Nova (NVMI) 2026 Evercore Global TMT Conference summary

Market outlook and revenue growth

• Improved market visibility and strong momentum are driving confidence in revenue growth for the second half of 2026 and into 2027, supported by increased semiconductor demand and customer supply chain needs.

• Growth is expected in both front-end and advanced packaging segments, with a stronger second half and additional growth next year.

• Capacity planning is based on a strategic plan targeting $1 billion organic growth by 2027, with significant investments in 2024 and 2025 to more than double capacity.

• A new production center in Asia will be operational by year-end, enhancing capacity and mitigating geopolitical risks.

• The company is preparing to release its next strategic plan, already considering future capacity requirements.

Technology and product positioning

• Strong positioning in gate-all-around technology across major players, with potential upside to the $500 million cumulative revenue target by 2027.

• Capacity expansions at 2 nm and 3 nm nodes are favorable, with every increase in high-volume manufacturing capacity benefiting growth.

• Advanced packaging revenues are growing rapidly, with a nearly 50% increase this year, driven by both organic and inorganic investments.

• The advanced packaging portfolio is expanding through acquisitions and technology transfers from front-end tools, with increasing adoption in hybrid bonding and high-end applications.

• Gross margins in advanced packaging are improving and expected to converge with front-end margins as portfolio integration continues.

End-market and demand trends

• AI-driven architectures are increasing demand for both CPUs and GPUs, creating new growth opportunities.

• Lead times for products range from 3 to 12 months, depending on technology, influencing revenue timing.

• Memory, especially DRAM and high-bandwidth memory, is becoming a larger revenue contributor, with a long-term business model targeting 60% logic foundry and 40% memory.

• Technological inflections such as 3D DRAM and new memory architectures are expected to drive further growth.