the FDA to respond to the highest quality standards.

The company revenues are roughly split in half between semiconductor production and the other sectors.

The company has a history of growth through acquisition, making it a serial acquirer and gathering a wide array of specialty technology into one company. This benefits both parties, as the acquired company can access Entegris’s sales network and discover new opportunities by merging its technology or manufacturing capacities with other branches of Entegris.

Entegris has a larger growth potential than most suppliers to semiconductor producers thanks to its exposure to multiple industries, including high-growth sectors like life science and aerospace. It also has the potential to expand into new sectors, thanks to an excellent track record of acquisitions and integration of other companies into Entegris.

This makes Entegris a good stock pick for investors looking for long-term growth, good capital allocation, and open-ended expansion beyond semiconductors and into other highly innovative sectors.

8. Photronics, Inc.

PLAB Gráfico de precios

Photronics produces photomasks, an important component of the semiconductor industry. They are used during the lithography to direct the engraving and the pattern that will turn the silicon wafer into a chip. Photomasks are also used to produce flat panel displays, used in screens for TV, smartphones, etc…

In Q2 2023, semiconductor applications represented $167M of revenues for Photronics and flat panel displays $62M.

The photomask market is expected to grow slowly, at a rate of 2.5% CAGR until 2026. This is partially due to the fact that more advanced chips do not necessarily require more photomask while delivering more computing power.

To some extent, Photronic’s current valuation reflects the low growth expectation, with a P/E around 11-12.

Still, the company is a key supplier of the semiconductor industry and a dominant player in its market niche. So, it can be argued that such a high-quality company would deserve a larger valuation premium. The potential for growing demand for high-quality screens (e.g., in EVs) and TV from the emerging middle class in the developing world might not be fully priced in either.

So Photronics might be more of a fit for investors looking for a “safe” play in semiconductors, with a stable niche market dominated by one company and with some potential for growth or a repricing that might not be fully appreciated by the market.

9. SPEL Semiconductor Limited

Spel is India’s leading semiconductor assembling and testing provider. 60% of the company is held by Natronix, a privately held company headquartered in Singapore.

India has been looking to develop its semiconductor industry as a matter of national economic development and has given it a lot of political attention. This comes after a lot of attention has been given to Micron and Foxconn’s intention to build chip manufacturing facilities in India and a push for national champions to produce chips domestically.

In the background, the growing tensions between China and the US and the threat of a Taiwan invasion make India a tempting alternative for “de-risking” a strategic supply chain.

With India’s growing economy looking to climb up the supply chain and grow its industry, SPEL could be a good opportunity to capitalize on the evolution of globalization.

However, investors will need to be cautious, as the stock has already increased more than 10-fold since its lows in early 2020. So, some optimism about semiconductor manufacturing in India might already be priced in.

10. Aehr Test Systems

AEHR Gráfico de precios

Aehr is a semiconductor company with a specialization in silicon carbide. More precisely, the company is producing equipment for testing the silicon carbide wafers. This gives it a presence in the EV automotive sector and smartphones, computer chips, and photonics/telecommunication.

Silicon carbide is a type of silicon compound used for high-energy electric systems. They notably allow for very high power loads required for the fast charging of EVs.

Fuente: Aehr

This makes Aehr a very niche and technical company and a crucial component of the supply chain and “on the way to becoming the industry standard for a critical manufacturing step for silicon carbide power semiconductors.”

Aehr is also actively developing new markets, notably the Gallium Nitride burn-in market, used in high-power applications like photovoltaic inverters.

This gives Aehr a very diversified customer base, looking like the who’s-who of the semiconductor industry, including TSMC, Texas Instruments (TXN ), Seagate, and Bosch.

By occupying a small and important niche (silicon carbide testing) inside another niche in the EV supply chain (silicon carbide power electronics), Aehr is well positioned to benefit from the growth in EV production volume, irrespective of the latest battery technology, car model or change in charging plugs standards.

The downside to this unique position is that markets seem already well aware of it, with the stock price having skyrocketed 20x since marzo de 2021.

So, investors must carefully assess what growth is already priced in. And the potential of new markets, like Gallium Nitride testing, to utilize Aehr’s unique technology for new applications.