Silicon Investor - Cohu, Inc. (COHU)

[Johnny Canuck] Stopped of out of last position in COHU. Have been taking profits on the rally. ...

Johnny Canuck — 7/17/2026 10:22:49 AM

Stopped of out of last position in COHU. Have been taking profits on the rally.

Stop losses have been hitting on range of stocks over the last 2 weeks.

[Johnny Canuck] Just for fun a long term weekly chart of COHU. [graphic]

Johnny Canuck — 7/6/2026 5:13:33 PM

Just for fun a long term weekly chart of COHU.

[Johnny Canuck] COHU is at $69? My high target was in the $50 but we are in the insane valuation...

Johnny Canuck — 6/22/2026 11:40:49 AM

COHU is at $69? My high target was in the $50 but we are in the insane valuation zone on all semi now. No idea when the music stops.

[robert b furman] GO COHU GO! I've sold 22% of position in the last week - last sale at 65.16 ave...

robert b furman — 6/16/2026 12:10:06 PM

GO COHU GO!

I've sold 22% of position in the last week - last sale at 65.16 average.

Bob

[Johnny Canuck] Surprised at the strength of COHU the last few days, but go baby go!!! We are i...

Johnny Canuck — 6/16/2026 11:30:33 AM

Surprised at the strength of COHU the last few days, but go baby go!!! We are in that manic phase of the economic cycle. A lot of stocked with P/E over 100 in the semi sector.

Riding with a trailing stop on most tech stocks as it is hard to call of top or have a price target gives how crazy the multiples are. They are not trading on fundamentals anymore.

[Johnny Canuck] I am surprised COHU is so late to the game on HBM and photonic test offerings in...

Johnny Canuck — 6/4/2026 10:16:47 AM

I am surprised COHU is so late to the game on HBM and photonic test offerings in their product line.

I have not had a chance to hear the call yet, so no idea how broader their offers will be.

[robert b furman] Q1 earnings out: PowerPoint Presentation Several investor earnings highlightin...

robert b furman — 6/2/2026 8:37:22 AM

Q1 earnings out:

PowerPoint Presentation

Several investor earnings highlighting Data center products and SAM growth on a diverse product line. Most of which have accelerated growth/ratesdearnings.

Capex increasing to address ramp in production for H2 2026.

Looks like the buildings being built will begin accepting equipment.

IF so the next 3-5 quarters should be printing money for the owners.

Power management twice what HBM is.

A LOT OF FUTURE BUSINESS IS IN BETA TEST/QUALAFICATION STAGE!

Bob

[robert b furman] Q1 for Cohu to be reported on May 30th: Today's dip is no doubt an opportunity ...

robert b furman — 4/27/2026 12:12:44 PM

Q1 for Cohu to be reported on May 30th:

Today's dip is no doubt an opportunity for the market makers to accumulate discounted shares going into earnings (which maybe for the first time a solid beat with improving guidance.

I always like stock price down into earnings.

Up into earnings getting reversed after earnings has sadly been the MO of Cohu for too long.

That being said the recent price advance has been a fresh breathe of ait.

Cohu To Announce First Quarter Financial Results on April 30

April 16, 2026

PDF Version

SAN DIEGO--(BUSINESS WIRE)--Apr. 16, 2026-- Cohu, Inc. (NASDAQ: COHU), a global supplier of equipment and services optimizing semiconductor manufacturing yield and productivity, will release financial results for first quarter 2026 on Thursday, April 30, 2026, at 1:00 p.m. Pacific Time/4:00 p.m. Eastern Time.

The Company will host a live conference call and webcast with presentation materials to discuss the results at 1:30 p.m. Pacific Time/4:30 p.m. Eastern Time.

Interested parties may listen live via webcast on Cohu’s investor relations website at cts.businesswire.com

To participate via telephone and join the call live, please register in advance at cts.businesswire.com to receive the dial-in number along with a unique PIN number that can be used to access the call.

[robert b furman] Hi Johnny, Let's hope that prompts KLAC to buy them. I'm all in for a 1 to 1 s...

robert b furman — 4/27/2026 11:11:25 AM

Hi Johnny,

Let's hope that prompts KLAC to buy them.

I'm all in for a 1 to 1 share merger! <smile>

Bob

[Johnny Canuck] Here are Monday’s biggest calls on Wall Street: Jefferies reiterates Cohu as buy...

Johnny Canuck — 4/27/2026 10:55:37 AM

Here are Monday’s biggest calls on Wall Street: Jefferies reiterates Cohu as buy Jefferies said it sees an attractive risk/reward for the semis testing and equipment company. “We initiate COHU with a Buy/$55 PT, viewing the company as an emerging enabler of higher-complexity semi test.”

[robert b furman] Hi Johnny, Breeze and Augustus have both independently come up with the same nu...

robert b furman — 4/19/2026 7:38:37 AM

Hi Johnny,

Breeze and Augustus have both independently come up with the same number high of this impulsive to be 82 ish.

I'll be out before then.

Hoping to turn the sale of Cohu into PR, NOG, SM, MTDR, PAGP, and VZ. I wouldnt mind more preferred shares of TDS-U and TDS-V, and TpA also.

All strong dividend payers.

Bob.

[Johnny Canuck] I have seen some analysis project oil prices may stay in the $80 for the next fe...

Johnny Canuck — 4/17/2026 4:27:12 PM

I have seen some analysis project oil prices may stay in the $80 for the next few years due to damage the Iranian infrastructure.

We went from a glut this year to a deficit of 2 million barrels a day.

I am also waiting for a pull back on oil stocks to add more. Looking more for yield though. My stock of choice is FRU.TO an oil and gas real estate trust. I am a little gun shy of a devaluation of the USD due to high government debt and a de-dllarization due to the US not being a stable trade partner.

I think the last time you exited COHU in the $50 range.
A quick fibs projection of the move from $28 to $40 gives $59 target.

[robert b furman] Cohu update: Currently up 13 consecutive days. Longest winning streak on recor...

robert b furman — 4/17/2026 2:13:15 PM

Cohu update:

Currently up 13 consecutive days.

