Overview
Bank of America research outlines a scenario in which a manufacturing collaboration between Intel and Apple would catalyze a sizeable spending wave across Europe’s semiconductor equipment supply chain. In that analysis, three vendors emerge as the clearest beneficiaries: ASML, ASM International (ASM) and BE Semiconductor Industries (BESI).
ASML - Exclusive EUV supplier at the center
ASML is identified as the pivotal supplier for advanced node chipmaking because it is the sole provider of extreme ultraviolet (EUV) lithography systems - the machines required to produce the most advanced processors. According to BofA’s estimates, if Intel and Apple reach a foundry agreement covering Macs and iPads, ASML could see roughly 1.8 billion in additional revenue tied to that work. Under a larger scenario that also covers iPhone production, BofA projects that the opportunity could expand to about 4.6 billion.
Beyond the potential Apple-related revenue, BofA notes that ongoing demand from AI servers and next-generation processors is already a major driver of EUV system purchases, reinforcing ASML’s strategic position in advanced manufacturing.
ASM International - Deposition technologies for complex transistors
ASM International is highlighted for its deposition capabilities, notably atomic layer deposition and epitaxy, technologies that have become more critical as transistor architectures grow more intricate. BofA quantifies the Apple-related upside for ASM as approximately 568 million in a constrained foundry arrangement and as much as 1.4 billion in a broader iPhone-inclusive scenario.
With a notable market share and consistent free cash flow, BofA characterizes ASM as having one of the more attractive long-term growth profiles among European technology equipment suppliers, due to its alignment with AI-driven semiconductor investment trends.
BE Semiconductor Industries - Advanced packaging and hybrid bonding exposure
BESI is portrayed as a key player in advanced packaging and hybrid bonding - areas of increasing importance for AI chips and chiplet-based architectures. In BofA’s tool-count scenarios, Intel might need 15 hybrid bonding tools in a base case and as many as 182 tools under a larger iPhone-related plan. BofA cautions that BESI’s results are likely to be more variable than ASML or ASM, but notes that the company could still rank among the principal beneficiaries if industry momentum shifts toward advanced packaging.
Implications for markets and equipment suppliers
The BofA analysis links a single potential commercial decision - a foundry partnership between a major chipmaker and a major OEM - to concrete revenue and unit-demand projections across several subsectors of the semiconductor equipment market. The projected figures are framed as contingent on the scope of any realized agreement, and the bank differentiates among lithography, deposition and packaging toolsets when assessing the distribution of benefit.
Data limitations
All projected revenue and tool counts are presented by BofA as scenario-based estimates tied to varying degrees of Apple-related foundry involvement. The estimates therefore depend on whether and how a manufacturing arrangement materializes.