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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%.

Trump Administration Renegotiates Biden-Era Chips Act Grants, Says Commerce Secretary Lutnick

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The Trump administration is actively renegotiating semiconductor manufacturing grants originally awarded under the Biden-era CHIPS and Science Act, according to U.S. Commerce Secretary Howard Lutnick. Speaking before the Senate Appropriations Committee on Wednesday, Lutnick indicated that some of these awards may be significantly altered or even cancelled as part of efforts to secure better terms for U.S. taxpayers.

“Some of the Biden-era grants just seemed overly generous, and we’ve been able to renegotiate them,” Lutnick told lawmakers, emphasizing that the renegotiations aim to deliver greater value to the American public. “All the deals are getting better, and the only deals that are not getting done are deals that should have never been done in the first place.”

$52.7 Billion CHIPS Act Under Review

The $52.7 billion CHIPS and Science Act, signed by President Biden in 2022, was designed to bolster domestic semiconductor manufacturing and reduce reliance on Asia, particularly Taiwan and South Korea. Under the program, billions of dollars in grants were awarded to both U.S. and foreign chipmakers, including Taiwan’s TSMC, South Korea’s Samsung and SK Hynix, as well as U.S.-based Intel and Micron.

Though many of these awards were signed before Biden left office, most of the funds have yet to be fully disbursed. The grant payments are generally structured to be released as companies meet specific production and investment milestones tied to their U.S. plant expansions.

TSMC Award Revised Amid Expanding U.S. Investment

Lutnick cited Taiwan Semiconductor Manufacturing Co. (TSMC) as an example of successful renegotiation. Under the original agreement, TSMC was awarded $6 billion to support its U.S. manufacturing expansion. Lutnick revealed that TSMC subsequently increased its planned investment from $65 billion to $165 billion, while still receiving the same $6 billion in federal funds.

Although TSMC confirmed in March that it would invest an additional $100 billion in the U.S., the company has not commented on whether the new investment was directly tied to renegotiated CHIPS Act terms.

White House Seeking Delays and New Terms

The renegotiation efforts are not new. In February, Reuters reported that the White House was already seeking to renegotiate several awards and delay some upcoming disbursements to ensure better returns on government spending.

Lutnick’s comments suggest that the Trump administration intends to continue scrutinizing past agreements to maximize taxpayer value and may block deals it deems wasteful or excessive.

AI Computing Capacity Also a Focus

During the hearing, Lutnick also addressed concerns about the global race for artificial intelligence computing capacity. He emphasized the administration’s commitment to ensuring that over 50% of global AI compute power remains based in the United States. This statement comes amid criticism of a Trump administration deal allowing the United Arab Emirates to purchase advanced American AI chips, raising fears about exporting critical technology.

Google and TSMC Ink Multi-Year Agreement to Produce Tensor Processors for Upcoming Pixel Devices: Report

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Google is gearing up to launch its Pixel 10 series later this year, featuring the next-generation Tensor G5 chipset. This new SoC is reportedly being developed in close collaboration with Taiwan Semiconductor Manufacturing Company (TSMC), continuing the strong partnership between the two firms. According to recent reports from China, Google intends to maintain this collaboration for several years, potentially through the Pixel 14 series, which could arrive as late as 2029.

The long-term partnership between Google and TSMC reflects a deepening relationship with Taiwan’s semiconductor industry. Sources indicate that Google executives recently visited TSMC’s headquarters in Taiwan to discuss expanding their cooperation. The discussions reportedly confirmed a multi-year agreement, ensuring that TSMC will remain the primary manufacturer for Google’s custom Tensor chips well into the future, at least for the next three to five years.

Beyond smartphones, Google’s collaboration with Taiwanese technology firms is expected to grow into other areas, including cloud-based TPU chips, integrated circuit (IC) design, server technology, and advanced liquid cooling solutions. The Pixel 10 series, expected to debut in late 2025, will showcase the first Tensor G5 chip made on TSMC’s advanced 3nm manufacturing process. The lineup is rumored to consist of four models: the Pixel 10, Pixel 10 Pro, Pixel 10 Pro XL, and Pixel 10 Pro Fold.

Leaks suggest that the Tensor G5 will bring significant improvements over its predecessor, the Tensor G4. Enhancements may include an always-on compute (AoC) audio processor, Google’s Emerald Hill memory co-processor, a custom DSP called Google GXP, and an EdgeTPU for AI acceleration. The chip is expected to use Arm Cortex CPU cores and feature a GPU designed by Imagination Technologies DXT, promising better performance and efficiency for Google’s upcoming flagship devices.