Longest winning streak on record , going back to Jan 21, 1972. and yes I owned it back then too!

Best 13 day day stretch going back to Nov 16th 2020 when it rose 62.85% . Yeah I owned it then too,

Highest close since August 22nd 2023.

GIDDY UP!

I need it as my oil stocks got taken to th wood shed this morning.

Bob

[Johnny Canuck] On the surface, this looks like a bad report, but some far up with the market. ...

Johnny Canuck — 4/8/2026 10:49:47 AM

On the surface, this looks like a bad report, but some far up with the market.

Aehr Test Systems (AEHR)

+7.76%

The company posted net revenue of $10.3 million for Q3 2026, marking a year-over-year decline from $18.3 million, with net losses of $3.2 million widening on a year-over-year basis. Quarterly bookings were reported at $37.2 million. Aehr’s net revenue for the first nine months of FY 2026 came in at $31.2 million, lower than the $44.9 million in revenue reported for the same period in FY 2025. Roughly 15.6% of the stock’s float is sold short.

[Johnny Canuck] Comparison between TER, COHU and AEHR. Message 35481716 COHU may continue to b...

Johnny Canuck — 4/7/2026 3:59:40 PM

Comparison between TER, COHU and AEHR.

Message 35481716

COHU may continue to be capped due to reliance on automotive. JBL earning indicating automotve still weak overall.

[robert b furman] Hi Johnny, Cohu receives additional multi-unit orders for is Eclipse test syste...

robert b furman — 3/18/2026 10:04:07 AM

Hi Johnny,

Cohu receives additional multi-unit orders for is Eclipse test system and expects the upper range of guidance.

These guys are saying it is in the bag as they don't ever go out on the limb of guidance.

Cohu Receives Second Multi-Unit Order for Testing Next-Generation AI Datacenter Processors, Increasing Confidence on 2026 HPC Revenue Growth

March 17, 2026

PDF Version

SAN DIEGO--(BUSINESS WIRE)--Mar. 17, 2026-- Cohu, Inc. (NASDAQ: COHU), a global supplier of equipment and services optimizing semiconductor manufacturing yield and productivity, today announced a leading U.S. based semiconductor manufacturer and foundry services company placed a multi-unit order for the Eclipse platform to support development and manufacturing of next-generation high-performance computing (HPC) and artificial intelligence (AI) datacenter processors.

This order expands Cohu’s presence in the fast-growing AI datacenter computing market and strengthens its collaboration with a leading advanced processor manufacturer. It also reflects rising demand for scalable, high performance test solutions as AI processor complexity and power density continue to increase.

The Eclipse platform is a field upgradable solution engineered to meet the stringent test requirements of AI datacenter devices—including GPUs, CPUs, custom AI accelerators, and ASICs—by delivering high socket force, precise thermal control, and broad test coverage. These capabilities support ultra-large form factor (ULFF) packages and address the rising power and thermal demands of current and next generation processors.

This new order represents the second customer adopting the Eclipse platform, reflecting increasing customer momentum and early market validation of Eclipse as a next-generation test solution for advanced compute and AI datacenter applications.

“Together these orders underscore the increasing importance of scalable, thermally precise test architectures as AI and HPC processors continue to push the limits of power density and performance,” said Luis Müller, Cohu President and CEO. “We are increasingly confident in the success of the Eclipse platform and estimate Cohu can deliver revenue toward the upper end of our internal projection of approximately $65 million to $80 million from the HPC segment this year.”

These customer engagements highlight Cohu’s continued investment in scalable, high-performance semiconductor test and inspection solutions, including Cohu’s Neon inspection platform, which delivers AI-enabled, high-precision inspection and metrology for advanced packages used in AI and HPC applications. Together, Eclipse and Neon position Cohu to support the industry’s transition to increasingly complex, thermally demanding and highly integrated AI and advanced device architectures.

Two test systems (Eclipse and Neon) in addition to handlers and a second customer.

We are finally seeing new system sales compound on top of reoccurring parts and service plus test handlers.

Cohu will now begin to show growth on a quarterly basis. Looks like 20 million a quarter is a nice boost in revenue.

Now we'll see that revenue fall to the bottom line as overhead gets absorbed on a bigger sales volume.

GIDDY UP!

Bob

[Johnny Canuck] Evercore ISI initiates Cohu as outperform Evercore says the semis test automatio...

Johnny Canuck — 3/16/2026 10:17:00 AM

Evercore ISI initiates Cohu as outperform Evercore says the semis test automation company is well positioned. “We are initiating on COHU with an Outperform rating and $35 price target and believe the setup is supported by three drivers.”

[Johnny Canuck] AEHR seeing orders so someone is buying; Message 35444644

Johnny Canuck — 3/4/2026 10:27:37 AM

[Johnny Canuck] I know I read the SNDK and MU are sold out of their product runs to 2027. You wo...

Johnny Canuck — 3/3/2026 5:38:38 PM

I know I read the SNDK and MU are sold out of their product runs to 2027. You would think they need to add capacity but memory is so cyclical.

[robert b furman] Hi Johnny, This bodes well for Cohu's HBM testers as production and capex grow ...

robert b furman — 3/3/2026 1:35:30 PM

Hi Johnny,

This bodes well for Cohu's HBM testers as production and capex grow by mid year:

RAM prices to surge up to 70% in 2Q26; Nvidia GTC 2026 ignites AI memory rally
Siu Han, Taipei
Mar 3, 2026, 10:10

AI-driven data centre expansion has pushed the memory market beyond traditional supply-demand cycles, creating a structural shortage that continues to deepen. Industry sources say the gap between spot and contract prices has widened to 40–50%, pressuring memory suppliers to raise contract prices in successive rounds to close the spread.

South Korean media reports that the two leading suppliers plan to raise DRAM contract prices by about 40% in the second quarter of 2026. Supply chain estimates suggest the increase could reach 40-70%. Nvidia GTC 2026 is expected to reinforce AI-related memory demand and strengthen pricing power.

