Rolf Bulk(@rolfbulk):Naura is bound to gain share, but in semicap share shifts are gradual. You cannot swap an Applied or Tokyo Electron tool with a Naura tool and expect identical performance. This is the crux of the Chinese semiconductor build-out; CXMT, Smic, YMTC will always prefer Western higher performance tools, as long as export restrictions allow for it.

Rolf Bulk

@rolfbulk

Head of Semiconductors & Infrastructure @FuturumEquities | No investment advice.

参加 January 2026

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Rolf Bulk@rolfbulk

2026.08.26 10:24

Naura is bound to gain share, but in semicap share shifts are gradual. You cannot swap an Applied or Tokyo Electron tool with a Naura tool and expect identical performance. This is the crux of the Chinese semiconductor build-out; CXMT, Smic, YMTC will always prefer Western higher performance tools, as long as export restrictions allow for it.