Who can get the HBM4 testing equipment order from Hynix? The main companies most likely to receive this order are Ande Testing and Teradyne, which will occupy the majority of the HBM4 tester (core ATE automation testing equipment) order. Onto may receive a share of non ATE equipment vendors in the order, and local Korean companies such as UniTest may receive some supplementary equipment (such as burning/aging testers). Probe cards and other supporting equipment may be provided by companies such as FormFactor. HBM4 testing has extremely high requirements for speed, parallelism, power consumption, and system level verification, with a high technical threshold and a relatively centralized supply chain. It belongs to high-value, high parallel, and high-speed memory testing equipment. 1) Advantest: The market leader in HBM testing equipment (with a market share of approximately 60-70%), providing HBM/DRAM testing systems (such as T5503HS2 series, supporting high parallel HBM testing) to memory manufacturers such as SK Hynix, Samsung, and Micron for a long time. SK Hynix is already using its equipment to ensure HBM yield. Driven by the demand for AI/HBM, its memory testing business continues to benefit and is the most stable candidate for this order. 2) Teradyne: Another giant in the field of memory testing, launching the Magnum 7H next-generation testing platform specifically designed for HBM in 2025, supporting HBM3/HBM4 high-speed testing (data rate up to 4.5 Gbps+), and has begun mass production and shipment at major HBM manufacturers. Teradyne and SK Hynix have a track record of collaboration (including award recognition) in HBM testing solutions, making them directly competitive, especially on the new generation HBM4 platform. 3) Onto is a leading manufacturer in the field of semiconductor process control, with its core product being the Dragonfly series (such as Dragonfly G3/G5) high-resolution 2D/3D inspection and measurement system, specializing in advanced packaging, HBM stacking, bump measurement, TSV depth, RDL height, subsurface defect detection, and more. Onto's Dragonfly system has been used by multiple logic and memory vendors for heterogeneous integration of HBM+GPU (AI chip packaging), supporting sub micron level detection and 3D measurement. Onto is one of the most noteworthy non ATE equipment vendors in this order, with a high probability of gaining a certain share, especially if SK Hynix adopts its new system in the HBM4 mass production validation. 4) Local Korean manufacturers (such as UniTest) may receive some orders. UniTest has completed the mass production certification of SK Hynix HBM4 burn in tester, which is suitable for aging/reliability testing in factories. Korean equipment manufacturers have advantages in cost, delivery, and service response, and may receive additional or supporting equipment. Supporting equipment manufacturer: 1) Probe Card: FormFactor (USA) is a leading global supplier of MEMS probe cards, widely used for DRAM/HBM wafer testing (high pin count, high-speed requirements), and is likely to participate in matching. Technoprobe and others also have opportunities. 2) Wafer inspection/measurement equipment: KLA, Applied Materials, Tokyo Electron, etc., may involve optical/defect detection components (broadly defined as "inspection equipment"). SK Hynix previously collaborated with suppliers to develop HBM4 system level testing (SLT/installation testing) equipment, and some capabilities have been internalized, but factory mass production still requires external standard ATE support. Order allocation logic 1) Core HBM4 tester (high-value part): Advantest+Teradyne are likely to win the majority (possibly over 70%) because they are leading in technology, production capacity, and historical supply. The delivery time for equipment components is long (over 1 year has passed), and both parties have verbally negotiated in advance the delivery quantity for next year. 2) Additional/supporting equipment: Korean manufacturers such as UniTest and probe card/probe system manufacturers have the opportunity. The total number of approximately 200 units is not exclusive to a single supplier, but is shared by multiple companies (different types of equipment: ATE, programmer, probe system, detector, etc.). As mentioned in the previous tweet, testing and advanced encapsulation are easily underestimated aspects. In the past, the market liked to view closed beta testing as a low gross profit, low barrier post cycle asset, but AI/HBM has changed this. Advanced packaging is getting closer to front-end manufacturing, and equipment barriers and customer certification barriers are increasing