Nvidia GTC 2026 sharpens the HBM4 and HBM5 competition
Nvidia GTC 2026 is expected to introduce a new chip architecture, with market focus on the next-generation Feynman platform. Industry expectations point to the adoption of sixth-generation high-bandwidth memory, including HBM4E or HBM5.

The transition to HBM4E or HBM5 would intensify competition among the three leading memory suppliers and accelerate capital expenditure on HBM capacity.

During GTC, memory vendors are poised to showcase their latest progress with Nvidia:

? Samsung is expected to introduce HBM4 products and update progress related to Nvidia's Rubin GPU, including potential disclosures on HBM4E validation.

? SK Hynix is expected to reaffirm HBM4 mass production in the first half of 2026 in line with customer demand.

? Micron is expected to address market concerns over HBM4 and provide updates on its technology roadmap.

Samsung has announced early HBM4 mass production shipments. SK Hynix and Micron maintain that volume production aligned with customer demand will begin in the first half of 2026. SK Hynix is expected to secure more than half of Nvidia's HBM4 supply, while Micron says its 2026 HBM capacity is fully sold out.

AI upgrades lock in multi-year demand for HBM, DDR5, and NAND
As Nvidia iterates on its AI architectures, the technical complexity of next-generation HBM continues to rise. Data centre demand for HBM, DDR5, and NAND has become structurally embedded.

The three leading memory suppliers are redirecting capacity to AI memory. Overall, the bit demand is rising sharply. Some question the durability of the rally, but executives call it a seller's market with little pricing flexibility.

South Korean media reports that SK Hynix and Samsung have issued notices stating that they target roughly 40% second-quarter increases. Some module makers were notified in March. With spot prices far above contract levels, second-quarter hikes could exceed 40% and approach 70%. The direction should be clarified after Nvidia GTC 2026.

SK Hynix says supply tightness exceeds expectations and no customer will fully meet demand in 2026. Taiwanese module makers report contract fulfillment rates of 20–30%, with 50% considered strong. Despite high spot prices, companies still buy on the spot market to cover gaps.

AI absorbs supply as consumer segments weaken
Module makers face upstream shortages and downstream allocation limits. PCs and smartphones struggle with repeated price hikes. Overall memory demand remains firm.

Capacity released by consumer clients is quickly absorbed by AI workloads, as AI demand shows no near-term cap.

The consumer market faces rising pressure. Price-sensitive segments risk being pushed out as memory costs climb.

Industry sources say structural shortages will shift more capacity to AI over the next two years. New fabs are unlikely to ease tight HBM supply or pricing strength.

Rising memory costs may force customers to lower specifications. Over time, that weakens product competitiveness and application value.

[Johnny Canuck] Summary of ADI earnings conference call Q&A: Message 35431220 Note that ADI is...

Johnny Canuck — 2/18/2026 10:15:34 PM

Summary of ADI earnings conference call Q&A:

Message 35431220

Note that ADI is saying there is heavy demand for sensors for automatic test equipment segment.

No idea if ADI supplies to COHU?

[robert b furman] Hi Johnny, Nice recap. broadcast was very upbeat and Jeffrey Junes did his usu...

robert b furman — 2/13/2026 5:54:26 PM

Hi Johnny,

Nice recap.

broadcast was very upbeat and Jeffrey Junes did his usual adjustment and it's associated tax savings.

Net result was huge over reaction to the adjustment, when in fact the market has turned up out a very long trough.

From here out, holding Cohu will be very rewarding as we progress to the end of this wave at $82.10.

If you are short Cohu, get long.

If you are long Cohu, get more!

Bob

[Johnny Canuck] [graphic] Cohu Q4 Earnings Call Highlights MarketBeat Thu, February 12, 2026 at...

Johnny Canuck — 2/13/2026 12:36:23 PM

Cohu Q4 Earnings Call Highlights

MarketBeat
Thu, February 12, 2026 at 3:19 PM PST 8 min read

In this article:

COHU
-3.96%

CDNS
+3.57%

Cohu logoKey Points

Q4 revenue was $122.2 million (up 30% YoY) with recurring revenue making up roughly 60% of sales and recurring bookings rising 34% sequentially, while management said about 70% of Q1 revenue was already in backlog.
Test utilization and systems demand strengthened late in 2025—utilization rose to about 76% at year-end and systems orders jumped 47% QoQ—backed by design wins for Eclipse handlers and growing HBM inspection demand (Cohu forecasts $15–$20M HBM revenue in 2026).
Gross margin fell to 40.8% in Q4 after a one-time inventory charge that management estimates cost roughly 350 basis points, but they expect normalization to about 45% in Q1 and further margin upside as revenue scales.
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Cohu (NASDAQ:COHU) executives told investors the company closed 2025 with improving demand signals across both its recurring and systems businesses, citing higher bookings, rising test utilization, and expanding design win activity tied to computing, automotive, and high-bandwidth memory (HBM) markets.

Fourth-quarter revenue rose year over year as recurring business stayed resilientChief Executive Officer Luis Müller said fourth-quarter revenue totaled $122 million, up 30% year-over-year, and remained split between about 40% systems and 60% recurring revenue. He highlighted recurring business strength as a stabilizer during a period of softer equipment demand, with recurring revenue up 4% sequentially and 25% year-over-year. For full-year 2025, revenue was $453 million, up 13% from the prior year.

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Müller also noted that recurring business represented roughly 60% of fourth-quarter revenue and said recurring bookings increased 34% sequentially, driven by stronger demand across service contracts, interface solutions, and handler-related spares.

Bookings improved; management pointed to a pipeline into the first half of 2026Müller said systems demand increased 47% quarter-over-quarter, driven by higher equipment orders from major global customers. He attributed the increase to activity from a leading analog and mixed-signal customer, renewed investment from an automotive and industrial semiconductor manufacturer, strength from RF and connectivity device customers, and stepped-up spending from “top-tier fabless computing and mobile companies.” The top ten customers represented about 63% of fourth-quarter bookings, and full-year 2025 orders rose 29% year-over-year.

