Then the cycle turned as Intel stumbled. Delays in advancing manufacturing nodes allowed Intel’s rivals, such as TSMC, to pull ahead, while execution missteps and intensifying competition eroded its long-held dominance in personal computers and data centres. Intel ended up on the back foot just as the semiconductor industry entered a new phase driven by AI and high-performance computing.
There was a time when AEM Holdings could do no wrong. As a key supplier to Intel’s ecosystem, it rode the US chipmaker’s upswing and became one of the market’s clearest proxies for backend semiconductor test demand.
The Singapore-headquartered chip tester’s annual revenue more than doubled from $223 million in 2017 to $565 million in 2021. It went on to hit an all-time high of $870 million the following year. AEM’s share price surged over those years, mirroring its rapid growth.
