Teradyne (TER)

Automated test equipment (ATE) + industrial robotics (Universal Robots)

AI exposure 61% — derived from reported segment revenue, not asserted.

Where it sits

Silicon Layer → Semiconductor Equipment · figures rebased to Q2 2026, reported 2026-07-28

Automated test equipment for SoC + memory chips (AI/HBM test growth) leads 2 businesses in this sub-tier that together are 92% of revenue, so Semiconductor Equipment is effectively the whole company rather than one leg of it. The rest is tagged separately: Robotics & Autonomous Systems at 8%.

Also tagged: emerging in Frontier & Emerging Bets → Robotics & Autonomous Systems.

Reported segments

• Semiconductor Test — 84% of revenue
• Product Test (system + wireless) — 8% of revenue
• Robotics — 8% of revenue

Teradyne (Q2 2026: $1.329B qtr, +104% YoY) — test & automation, now reported as Semiconductor Test / Product Test / Robotics. Semiconductor Test ~84% (record memory/HBM + SoC ATE = primary B1 Equipment). Product Test ~8% (system/storage test + LitePoint wireless). Robotics ~8% (Universal Robots cobots + MiR AMRs = kept B7 Robotics tag). The AI/memory-test boom has concentrated the mix sharply toward Semi Test (was ~62% FY2025). Supplies chipmakers; competes Advantest (not in map).

How the 61% is built

• Semiconductor Test — 84% of revenue × 70% AI-driven (disclosed). Mgmt Q2 2026: Semi Test $1.122B = SOC $843M + Memory $212M + integrated system test $67M, with compute (AI accelerators, CPUs, networking) at 70% of SOC revenue and up ~600% YoY, and Memory setting a third straight record above $200M on HBM/DRAM plus a NAND final-test resurgence (book-to-bill >2) — those disclosed…
• Product Test (system + wireless) — 8% of revenue × 15% AI-driven (estimate). Production board test picks up some AI-server board content, but defense/aerospace and LitePoint wireless device test are not AI-driven; Teradyne gives no AI split for this segment
• Robotics — 8% of revenue × 10% AI-driven (estimate). First-ever $100M quarter (+33% YoY) with some cobot/AMR pull from electronics and AI-factory buildouts, but Universal Robots/MiR remain broad industrial automation; no disclosed AI-linked share

Investment read

Moat. ATE duopoly with Advantest — test programs are written against a vendor's platform, so incumbency at a customer persists across nodes — plus the Universal Robots/MiR cobot arm. Test intensity compounds with chip complexity: HBM die require materially more test time than standard DRAM.

Bottleneck / pricing power. Duopoly pricing power showing in the numbers: gross margin 59.8% (above guide) and non-GAAP operating margin 33.7% on revenue up 104% YoY, with memory test capacity now a genuine constraint. Advantest still leads the hottest sockets — merchant GPU and HBM — which caps how much of the cycle Teradyne captures.

Role in the AI stack. The test layer (ATE) + a cobot/automation arm.

Connected companies

• Taiwan Semiconductor (TSM) — TER supplies: ATE test systems
• Amkor Technology (AMKR) — TER supplies: automated test equipment used in Amkor test lines
• NVIDIA (NVDA) — TER supplies: automated test equipment for NVDA AI chips/HBM
• Symbotic (SYM) — TER competes with: Teradyne sells cobot/AMR components (UR, MiR); Symbotic sells complete warehouse systems — adjacent automation tiers, not direct substitutes
• Analog Devices (ADI) — TER is supplied by: analog/signal-chain components for Teradyne test systems
• Ultra Clean Holdings (UCTT) — TER is supplied by: Qualified subsystems/components supplier to Teradyne test-equipment systems (WFE customer)
• Emerson Electric (EMR) — TER competes with: Named as a core rival in TER's value chain: Competes in modular instrumentation and automated test platforms [National Instruments (NI, now part of Emerson)]
• Samsung Electronics (SSNLF) — TER supplies: Named as a customer in TER's value chain: Purchases TER ATE systems for wafer-level and final test
• Skyworks Solutions (SWKS) — TER supplies: Named as a customer in Teradyne's value chain: Teradyne ATE tests RF front-end chips in production

Others in Semiconductor Equipment

• ASML Holding (ASML)
• Lam Research (LRCX)
• Applied Materials (AMAT)
• KLA Corporation (KLAC)
• Onto Innovation (ONTO)
• Ultra Clean Holdings (UCTT)
• Entegris (ENTG)

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