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Is Cohu Inc. One of the Cheapest Chip Stocks Around?

In response to analyst questions on timing, CFO Jeff Jones said the company entered the first quarter with substantial coverage, noting that about 70% of guided first-quarter revenue was in backlog, with the majority of the remaining system shipments expected in the second quarter. He added that some recurring orders—particularly annual service contract renewals—would be recognized across multiple quarters during 2026.

Utilization ticked higher and customer engagement broadenedManagement described higher test utilization trends from September through December, with improvements most pronounced in markets tied to computing and automotive applications. Müller said estimated test utilization rose to 76% at the end of December, with computing at 78% and automotive at 75%.

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On the Q&A, Müller provided additional detail on utilization by segment as the company exited the quarter: compute at 78%, industrial at 77%, consumer at 76%, automotive at 75%, mobile at 72%, and OSAT and IDM utilization in the mid-70% range. Looking into the first quarter, he said the company was seeing the biggest momentum in mobile utilization, potentially crossing 75%, with compute expected to continue rising. He also said OSAT utilization could improve faster than IDMs early in the quarter, while emphasizing the company does not typically forecast utilization.

Jones added that recurring revenue had increased sequentially for four straight quarters, which he described as a sign of market recovery when viewed alongside utilization trends.

Design wins highlighted Eclipse handler progress and growing HBM inspection opportunityMüller outlined multiple design win and order milestones in the quarter, including expansions across automotive ADAS, analog and power devices, compute-related applications, and predictive maintenance. He also said customers continued to emphasize quality, yield, productivity, and cost-of-test efficiency.

A transition win for Cohu’s test interface products at a leading analog and mixed-signal customer.
An initial order for a high-performance thermal configuration of the Eclipse handler aligned to a customer’s AI device roadmap.
A multi-unit order for a new handler still in development, targeting automotive and “physical AI” devices; Müller said an initial qualification system would ship in the summer with follow-on units later in the year.
An order for HBM inspection at a customer’s engineering lab supporting next-generation memory development; management clarified it was the same customer already using the platform.
The first mixed-signal tester order at an analog and connectivity business unit of a large semiconductor manufacturer, expanding Diamondx tester penetration beyond earlier wins.
An order for a Krypton inspection metrology system for production of automotive ADAS processors, including a subscription component for PACE inspection software that uses machine learning to improve yield.
Bookings for tri-temperature handlers across multiple customer sites to support growing power module test demand.

On Eclipse, Müller said the company booked a high-power thermal-control configuration in the fourth quarter and shipped a production unit in late January following qualification work. While he did not disclose volume expectations for 2026, he said the company has capacity to meet current customer forecasts and expects shipment rates to increase in the second quarter into the third quarter.

On HBM, management said it exited 2025 with $11 million in revenue tied to the HBM market. Jones said Cohu booked one HBM system in the fourth quarter and booked three additional systems in January for the first quarter. The company forecast 2026 HBM revenue of $15 million to $20 million and said it currently expects that revenue to be “fairly linear” through the year. Addressing inspection intensity, Müller said the customer is performing 100% inspection with Cohu’s platform and that newer generations such as HBM4 will increase device size and interconnect counts, which in turn increases inspection time, though he did not provide a quantified impact.

Margins impacted by one-time inventory charges; Q1 outlook calls for normalizationJones said fourth-quarter revenue of $122.2 million was in line with guidance, but gross margin of 40.8% came in below expectations due to one-time inventory charges related to discontinuing certain product lines and consolidating offerings. He said the actions were intended to better align engineering and support resources with customer needs and to focus on high-performance computing, HBM memory, and AI-related opportunities. In response to a question on magnitude, Jones said roughly 350 basis points of gross margin impact came from the one-time charge, with mix accounting for the remainder.

Operating expenses were $49.8 million, in line with guidance. Net interest income was about $1.9 million for the quarter. Jones also said the tax provision was higher than guidance due to a $5 million increase in tax reserves against tax assets, which he said did not affect expected future use of the assets or cash taxes.

For the first quarter of 2026, Jones guided revenue to be seasonally flat with the fourth quarter at approximately $122 million plus or minus $7 million, with recurring revenue again expected to represent about 60% of total revenue. He projected gross margin would return to about 45%, as the unique inventory charges from the fourth quarter are not expected to continue. Operating expenses are expected to be roughly flat at about $50 million, net interest income around $1.9 million, and a tax provision of about $5.5 million. Diluted share count is expected to be approximately 48.5 million.

Jones also discussed margin leverage as revenue increases, saying gross margin could reach the high-46% range around $130 million in quarterly revenue, approach 48% as quarterly revenue reaches $150 million, and reach about 48% at what the company currently views as a normalized run rate of roughly $160 million per quarter.

On capital spending, Jones said the company is targeting capital expenditures of about 2% of revenue in 2026 and expects “normal maintenance CapEx” each quarter.

Management reiterated that it is modeling another growth year in 2026, pointing to improving utilization, strengthening recurring trends, and increased demand tied to compute and AI-related infrastructure.

About Cohu (NASDAQ:COHU)Cohu, Inc is a global provider of semiconductor test and inspection solutions, offering a broad portfolio of products designed to support chip manufacturers, outsourced semiconductor assembly and test (OSAT) providers, and electronics original equipment manufacturers (OEMs). The company's product lineup includes automatic test handlers, wafer probers, test sockets, thermal subassembly systems and burn-in boards, all engineered to optimize throughput, accuracy and reliability in semiconductor production and final test.

Founded in 1947 and headquartered in Poway, California, Cohu has grown through both organic development and targeted acquisitions to become a recognized leader in test handling and interconnect technologies.

The article " Cohu Q4 Earnings Call Highlights" was originally published by MarketBeat.

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[Johnny Canuck] Daily Digest Cohu posts strong Q4 2025 results (revenue $122.2M; GAAP EPS -$0.4...

