
Tokyo Electron 2Q25
- WFE underperformance play- Unlike Lam, TEL is bit cautious on WFE investment with Intel/Samsung capex cuts, cautious NAND spent, China scale back, DDR5 transition delay, HBM investment delay due to yield improvements- China holding up well; 39% revenue from China in QJun, down from 44% in QMarSource: Sravan Kundojjala
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