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  "documentTitle": "ACM Research, Inc. (ACMR)",
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      "text": "We think the creation of a bifurcated technology hub outside China is vital to win other regional business.",
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      "text": "SK Hynix about doubled revenue in 2024 and is expected to continue its strong growth as the company benefits from a broad memory upgrade cycle powered by AI/data center spend, the emergence of heavy demand for HBM (40% of DRAM revenue in the recent quarter).",
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      "text": "Some may dismiss the significance of an Intel win due to its headline-grabbing recent struggles. That would be a major mistake, as Intel remains, by far, the most technologically sophisticated domestic manufacturer of semiconductors.",
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      "text": "SK Hynix is the world's second largest DRAM and NAND memory manufacturer and has been an ACMR customer since 2011. They accounted for over 10% of revenue from 2016 to 2019.",
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      "text": "ACM Research's U.S. facility will also be used to service European customers. ACMR has engaged with several European customers, one of which we believe is Infineon.",
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      "text": "In September, ACMR announced an order for four AP tools that will ship in 1H 2025, two of which we believe are headed to Intel. We think orders from Intel will ramp through 2025.",
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      "text": "ACMR achieved the major milestone of qualifying its SAPS cleaning tool at Intel in Q4 2023, and the company also delivered its Ultra C b backside and Bevel Etch tools to Intel in Q2 2024.",
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      "text": "We think the convergence of the right tools and a credible ex-China regional presence position ACMR for success in the WFE promised land: Taiwan. UMC, the second largest Taiwanese foundry, purchased ACMR tools for use in China.",
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      "text": "40,000 square foot R&D facility that includes a fully functional 5,000 square foot cleanroom. Beyond serving Intel, we think it will act as a sales and service hub that can facilitate additional U.S. market expansion.",
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