Johnny Canuck — 2/13/2026 12:33:55 PM

Daily Digest

Cohu posts strong Q4 2025 results (revenue $122.2M; GAAP EPS -$0.48, non-GAAP -$0.15), guides Q1 2026 revenue to $122M ± $7M with gross margin rebounding toward ~45%, cites improving late-2025 systems demand, stronger recurring bookings and 76% test utilization, and outlines an AI/HBM-led upcycle with $15–$20M HBM revenue and margin recovery in 2026.

Q4 revenue grew 30% YoY to ~$123M, with full-year 2025 revenue up 13% YoY.
Recurring revenue was 60% of Q4 sales, up 4% QoQ and 25% YoY, signaling recovery.
Orders rose 29% in 2025; Q4 systems bookings +47% QoQ and recurring bookings +34% QoQ.
HBM Neon revenue exited 2025 at $11M; 2026 HBM outlook raised to $15–20M.
Q4 gross margin fell to 40.8% on one-time product rationalization charges; Q1 guided back to ~45%.
Management targets 46–47% gross margin at ~$130M quarterly revenue, ~48% at $160M.
Q1 2026 revenue guided seasonally flat at ~$122M ± $7M, 60% recurring, 40% systems.
AI, high-performance computing, HBM memory and “physical AI” handlers driving design wins and backlog.
Utilization improved to ~76% exiting Q4; recurring revenue has grown sequentially four quarters in a row.
Balance sheet strengthened with $287.5M 1.5% convertible notes; cash/investments now $484M versus $305M debt.
Strong quarter, driven by accelerating orders, resilient recurring revenue and growing AI/HBM exposure. Main concern: execution on new product ramps and sustaining margin expansion as volumes recover.

[robert b furman] Hi Johnny, Jeffrey Jones is a CFO to the hghest order. He was the CEO for SBSE...

robert b furman — 2/12/2026 11:03:39 PM

Hi Johnny,

Jeffrey Jones is a CFO to the hghest order.

He was the CEO for SBSE, whose CEO is on the board of directors at Cohu. They were acquired byanothe electronics company years ago.

Jeffrey hates paying tax, which puts him in my high regard .

I've seen Cohu wrtie off obsolete parts and a quarter later have to take it back, as they sold them as parts in their recurring business. He's good, as it is all about retaining your revenue vs pay the governent on your quarterly estimates.

Cohu down 8 points after the CEO says the trough is in?

MM has total control.

These guty sing the blues, as the market breaks out in new system orders.

I guess they were afraid of being positive, would take the stock up to the conversion price of 41.05 ish?

Strange set of managers scared to death about being positive about business.

They are sitting on a half trillion of cash.

Scared to show they are growing.

Maybe a ploy to get an acquisition and not spend a lot of shares in the acquisition?

You don't do a convertible for cash without having an acquisition in mind?

I've never seen such a group of serial sandbaggers.

Once again up into the webcast is the kiss of death.

Then after sand bagging but having an investor presentation, the day before, they'll announce, interim, better guidance the day before the investor presentation.

Cohu needs a marketing manager!

Bob

[Johnny Canuck] AMAT seeing strong demand. Message 35425789 A rising tide definitely not raisi...

Johnny Canuck — 2/12/2026 9:49:53 PM

AMAT seeing strong demand.

Message 35425789

A rising tide definitely not raising all boats.

COHU is technically installed last in a fab but if the conference call does indicate a large backlog sonething is wrong - wrong product mix??

[Johnny Canuck] earningswhispers.com Revenues were in line. EPS was a big miss as concensus at ...

Johnny Canuck — 2/12/2026 5:17:56 PM

earningswhispers.com

Revenues were in line. EPS was a big miss as concensus at a loss of 4 cents.

It looks like they threw every write off in the book at the quarter or at least one would hope that was what they did.

[Johnny Canuck] It looks like they missed and are guiding flat revenue next quarter. On the sur...

Johnny Canuck — 2/12/2026 5:06:24 PM

It looks like they missed and are guiding flat revenue next quarter.

On the surface not good.

It is going to come down to the conference call.

>>>>>>>>>>>>>>

Cohu: Q4 Earnings Snapshot

Associated Press Finance
Thu, February 12, 2026 at 1:26 PM PST 1 min read

In this article:

COHU
-3.98%

POWAY, Calif. (AP) — POWAY, Calif. (AP) — Cohu Inc. (COHU) on Thursday reported a loss of $22.5 million in its fourth quarter.

The Poway, California-based company said it had a loss of 48 cents per share. Losses, adjusted for pretax expenses and stock option expense, were 15 cents per share.

The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 7 cents per share.

The maker of semiconductor test equipment posted revenue of $122.2 million in the period.

For the year, the company reported a loss of $74.3 million, or $1.59 per share. Revenue was reported as $453 million.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on COHU at zacks.com

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[robert b furman] As I've noted for decades here: As goes Teradyne, SO GOES COHU. From: Johnny C...

robert b furman — 2/9/2026 8:21:35 AM

As I've noted for decades here: As goes Teradyne, SO GOES COHU.

