NVIDIA's Rubin Ultra platform launching in 2027 positions the chipmaker to extend its AI hardware lead as competitors intensify efforts across the computing stack. AMD scored a major win with Meta's 6-gigawatt GPU deal, signaling hyperscaler willingness to diversify beyond NVIDIA's ecosystem.
The competition extends beyond GPU performance into manufacturing sovereignty. Apple and TSMC are deepening their U.S. manufacturing partnership, reflecting industry-wide efforts to secure domestic production capacity for AI workloads.
Aehr Test Systems reported Q2 FY2026 revenue of $9.9M, down 27% year-over-year from $13.5M, with bookings falling to $6.2M from $11.4M in Q1. The company's gross margin compressed to 29.8% from 45.3% due to lower WaferPak volumes and unfavorable product mix.
Despite near-term weakness, Aehr forecasts second-half FY2026 bookings of $60M-$80M, driven by AI wafer-level and packaged-part burn-in testing. The company's lead Sonoma production customer provided a large AI ASIC forecast with shipments starting Q1 FY2027. Sonoma system orders reached $5.5M in Q3 to date, exceeding the entire Q2 total.
Aehr's backlog stood at $18.3M effective, including $6.5M in post-quarter bookings during the first six weeks of Q3. The company raised $10M through its ATM program in Q2, bringing cash to $31M from $24.7M in Q1.
Credo Technology Group expects Q3 FY2026 GAAP gross margin between 63.8% and 65.8%, benefiting from surging demand for AI chip connectivity solutions. The company's high-margin profile reflects the value of specialized interconnect technology as AI systems scale.
Aehr delayed $2M in WaferPak shipments for gallium nitride customers from Q2 to Q3 due to high-voltage faults requiring protection circuit redesigns. The company closed its Incal facility May 30, 2025, consolidating operations to Fremont and reversing $213K in restructuring charges from early lease termination.
The market is evolving from pure GPU battles toward integrated plays involving power infrastructure, custom silicon, and testing capacity. Aehr claims production capacity exceeds 20 systems monthly for wafer or package-level testing, positioning it to serve increasing AI chip validation requirements.