BRKR: Does The Semi Opportunity Change The Game?

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BRKR: Does The Semi Opportunity Change The Game?

e. Better algorithms also improve speed, giving producers an efficiency advantage per wafer. However, that same

KOL went on to say KLAC's hardware is worse than both BRKR and Rigaku.

• White Light Interferometry (WLI):

BRKR was described as having very few alternatives, if any, that compete at the same scale in WLI. However, it remains a relatively •

niche area of optical metrology, meaning there are faster optical alternatives from larger vendors that retain most of the in-line

share, even if those methods sacrifice some resolution as compared to WLI. The broader theme within WLI among the KOLs we

spoke to is that fabs are willing to utilize faster and cheaper in-line options for surface checks to avoid efficiency reductions. In our

checks, those options coming up the most were provided by KLAC. Until WLI can achieve faster speeds, it won't command in-line

share. If it does, KOLs believed the market could double or triple what it is today.

• Automated Atomic Force Microscopy (AFM):

Similar to x-ray metrology largely being a two-player space, our checks indicated AFM is dominated by BRKR and Park Systems •

(KOSDAQ: 140860). BRKR has an overall size & resource advantage (with Park being a pure-play AFM company), but Park

Systems appears to have a slight edge on technology and reputation after some key wins at TSMC and Samsung, per our KOLs.

For technology, our KOLs pointed out the non-contact mode utilized by Park Systems as the most differentiated. Because AFM as a •

process was originally developed to touch the product, there's concern from manufacturers about scratching or damage that could

impact yields from contact modes. The less AFM touches the material or the less force the probe requires for a measurement,