WFE = 📈 The angstrom era of semis will demand chiplets thus all or most silicon will utilize advanced packaging. Huge need for new tools. Key nuggets from $AMAT Master Class on Advanced Packaging: - AMAT is increasingly an advanced packaging story, not just a front-end WFE story. - Five of six new platforms were aimed at back-end / packaging processes, showing where the innovation roadmap is shifting. - Advanced Packaging should exceed $2B in 2026E and grow >50% Y/Y, driven by HBM, panel-level packaging, hybrid bonding, and new integration schemes. - DRAM WFE remains a major growth lever, with AMAT arguing DRAM spend should stay well over 2x NAND WFE. - DRAM complexity lifts AMAT revenue per wafer: roughly +10% from 6F² to 4F², and another +15% moving toward 3D DRAM. -NEXX gives AMAT a more complete panel-level packaging flow, including lithography, deposition, and electrochemical deposition. - AMAT is pushing into some Lam-adjacent sockets, especially ECD and PE-CVD tools tied to advanced packaging and HBM.