BESI falls on worries over potential delays to hybrid bonding adoption
** Shares in BE Semiconductor Industries BESI.AS (BESI) fall 5.6% after media report Joint Electron Device Engineering Council (JEDEC) lowered certain chip standards, which might delay investments into hybrid bonding technology
** ZDNET reports JEDEC companies agreed to relax the package thickness standard of 12- and 16-layer DRAM stacked HBM4 chips to 775 micrometers, which is thicker than the previous gen's 720 micrometers
** JEDEC is an international semiconductor standardization organization and BESI's customers such as Samsung 005930.KS and SK Hynix 000660.KS are its members
** "If true, older assembly equipment can be reused and significant hybrid bonding investment is not required. This would imply that hybrid bonding adoption in DRAM is at least pushed out well beyond 2025," ING's Marc Hesselink says
** The delay "does not impact the long-term opportunity of hybrid bonding, but it would imply that for now hybrid bonding would remain geared to advanced logic," he adds
** BESI was not immediately available for comment
** In its last earnings call, it said it expected orders to pick up from H2 2024, thanks in part to orders from South Korea, driven by hybrid bonding
** "No adoption (of hybrid bonding) at HMB4 likely means we are talking beyond '25 and a negative for BESI," a trader adds
** "An actual correction in the stock, I'll concede, would require the company to actually dampen expectations," the trader adds
Reporting by Nathan Vifflin, Samuel Indyk
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