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Teradyne (TER) investor relations material
Teradyne Goldman Sachs Communicopia + Technology Conference 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Strategic business overview
Two main business segments: mature test businesses and early-stage advanced robotics, both positioned for significant growth over the next 4–5 years driven by AI and market expansion.
Robotics focuses on advanced, flexible AI-driven solutions, aiming to capture secular growth as physical AI adoption increases.
Significant R&D and sales investments have been made to increase share in the compute segment, with expectations of notable gains over the next five years.
VIP (Vertically Integrated Platform) compute market is rapidly growing, expected to double tester demand from $400M in 2024 to $800M+ by 2028.
Compute market share is currently in the teens, with expectations for continued share gains.
Market trends and demand outlook
AI and networking are the fastest-growing areas, with high-volume opportunities expected between late 2025 and early 2026.
Traditional business cycles in semiconductor test have shifted from consumer-driven to hyperscaler capital budgets, reducing timing predictability.
Memory segment is positioned for significant share gains from 2024–2025, with moderate growth expected midterm; SoC share is lower but expected to recover.
Mobile TAM is depressed at $800M for 2025 but expected to recover in 2026 due to new process and packaging technologies increasing test intensity.
DRAM market remains strong, with flash expected to grow faster from a low base, shifting the mix toward a more balanced DRAM/flash split.
Financial performance and outlook
Gross margin remains stable around 59–60%, with little sensitivity to volume changes; product mix is the main driver of margin fluctuations.
OpEx growth is targeted at about half the rate of top-line growth, with a significant variable component tied to profitability.
System-level test business, after a downturn, is expected to recover and potentially exceed previous peaks, driven by growth across HDD, SSD, mobile, and compute SLT.
Robotics business is focusing on spend discipline and repositioning toward higher-growth segments, with modest growth in 2026 and stronger growth in 2027 as large customer deployments ramp.
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