Besi Raises Long-Term Financial Targets on Growing AI Chip Demand

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BE Semiconductor Industries (Besi) has raised its long-term revenue and operating margin targets ahead of its investor day, citing strong demand from AI chipmakers adopting its advanced hybrid bonding technology. The Dutch company specializes in the world’s most precise hybrid bonding tools, a key technology for stacking multiple chips directly on top of each other to boost performance.

At the event, Besi’s Senior Vice President Technology Chris Scanlan highlighted that major AI chip designers Nvidia and Broadcom are looking to utilize Taiwan Semiconductor Manufacturing Co’s (TSMC) hybrid bonding process, which could increase demand for Besi’s equipment. Additionally, Intel and AMD are expanding their use of hybrid bonding technology.

Besi now projects long-term revenues between €1.5 billion and €1.9 billion ($1.73 billion to $2.19 billion), up from a previous forecast of €1 billion, and expects operating margins of 40% to 55%, an increase from 35% to 50%. Shares rose 8.4% during the trading day, outperforming the Netherlands’ AEX index.

As traditional performance gains from shrinking chip features approach physical limits, the industry is shifting towards advanced packaging methods like hybrid bonding to create faster, more powerful chips. Limits on reticule exposure in ASML’s lithography machines have also pushed chipmakers to combine multiple chips by stitching or stacking. For example, TSMC recently demonstrated a large package containing over 16 chips stitched together.

While Besi and its investors are optimistic about the company’s position as a key supplier to cutting-edge chipmakers, some analysts expressed caution. Degroof Petercam noted that Besi’s raised targets come despite the company not yet reaching its earlier goals. So far this year, Besi shares have declined by 3.2%.

Second Italian Journalist Targeted with Paragon Spyware, Citizen Lab Reports

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Citizen Lab, an internet watchdog group, has revealed that a second Italian journalist was targeted by Paragon spyware, escalating concerns over a surveillance scandal involving the Italian government and the U.S.-owned spyware company. The new report disclosed that Ciro Pellegrino, an investigative journalist at Fanpage, had his iPhone infected with Paragon’s sophisticated spyware.

Pellegrino joins Francesco Cancellato, Fanpage’s editor-in-chief, who earlier confirmed he was targeted by Paragon technology following WhatsApp alerts in January. Fanpage has been critical of Prime Minister Giorgia Meloni’s government, notably exposing links between the ruling party’s youth wing and neo-Nazi activities, which has intensified controversy after allegations of surveillance on its journalists surfaced.

The Italian government and Paragon recently announced an end to their collaboration but gave conflicting accounts over who initiated the split. Paragon stated it had offered Italian officials tools to verify if its spyware was used against Cancellato, but these offers were reportedly declined. Italian authorities have not commented on the Citizen Lab findings.

Pellegrino described the spyware discovery as “horrible,” emphasizing that his phone holds deeply personal and professional data, including journalistic sources. This revelation casts doubt on the thoroughness of a recent Italian parliamentary investigation, which confirmed Paragon’s spyware use by Italian intelligence against migrant rescue activists but found no evidence of targeting Fanpage journalists.

Human rights advocate Natalia Krapiva of Access Now called for a reevaluation of the investigation, stating the new findings seriously question its adequacy. Opposition Democratic Party spokesperson Sandro Ruotolo demanded the parliamentary panel reopen its probe, seeking answers on why two journalists were surveilled.

Citizen Lab also disclosed that an unnamed European journalist was targeted with Paragon spyware but provided no further details. The parliamentary panel has reserved the right for further investigations but has not commented on the recent report.

Meta and TikTok Challenge EU Tech Supervisory Fees at General Court

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Meta Platforms and TikTok have taken their dispute over the European Union’s supervisory fees to the EU General Court, the bloc’s second highest judicial authority. Both companies argue that the fees imposed under the 2022 Digital Services Act (DSA) are disproportionate and based on flawed calculations.

The DSA requires large online platforms, including Meta, TikTok, and 16 other firms, to pay an annual supervisory fee of 0.05% of their global net income. This fee is intended to cover the European Commission’s costs for monitoring compliance with the law. The fee’s size depends on each company’s average monthly active users and their profit or loss status in the previous year.

Meta questioned the methodology used by the Commission, saying it unfairly applied group-level revenue rather than that of the subsidiary. Meta’s lawyer, Assimakis Komninos, criticized the fee’s calculation as opaque and inconsistent with the DSA’s principles, describing it as a “black box” that led to “implausible and absurd results.”

TikTok, owned by ByteDance, echoed these concerns. TikTok’s lawyer Bill Batchelor accused the Commission of inflating fees through double-counting users who access the platform on multiple devices and argued that the fee exceeded legal limits by referencing group profits rather than individual entities.

The European Commission defended its approach. Commission lawyer Lorna Armati said using consolidated group profits was justified, as the group’s total financial resources are available to pay the fee. She also rejected claims of insufficient transparency or unfair treatment.

The court is expected to deliver its ruling on these cases, Meta Platforms Ireland v Commission and TikTok Technology v Commission, next year.