Bank of America downgrades Besi, citing ASML's interest in hybrid bonding

Besi (BE Semiconductor Industries)/Besi hybrid bonding systems

Bank of America cut Besi to neutral and nearly halved its price target, saying ASML's study of hybrid bonding is a threat not priced into the stock. The bank does not assume ASML wins much share, noting chipmakers' yield struggles at these precisions.

• ASML shipped its first advanced packaging product in 2025 and says it is studying hybrid bonding.
• Besi told investors in Aug 2026 it could ship over 2,000 hybrid bonders by 2030 in an optimistic case.
• Bernstein expects Besi to supply about three of every four hybrid bonders in 2028.
• Besi shares fell as much as 6.4% on the day.