ASML’s chip packaging move threatens Besi shares, Bank of America says
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Bank of America has cut BE Semiconductor Industries to neutral and nearly halved its price target, citing the threat of ASML (get the details) (read more here) entering hybrid bonding — a market Besi is expected to dominate in 2028.
October 6, 2026 - 3:35 pm
ASML air freight containers in Tainan, May 2025
Credit: 4300streetcar
Bank of America’s Analysis:
The bank notes that the share price does not reflect the potential impact of ASML entering hybrid bonding, a technology Besi's machines are designed for. ASML has publicly expressed interest in exploring this area.
“The threat is ‘not reflected in the stock and could remain an overhang’ until ASML’s plans are clearer…”
Market Impact:
Besi shares fell as much as 6.4% on Tuesday. The company's performance was the worst in the Stoxx 600 during the previous quarter. While Besi has received approaches from two American rivals, including one holding a 9% stake since last year, it maintains its commitment to independence.
Hybrid Bonding:
This technology joins two chip surfaces directly, enhancing heat dissipation. It's the core of Besi’s investment strategy, with projections for shipping over 2,000 tools by 2030 under optimistic conditions. Bernstein expects three out of every four hybrid bonders shipped in 2028 to be from Besi.
Competitive Landscape:
Besi faces not only ASML but also Lam Research and Applied Materials, both known competitors who have shown interest in acquiring the company. The Dutch government's investment screening law could pose a significant hurdle to any potential bid.
By Cristian Dina
CRO at The Next Web
Dina has interviewed 300+ industry leaders and authored the book "King of Networking," establishing himself as one of the most connected and respected voices in the tech ecosystem.