From: Johnny Canuck	2/3/2026 3:29:47 PM
	of 70625

Teradyne stock popped on Tuesday after the company beat fourth-quarter estimates thanks to strong artificial intelligence demand. The robotics company reported adjusted earnings of $1.80 per share, exceeding the $1.37 per share expected by analysts surveyed by LSEG. Revenue totaled $1.08 billion, topping a forecast of $973 million. Teradyne’s fourth-quarter revenue was up 44% compared to a year ago. On the earnings call with analysts, CEO Greg Smith said that AI drove more than 60% of Teradyne’s revenue in the fourth quarter. He said the company expects that to be upward of 70% next quarter. The company attributed its Q4 growth to “strong AI-related demand in compute and memory” and issued strong guidance. “In 2026, we expect year-over-year growth across all of our businesses, with strong momentum in compute driven by AI,” the company said in a press release on Monday. Teradyne said it anticipates first-quarter adjusted earnings per share to be between $1.89 and $2.25, far above LSEG estimates of $1.26. First-quarter revenue is expected to fall between $1.15 billion and $1.25 billion, again exceeding LSEG expectations of $935 million. Net income for the fourth quarter was $257.2 million, or $1.63 per diluted share. Net income a year ago was $146.3 million, or 90 cents per share. The company said earnings adjustments were made for “acquired intangible asset amortization, restructuring and other charges and pension mark-to-market adjustment.” Jordan Klein of Mizuho called Teradyne’s earnings a “Total Blow-Out.” “This story JUST KEEPS GETTING BETTER.,” Klein wrote in a note, highlighting the company’s increased exposure to enterprise, networking and compute. The AI blitz has hit every tech sector, and the latest earnings reports show the cascading effects of chip demand. Smith said on the earnings call that data centers were “the prime mover of the market.” In 2025, data center deals hit a record $61 billion, according to S&P Global. Shares of memory maker Sandisk soared after its second-quarter earnings last week, reporting 64% growth in its data center business specifically. Apple CEO Tim Cook said last week that the company would see a hit from rising memory prices, but the iPhone maker was currently dealing with a limited supply of advanced node chips. “At this time, we’re seeing less flexibility in supply chain than normal, partly because of our increased demand,” Cook said. Correction: This story has been revised to reflect that Teradyne anticipates first-quarter adjusted earnings per share to be between $1.89 and $2.25. A previous version misstated the high end of the range of anticipated EPS.

Earnings due this Thursday After close.

This should be good! GIDDY UP!

Bob

[robert b furman] Hi Johnny, A rare day when Cohu is up 2 bucks. Keep it going! Bob

robert b furman — 2/6/2026 2:18:27 PM

[Johnny Canuck] COHU rallying into a strong resistance level. Hopefully earnings can get it thro...

Johnny Canuck — 2/6/2026 1:04:27 PM

COHU rallying into a strong resistance level. Hopefully earnings can get it through that level.

[robert b furman] Cohu To Announce Fourth Quarter and Fiscal Year 2025 Results on February 12 SAN ...

robert b furman — 2/5/2026 11:58:42 AM

Cohu To Announce Fourth Quarter and Fiscal Year 2025 Results on February 12
SAN DIEGO --(BUSINESS WIRE)--Feb. 4, 2026-- Cohu, Inc. (NASDAQ: COHU), a global supplier of equipment and services optimizing semiconductor manufacturing yield and productivity, will release financial results for fourth quarter and fiscal year 2025 on Thursday, February 12, 2026, at 1:00 p.m.

Bob

[Johnny Canuck] Fingers crossed. They need some order traction and a decent outook to get them m...

Johnny Canuck — 2/2/2026 11:26:17 PM

Fingers crossed. They need some order traction and a decent outook to get them moving again.

I am not sure how much legs the AI story has left.

All the chip and memory demand is due to AI and cracks are starting to appear.

Customer signed multiyear contracts on memory by they are worthless if you end customers can't pay.

The video suggest ORCL is short on cashflow and it cost them big money to borrow to finance the build out.

Message 35416026

[robert b furman] Hi Johnny, Thanks for the good news. As goes TER, so goes Cohu - I'd dare to b...

robert b furman — 2/2/2026 10:11:11 PM

Hi Johnny,

Thanks for the good news.

As goes TER, so goes Cohu - I'd dare to be even more optimistic since Cohu has a tester for HBM, instead of just a handler.

Testers have higher margins.

Can't wait for the webcast!

Bob

[Johnny Canuck] Teradyne posts Q4 2025 results above guidance with revenue of $1.08B and non-G...

Johnny Canuck — 2/2/2026 4:50:21 PM

Teradyne posts Q4 2025 results above guidance with revenue of $1.08B and non-GAAP EPS of $1.80, and issues stronger-than-expected Q1 2026 guidance of $1.15B-$1.25B revenue and $1.89-$2.25 non-GAAP EPS, citing AI-driven semiconductor test demand.

[robert b furman] Hi Johnny, The good news is 2026 HBM is sold out and I suspect Cohu's new test...

robert b furman — 2/2/2026 11:26:57 AM

Hi Johnny,

The good news is 2026 HBM is sold out and I suspect Cohu's new tester for High Bandwidth Memory will add 25 million a quarter starting this quarter and other handlers will follow in H2 this year and most of 2027 for some plus 700 million run rate (hopefully higher).

Innovation of a new product is always a boost, as reusables keep on covering the overhead.

Cohu's intermediate business model is now $1.50 to $3.25, with a CAGR of 14% from 2024, margins hitting 46%, with a goal of 50 and an EBITDA of 18 to 26%

Cohu tentatively announces earnings Feb 12th.

IF they just have good earnings with better guidance we should be in the 30's solidly. A CAGR of 14% and 50% margins with volume absorbing the overhead, we'll be on the way to printing money in 2026.

Time for this serial laggard to break out! - market maker has total control!

I love that last year's brutal dip, It had to shakeout all the weak hands - Typical Cohu price action!

PowerPoint Presentation - its a good read.

GIDDY UP!
Bob

[Johnny Canuck] It looks like memory companies has signed some longer term contracts with AI hyp...

Johnny Canuck — 2/2/2026 10:55:50 AM

It looks like memory companies has signed some longer term contracts with AI hyperscaler supplier and are feeling frisky to build new fabs. Keep in mind there is usually a 18 month delay till the get to installing the test equipment.

There is still the fear their customers can not pay the memory supplier though as companies like OpenAi has no model to cover the $1 Trillion in spending over the next decade.

It is going to be a bit of wild ride.

Message 35412794

[Johnny Canuck] Some data points on AMKR and AEHR. Message 35396987

Johnny Canuck — 1/18/2026 3:46:22 AM

[Madharry] Congrats!

Madharry — 1/17/2026 11:35:51 AM

[Johnny Canuck] Re-entered COHU when it cleared the local high at 27 and change. Just looking f...

Johnny Canuck — 1/15/2026 9:10:04 PM

Re-entered COHU when it cleared the local high at 27 and change. Just looking for a trip to $36 resistance level.

