Semi test · ATE oligopoly (#2)
Teradyne
Teradyne is the world's #2 in semiconductor automated test equipment (ATE), an oligopoly with Advantest (three players ~55%). As essential gear verifying that chips work to spec, test demand grows as SoC, computing, memory and ADAS volumes and complexity rise. Customers include Samsung, SK hynix, Micron, TSMC and NVIDIA, with robotics (cobots) as a second axis. FY revenue ~$2.8B. Watch AI/HBM-driven test-complexity growth and the ATE capex cycle.
TER Updated Jul 12, 2026 4 AI consumers· 3 recurring
Per the valuechain.wiki graph, Teradyne is directly linked to 6 companies (0 supply, 6 revenue relationships) and reaches 30 companies within two hops; the links are backed by 9 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue $3.19B (+13.1%)
- Customer concentration · ATE oligopoly with Advantest; memory and SoC test.
- Segments · Semiconductor test · Robotics
Revenue from
- SK hynix High confidence· Revenue ~$2.8B · FY2024 · annual revenue
Supplies ATE to SK hynix — HBM test items and time structurally grow tester demand.Mentions EN Analyst consensus Published Jun 7, 2026: Teradyne (TER) consensus Buy — AI test demand (>50% of semi-test revenue is AI); Cantor $550, BofA $525Confirms KO Korea Economic Daily Published Feb 24, 2026: Teradyne surges on the chip upturn and robotics boom - Samsung Electronics High confidence
Supplies ATE to Samsung — a key customer whose advanced logic/memory test volume pulls tool demand.Confirms KO Korea Economic Daily Published Feb 24, 2026: Teradyne surges on the chip upturn and robotics boom - King Yuan Electronics (KYEC) Medium confidence
Supplies ATE to test house KYEC — where outsourced test volume concentrates, another axis of tool demand. - TSMC Medium confidence
Supplies ATE to TSMC — advanced-logic and AI-accelerator test is core to SoC tester demand.Confirms KO Korea Economic Daily Published Feb 24, 2026: Teradyne surges on the chip upturn and robotics boomConfirms EN SemiWiki Published Oct 6, 2025: Teradyne and TSMC: Pioneering the Future of Semiconductor Testing Through the 2025 OIP Partner of the Year AwardConfirms EN Teradyne Investor Relations Published Sep 25, 2025: Teradyne Awarded 2025 TSMC Open Innovation Platform (OIP) Partner of the Year for TSMC 3DFabric Testing - NVIDIA Medium confidence
Supplies ATE to NVIDIA — AI-accelerator volume and complexity lengthen test, flowing into tool demand.Confirms KO Korea Economic Daily Published Feb 24, 2026: Teradyne surges on the chip upturn and robotics boom - Micron Technology Medium confidence
Supplies ATE to Micron — each memory generation raises test coverage and demand.Confirms KO Korea Economic Daily Published Feb 24, 2026: Teradyne surges on the chip upturn and robotics boom
Pays to
- R&D & software (undisclosed) Low confidence
Test software and algorithm R&D (undisclosed). - Precision components · instruments (undisclosed) Low confidence
Precision parts and instruments for testers (undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| Intel | lead2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +159.6 |
| MediaTek | lead2 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +152.4 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +123 |
| Global Unichip | lead2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +122.8 |
| Fortinet | lead2 | +142 | -32 | +19.7 | +61.4 | -16 | +96.8 |
| Astera Labs | lead2 | · | · | · | · | +25.6 | +86.6 |
| Realtek | lead2 | +19.6 | -33.8 | +56.2 | +19.1 | -6.4 | +47.5 |
| Cisco | lead2 | +45.8 | -22.5 | +9.3 | +21 | +33.5 | +43.8 |
| Alchip Technologies | lead2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +36.1 |
| Analog Devices | lead2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +34.8 |
| Renesas Electronics | lead2 | +8.2 | +2.4 | +88 | -13.6 | +23.8 | +28.2 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Credo Technology | lead2 | · | · | +46.3 | +245.2 | +114.1 | +18.5 |
| Microchip Technology | lead2 | +27.5 | -18 | +30.9 | -35 | +14.6 | +18.4 |
| Sony Semiconductor Solutions | lead2 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | +12.9 |
| NXP Semiconductors | lead2 | +44.8 | -29.2 | +48.4 | -8 | +6.4 | +5.9 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +3.8 |
| Montage Technology | lead2 | -18.2 | -21.8 | -18 | +51.4 | +169 | +3.4 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +0.2 |
| Ambarella | lead2 | +121 | -59.5 | -25.5 | +18.7 | -2.6 | -11.2 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -14.7 |
| Mobileye | lead2 | · | · | +23.6 | -54 | -47.6 | -18 |
| Will Semiconductor | lead2 | -12.1 | -49.7 | -8.3 | +22.8 | +15.5 | -33.7 |
| Micron Technology | lead1 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +256.4 |
| TSMC | lead1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +41.9 |
| King Yuan Electronics (KYEC) | lead1 | +26.7 | -7.7 | +132.4 | +38.6 | +171 | -6.7 |
| Teradyne | node | +36.8 | -46.3 | +24.8 | +16.5 | +54.4 | +84.6 |
YTD as of 2026-09-04 · source: Yahoo Finance
Teradyne operates across S&P 500, Semi test, ATE oligopoly (#2). Momentum stayed firm and it is +84.6% in 2026. The demand side (avg +109.9%) leads the stock (+84.6%), so customer moves come first here. Among connected nodes the furthest ahead is Micron Technology (+256.4%) and the furthest behind is TSMC (+41.9%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Watch AI/HBM-driven test-complexity growth and the ATE capex cycle.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $542 · Price $356.32 (09-05) · Upside +52%