Some expect HBM equipment demand to grow faster than HBM output itself. Two variables: more chips to test, and longer testing time per chip. $ATEYY Advantest holds more than 50% of the global memory chip testing equipment market. Its latest T5503HS2 platform supports parallel testing of multi stack HBM chips, improving efficiency by 40% vs the industry average. $TER Teradyne holds around 30% of the global server memory testing market, second only to Advantest. It supplies final test equipment for DRAM used with Intel Xeon, plus three temperature handlers and SLT equipment for SK hynix HBM modules in AI servers. Equipment doing this well is one reason $SOXX performance is still high. But two smaller players sit outside $SOXX and are still formidable: $FORM makes the probe cards that contact the wafer. It works with SK hynix on HBM inspection, and two customers have adopted its SmartMatrix full wafer contact for HBM4. SK hynix has been roughly 30% of revenue. $AEHR is the micro cap. Wafer level and package burn in, used to screen AI dies before they are stacked with HBM, and to burn in accelerators after. Adjacent to the HBM test cycle, not a memory ATE competitor.