Was also looking at AMKR but it got away from me. One of the few third party companies besides INTC that offer advance packing of chiplet wafers.

TSM today indicating most sectors especially AI data centre related demand still strong.

MCHP raising guidance, seems to suggest a broader related recover in consumer electronics including automotive is underway.

TSM rallied everyone including chip equipment companies. I am not sure companies are aggressively adding capacity right now given the cost of fabs though. I noticed MU is not increasing their cap ex aggressive but enjoying the good margins and high prices instead. As a result the chip equipment rally might be a little ahead of itself. We will see. It should be tradable.,

[robert b furman] LOL, For those long term abused holders of Cohu, this song has holding Cohu all...

robert b furman — 1/15/2026 9:36:14 AM

LOL,

For those long term abused holders of Cohu, this song has holding Cohu all over it.

Take some time to listen and read the words to this song. It's a theme song to holding Cohu.

Only fitting to play it on a day where Cohu has opened in the premarket up:$1.34 and pushing on $30.00. Bout Damn Time EH?

T Sizzle - Baggie Blues - YouTube

Bob

[robert b furman] Cohu has a new "Investor Presentation for todays Needham Technology meeting. He...

robert b furman — 1/15/2026 9:22:31 AM

Cohu has a new "Investor Presentation for todays Needham Technology meeting.

Here's the link for the power point. Some strong growth along with excellent margin expansion in some high growth sector of the chip markets - which continue to be more and moer ubuquitous in our daily lives:

Investor Presentations | Cohu, Inc

Bob

[Johnny Canuck] COHU one of a handful of semiconductor equipment stocks showing relative strengt...

Johnny Canuck — 11/24/2025 2:03:46 AM

COHU one of a handful of semiconductor equipment stocks showing relative strength and holding on to the 50 day SMA. Effect of stock buy back????

Message 35339487

[Johnny Canuck] COHU on of the handful of semiconductor equipment stocks holding above the 50 da...

Johnny Canuck — 11/17/2025 12:35:49 AM

COHU on of the handful of semiconductor equipment stocks holding above the 50 day SMA, though for COHU just barely.

Message 35332646

[robert b furman] Lord knows the big three memory makers learned their lesson the hard way in the ...

robert b furman — 11/13/2025 2:19:35 PM

Lord knows the big three memory makers learned their lesson the hard way in the early 2000's.

[Johnny Canuck] I think the challenge is that even though DDR prices have tripled. many of the f...

Johnny Canuck — 11/13/2025 1:57:51 PM

I think the challenge is that even though DDR prices have tripled. many of the fab are concerned about building too much capacity and therefore tanking prices when demand starts to weaken.

Message 35325313

I have seen a few articles suggesting the fabs prefer to keep prices high by maintaining the shortage.

As a result they are cutting back on their cap ex budgets and pushing out the completion of fabs or starting new fabs.

It is hard to tell right now. Memory may become like the oil cartels where artificial shortages are created to keep prices high. Given that only a few companies can afford to build fabs for the next generation of chips it does make sense.

[robert b furman] I'm of the opinion that Cohu's recent upward price is driven by it recent (2024)...

robert b furman — 11/13/2025 5:43:06 AM

I'm of the opinion that Cohu's recent upward price is driven by it recent (2024) entry into high band width memory testing done by its Neon tester for a physical inspection PLUS other ATE for electrical testing. This puts Cohu new system offerings in multiple footprints in the HBM fabs which as Morgan Stanley calls it a SUPER CYCLE IN MEMORY!

Morgan Stanley thinks the memory sector is in for a bigger and longer lasting high margin chip "Super Cycle" - this bodes well for growth in multiple new systems for Cohu.

Morgan Stanley pointed out that a new memory “super cycle” driven by AI has already arrived, and its intensity and logic are completely different from any previous cycle.

Morgan Stanley stated that, unlike in the past, this cycle is led by AI data centers and cloud service providers, whose customers have low price sensitivity, and inference workloads have become the main driver of general-purpose memory demand. Meanwhile, the latest channel checks indicate that in Q4, server DRAM contract prices have surged by nearly 70%, NAND contract prices are up 20–30%, and suppliers hold unprecedented pricing power.

The firm maintains Overweight ratings on SK hynix and Samsung Electronics, expecting rising memory prices to push share prices to new highs and for memory makers’ profits to significantly beat expectations.

Morgan Stanley noted that the core drivers of this cycle have changed in quality. The buyers are no longer traditional customers sensitive to price, but AI data centers and cloud-service giants engaged in an arms race to build compute infrastructure.

For them, securing memory is a strategic “must-have,” and price sensitivity has fallen to the lowest level. At the same time, HBM (high-bandwidth memory) production continues to structurally cannibalize traditional DRAM capacity. As Morgan Stanley emphasized in the report:

“The peculiar point is as follows: today’s memory demand has evolved into a competition led by AI data centers (compute-intensive platforms) and cloud service providers, and they are not as price-sensitive as traditional customers… The exponential upward trend in inference demand provides a solid foundation for this, and this is what makes this cycle fundamentally different from any previous one.”

According to Morgan Stanley’s latest channel checks, the DRAM price outlook turned sharply bullish in just two weeks. Q4 server RDIMM contract prices jumped about 70%, far surpassing the previous 30% expectation. The DDR5 (16Gb) spot price soared 336%, from $7.50 in September to $20.90 now. DDR4 prices also saw a 50% increase in offer levels. Most contract transactions will not be finalized until the end of this month, but customer acceptance seems inevitable—because they fear further price hikes and supply constraints.

Furthermore, NAND has fallen into a severe shortage:

NAND has become a key component of AI compute infrastructure and video storage. Prices of 3D NAND wafers (TLC and QLC) are expected to rise 65–70% quarter-over-quarter to respond to capacity constraints. Nearline storage specifications are shifting from 128TB to 256TB QLC SSDs. TrendForce forecasts that enterprise SSD bit-based server demand in 2026 will increase by about 50% year-over-year. Samsung’s bit production in the first half of 2025 was constrained by the transition from V6 176-layer to 321-layer V8 NAND, and in the second half it will ramp only gradually, resulting in this year’s bit shipment growth rate being limited to 10%.

