Apr. 29 at 10:15 PM
Watching the tape — yield/test cycle edition.
$VIAV and
$FORM just printed a clean structural beat: not just revenue upside, but margin + demand acceleration in the most sensitive part of the semi stack.
$VIAV:
$406.8M vs
$393M, EPS
$0.27 vs
$0.20–
$0.24. +42.8% Y/Y with guidance stepping to
$427–
$437M → still accelerating.
$FORM:
$226M (+32% Y/Y), EPS
$0.56 vs
$0.45, margins jumping to ~49%. Pricing power is doing the talking. Guidance ~
$240M midpoint and
$0.61 EPS.
Translation from trader lens: this isn’t end-demand hype — it’s upstream confirmation that HBM + foundry/logic complexity is driving heavier test/inspection intensity.
That flows into the whole chain:
$ONTO,
$CAMT,
$KEYS, COHR, FN, LITE — all tied to rising validation load per wafer.
When yields get harder, the tooling layer gets paid.
Curious about the full approach?👉 Check the @MeanReverter_
