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Teradyne, Inc. (TER) UBS Global Technology and AI Conference 2025 December 2, 2025 7:35 PM EST
Company Participants
Gregory Smith – President, CEO & Director
Conference Call Participants
Timothy Arcuri – UBS Investment Bank, Research Division
Presentation
Timothy Arcuri
UBS Investment Bank, Research Division
Okay. We’re going to get started. I’m Tim Arcuri. I’m the semi and semi equipment analyst at UBS. And very pleased to have Teradyne here later in the afternoon and very pleased to have Greg Smith, who is the President and the CEO. So thanks, Greg.
Gregory Smith
President, CEO & Director
Thanks.
Question-and-Answer Session
Timothy Arcuri
UBS Investment Bank, Research Division
Great. Well, let’s just start from a macro perspective. And I wanted to ask you about the big picture opportunity in Semi Test. And we hear all these massive deals. We hear OpenAI signing all these deals. We hear how fast data center is growing. We see these great numbers from NVIDIA. And yet the semiconductor test TAM, the SOC TAM is still going to be $6 billion to $6.5 billion this year. It seems very low relative to how much semiconductor revenue is growing. So I guess my question is sort of how do you think about the opportunity and like how much the TAM can grow relative to how we’re hearing all these semiconductor revenue growth opportunities?
Gregory Smith
President, CEO & Director
So I think we should probably talk about things we know and things we don’t know. So things that we know is that there is a certain amount of committed data center capacity that’s going in over the next few years. And that is going to drive significant silicon growth year-on-year. The other thing that we know is that the silicon complexity is growing at a much faster rate in the data
