Besi's Q2 beat was broad-based across hybrid bonding, photonics, and datacenter applications, with mobile demand improving meaningfully versus a year ago. The company guided third-quarter revenue up 10-15% sequentially but warned gross margins would slip to 63-65% on an unfavorable product mix, while operating expenses could rise up to 5% on higher development spending. Net cash and deposits climbed to €164 million at June 30 from €103.3 million at March 31, after a €125.4 million dividend payment and conversion of €175 million in 2029 convertible notes.
The rally coincides with broader semiconductor strength after Amazon's blowout AWS results and Onsemi's upbeat AI-driven forecast lifted sentiment across the supply chain. KOSPI opened 1.2% higher as Samsung Electronics and SK hynix advanced on the same AI capex tailwinds. Whether Besi's upgrade marks a sustainable inflection or a sentiment-driven bounce will hinge on whether AI packaging demand maintains its current trajectory through the second half.
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