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On October 7, BE Semiconductor Industries (BESI.AS) shares fell approximately 6% after UBS downgraded the Dutch chip equipment manufacturer from "Buy" to "Sell" and cut its target price by 57% to 159 euros. UBS stated that the expected demand for chip packaging technology "hybrid bonding" (HB)—the core of Besi's investment logic—"has not materialized as anticipated." UBS believes that because AI accelerator customers prioritize capacity expansion over performance improvements, the adoption rate of hybrid bonding technology in high-bandwidth memory will slow down. UBS expects that by 2028, hybrid bonding technology will account for 10% of equipment demand, whereas the market consensus suggests a figure of about 50%. The bank anticipates Besi's HB revenue in 2027-28 to be 50%-60% lower than consensus, and demand from co-packaged optics, AI accelerators, and PC processors is unlikely to fill the gap. UBS also noted that existing capacity at TSMC 2330.TW and Intel INTC.O is already sufficient to support "considerable shipment volumes," leaving limited upside unless adoption rates exceed expectations. Besi's share price extended Tuesday's losses, following a 5.4% drop after Bank of America Global Research downgraded the stock based on similar concerns. (link) (For the convenience of non-English speakers, Reuters provides automated translations of its reports into several other languages. Due to the potential for errors or lack of required context in automated translations, Reuters does not guarantee the accuracy of these texts, which are provided solely for readers’ convenience. Reuters assumes no liability for any damages or losses resulting from the use of these automated translation functions.)