Capital Deployment and M&A Highlights
Key Technology Transitions Driving Growth in Ichor SAM
WFE Intensity Increasing(1)
Etch and Deposition Intensity Increasing(2)
EUV Ramping(3)
WFE as % of Semi. Rev.
2.50
3D NAND SAM
17%
DRAM SAM
Foundry/Logic SAM
EUV Est. Sales ($B)
$12
16%
2.00
$10
15%
14%
1.50
$8
13%
12%
11%
70% Increase
1.00
0.50
100% Increase
45% Increase
100% Increase
$6
$4
45% CAGR
10%
$2
9%
2015 2016 2017 2018 2019 2020 2021 2022 2023E
$-
64L
256L
Ix node
IB node
14/16nm
5nm
2017
2018
2019
2020
2021
2022E 2023E
64L
96L
128L
192L
256L
NAND
Foundry and
Logic
14/16nm
10nm
7nm
5nm
3nm
FinFET
Gate-All-Around
■ Geometries becoming far more complex
☐
◉
Impact of defects magnified
Requiring faster etch rates, more control,
higher development and production costs
■ Increased etch and deposition intensity at
each node transition
■ More fluid delivery content per system
■ Increasing opportunity for EUV on key
layers offers incremental gas delivery SAM
(1) Semi. industry revenues: estimates from Gartner as of 1/13/2022; WFE is average of analyst estimates updated since 1/13/2022.
(2) Lam Research Analyst Day Presentation (March 2020), normalized to 1.0 at starting node.
(3) 2017 estimated EUV revenues: KeyBanc Research; 2018-2023E EUV market size: Evercore Research as of 2/5/2022.
ichor
Proprietary
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