There is still ample room for price increases, and the cycle is not at its peak yet
The market is often constrained by “peak fear,” assuming that once stock prices hit new highs a reversal will soon follow. However, Morgan Stanley emphasizes that in this AI-led market, the ultimate determinant is earnings growth, not historical valuation:

Currently, server DRAM prices are $1/Gb, whereas the peak of the cloud super cycle in Q1 2018 was $1.25/Gb. Given the scale of AI infrastructure investment and the dynamic nature of hyperscale customers, the peak price of this cycle is highly likely to surpass the previous high. Memory cycles typically last 4–6 quarters, and profits are in the process of being realized. The key, however, is comparison with market expectations—the market is showing noticeably greater enthusiasm for general-purpose memory prices. Valuation is not a predictor of future returns; it reflects supply and demand, not historical precedents.

Based on the strong long-term drivers of AI, memory price increases have already entered “no-man’s-land,” and earnings prospects far exceed the market’s general expectations. This implies there is still enormous upside potential in stock prices.

“As AI-related capital expenditures continue to expand, the share of memory in total spending is likely to keep rising—this will support P/B to far exceed historical peaks. In our view, this is a story where multiple expansion is layered on top of cyclical earnings recovery…

We believe analysts’ data revisions are always lagging—for SK hynix and Samsung, our 2026 and 2027 earnings forecasts are 31~48% and 38~51% higher than market consensus, respectively.”

In sum, the drivers of this memory “super cycle” are more durable, the magnitude of price increases has surpassed historical records, and earnings prospects are higher still. Coupled with a strong cycle, this creates a rare investment opportunity for memory manufacturers that hold pricing power.

Google AI comes up with excellent detail on just what the Neon tester does and why it is a integral test for HBM:

share.google

google.com

The Cohu Neon is an inspection and metrology platform used for physical quality control of High Bandwidth Memory (HBM) devices, not an electrical tester that directly measures bandwidth. It handles the physical high-volume demands of manufacturing for these high-bandwidth semiconductors.
High bandwidth demand in semiconductors, such as HBM for AI and high-performance computing (HPC), primarily refers to the electrical data transfer rate of the final packaged chip or wafer. The Neon system addresses the manufacturing challenges associated with these complex devices by ensuring physical integrity and quality at high speeds.

Cohu Neon and High Bandwidth Demand

Inspection, not electrical testing: The Neon platform is an automated handling and vision inspection system, used to perform full 6-sided optical inspection and metrology (measurement) on tiny devices (dies or WLCSPs) at high speeds. It uses advanced vision systems, infrared inspection, and AI software to detect physical defects, not to test electrical signal bandwidth.
Support for HBM manufacturing: Cohu has received orders for its Neon platform from leading memory manufacturers specifically for use with HBM devices. In this context, the "demand" is for a reliable inspection solution that can handle the specific physical form factor, fragility, and high throughput requirements of HBM components during manufacturing.
Physical Metrology: The Neon system accurately and reliably measures thousands of micro-pillars across each HBM device, which are critical for the vertical interconnects in stacked memory. This precise physical metrology is crucial for the final assembly process to work correctly and achieve the high bandwidth required in the end application.

Electrical Bandwidth Testing
For actual electrical testing of high bandwidth, Cohu offers different Automatic Test Equipment (ATE) platforms and instrumentation, such as the Diamondx or Pax, which utilize specific instruments:

High-speed digital and RF instruments: These testers use high-speed waveform digitizers and source instruments with wide analog bandwidths (e.g., up to 800 MHz or 8.5 GHz for RF measurements) to generate and analyze high-frequency signals.
Physical layer testing: They perform physical layer testing using built-in PRBS (Pseudo-Random Binary Sequence) BERT (Bit Error Rate Tester) Transmitters/Receivers and high-bandwidth drive/compare memory for protocols like SerDes (Serializer/Deserializer).

The Neon ensures the physical components are correct so that the subsequent assembly and electrical testing of HBM chips can be successful.
Would you like to know more about the specific instrumentation Cohu uses for electrical bandwidth measurement?

What vision and AI capabilities does the Neon system use for HBM inspection?

What types of physical defects does the Cohu Neon system detect on HBM devices?

Tell me more about the instruments for electrical testing

13 sites

Neon - Next Generation Inspection Platform
Market Leading Inspection Yield with Uncompromised Throughput. Neon inspection & metrology platform can handle fragile wafer-level...

Cohu·

0:15
Cohu Enters HBM Memory Market with Neon Inspection ...
Nov 14, 2024 — ... Neon platform was selected by a leading U.S. memory and data storage technologies customer for inspection metrolog...

www.storagenewsletter.com
Cohu Secures Additional Neon Orders, Raises 2025 ...
Sep 15, 2025 — POWAY, Calif. --(BUSINESS WIRE)--Sep. 16, 2025-- Cohu, Inc. (NASDAQ: COHU ), a global supplier of equipment and servic...

Cohu
I think some serious short covering has moved Cohu UP!

[Johnny Canuck] Not necessarily good for COHU as it appears some memory fabs are limiting invest...

Johnny Canuck — 10/27/2025 9:56:37 AM

Not necessarily good for COHU as it appears some memory fabs are limiting investment in new fabs.

Message 35309954

[Johnny Canuck] This explains a little more about what is happening with AEHR. I need to do some...

Johnny Canuck — 10/13/2025 10:35:24 PM

This explains a little more about what is happening with AEHR. I need to do some research on their hyperscaler offering though. It does not make sense to me as traditional they have been a chip testing company with COHU.

Message 35295202

[Johnny Canuck] Semiconductor Equipment scan results September 28 2025 Result down 2 from last ...

Johnny Canuck — 9/28/2025 1:49:05 PM

Semiconductor Equipment scan results September 28 2025

Result down 2 from last week.

Technical analysis for shorts & longs Message Board - Msg: 35276433