TERADYNE, INC

Teradyne, Inc. is a global provider of automated test equipment and robotics solutions, founded in 1960. The company's automated test systems are used to test semiconductors, wireless products, data storage, silicon photonics, and complex electronics systems across various industries, including consumer electronics, wireless, automotive, industrial, computing, communications, and aerospace and defense. Teradyne's robotics products primarily consist of collaborative robotic arms and autonomous mobile robots. These are used by global manufacturing, logistics, and industrial customers to enhance quality, improve manufacturing and material handling efficiency, and reduce costs. Effective March 2025, Teradyne created a new segment called Product Test, following the identification of operational synergies among its production board test, defense and aerospace, and wireless test businesses in the first quarter of 2025. Teradyne's products and services are categorized into three segments: Semiconductor Test systems, Robotics products, and Product Test systems. Product Test systems include circuit-board test and inspection systems, wireless test systems, photonic integrated circuit (PIC) test solutions, and defense and aerospace test instrumentation and systems. The market for Teradyne's test products is concentrated, with a limited number of significant customers accounting for a substantial portion of purchases. In 2025, the Semiconductor Test segment experienced considerable growth due to strong demand from Artificial Intelligence (AI) applications in networking and with vertically integrated producer (VIP) compute solutions. Memory test revenue remained stable, supported by share gains in high bandwidth memory (HBM) and DRAM final test applications, despite a smaller overall market. The Semiconductor Test segment's strategic focus on AI-driven semiconductor testing resulted in AI-related customer demand driving the majority of its revenue in the second half of 2025.