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  "documentTitle": "ACM Research, Inc. (ACMR)",
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  "presentationDate": "2025-01-29 00:00:00",
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  "notes": "The slide uses historical revenue data to counter the bear thesis that export restrictions would cripple Chinese semiconductor fab capacity growth.",
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      "text": "In fact, over the past four quarters, China has accounted for 30-45% of revenue for the leading U.S. WFE companies.",
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      "text": "Revenue: 40%",
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      "kind": "paragraph",
      "text": "bypass FDP-based export restrictions. ACMR management says that U.S. suppliers now supply maybe “a few percentage points” of the company’s COGS and remains confident that any supply chain issues can be effectively managed.",
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      "text": "Further concern that these rules will materially slow down Chinese WFE spending also seem overblown to us. Again, the December 2 additions are merely the latest salvo in the United States’ wider war against China building out its indigenous semiconductor industry.",
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      "text": "Finally, we believe that the recent revelations around DeepSeek, which caused so much market volatility earlier this week, only support our core thesis on ACMR. Attempts to restrict China’s access to the hardware required to develop advanced AI models not only didn’t prevent China’s success, it resulted in the more efficient development of comparable technology - a great example of the law of unintended consequences that we expect will be repeated in the WFE market.",
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      "text": "ACMR management says that U.S. suppliers now supply maybe “a few percentage points” of the company’s COGS and remains confident that any supply chain issues can be effectively managed. — ACMR Management",
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      "text": "Source: ACMR",
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      "text": "Historical China Revenue For Top WFE Suppliers After 2022 Trade Restrictions",
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