FormFactor, Inc. designs, manufactures, and sells probe cards, analytical probes, probe stations, metrology systems, thermal systems, and cryogenic systems to semiconductor companies and scientific institutions. It operates in two segments, Probe Cards and Systems. The company offers probe cards to test various semiconductor device types, including systems on a chip products, mobile application processors, microprocessors, microcontrollers, and graphic processors, as well as radio frequency, analog, mixed signal, image sensor, electro-optical, dynamic random access memory, NAND flash memory, and NOR flash memory devices, as well as computer processor devices; and analytical probes, which are used for a range of applications, including device characterization, electrical simulation model development, failure analysis, and prototype design debugging for universities, research institutions, semiconductor integrated device manufacturers, semiconductor foundries, and fabless semiconductor companies. It also provides probe systems for semiconductor design engineers to capture and analyze accurate data; surface metrology systems for the development, production, and quality control of semiconductor products; thermal subsystems, such as thermal chucks and other test systems used in probe stations and other applications; and precision cryogenic instruments, semiconductor tests, and measurement systems. In addition, the company offers on-site probe card maintenance and service training, seminars, and telephone support services. It markets and sells its products through direct sales force, manufacturers' representatives, and distributors in the United States, Taiwan, South Korea, China, Europe, Japan, Malaysia, Singapore, and internationally. The company was incorporated in 1993 and is headquartered in Livermore, California.

FormFactor, Inc.

Micron Technology MU and FormFactor FORM are both important players in the semiconductor ecosystem. Micron is a global leader in memory and storage solutions, while FormFactor provides advanced test and measurement technologies essential for chip manufacturing. These companies are positioned to benefit from surging demand in artificial intelligence (AI), advanced packaging and high-performance computing.
However, their financial performance, growth strategies and valuations offer different risk-reward profiles for investors considering semiconductor exposure. Let’s see which stock has an edge over the other from an investment perspective.
Micron Technology: Riding on AI Memory Wave
Micron sits at the heart of several transformative tech trends. Its exposure to AI, high-performance data centers, autonomous vehicles and industrial IoT uniquely positions the company for sustainable long-term growth. As AI adoption accelerates, the demand for advanced memory solutions like DRAM and NAND is soaring. Micron’s investments in next-gen DRAM and 3D NAND ensure it remains competitive in delivering the performance needed for modern computing.
The company’s diversification strategy is also bearing fruit. Micron has created a more stable revenue base by shifting its focus away from the more volatile consumer electronics market and toward resilient verticals such as automotive and enterprise IT. This balance enhances its ability to weather cyclical downturns. In the third quarter of fiscal 2025, its revenues and non-GAAP EPS soared 37% and 208%, respectively, year over year.
Micron Technology, Inc. Price, Consensus and EPS Surprise
Micron is also riding on a strong wave of high-bandwidth memory (HBM) demand. Its HBM3E products are attracting significant interest due to their superior energy efficiency and bandwidth, which are ideal for AI workloads.
In January 2025, NVIDIA confirmed that Micron is a core HBM supplier for its GeForce RTX 50 Blackwell GPUs, signaling deep integration in the AI supply chain. Additionally, its newly announced HBM advanced packaging facility in Singapore, set to launch in 2026 with expansion in 2027, underscores the company’s commitment to scaling production for AI-driven markets.
The continuously evolving new tech trends and diversification strategy are likely to aid Micron’s growth over the long run. The Zacks Consensus Estimate for fiscal 2025 and 2026 revenues indicates year-over-year growth of 45.7% and 32%, respectively. The consensus mark for EPS suggests a robust year-over-year improvement of 497.7% for fiscal 2025 and 57.9% for fiscal 2026.
FormFactor: Advanced Packaging Leader With Margin Challenges
Growing demand for advanced packaging, which improves product-level performance, power and density, is benefiting FormFactor’s prospects. Advanced packaging applications like HBM produce both higher test intensity, which expands the number of probe cards required per good die out and higher test complexity, which raises the performance requirements for each probe card.
FormFactor's unique capabilities position it for accelerated growth in the advanced probe card market. FORM expects the Advanced Probe Card market to grow to $2.7 billion by 2028, driven by innovation in products like SmartMatrix, Kepler and Pyramid RF probe cards, which meet the increasing demands of advanced technologies like 5G. The company’s broad product portfolio and diverse customer base contribute to this growth projection.
FormFactor’s latest financial results for the second quarter of 2025 demonstrate a potential for recovery as it capitalizes on semiconductor industry trends. In the second quarter of 2025, it registered a sequential increase in revenues and non-GAAP EPS of 14.3% and 17.4%, respectively.
FormFactor, Inc. Price, Consensus and EPS Surprise
Strength came from DRAM probe cards, particularly HBM products, where the company now ships to all three major HBM manufacturers — Samsung, Micron and SK Hynix. It is also gaining traction in foundry and logic probe cards for GPUs and AI-custom ASICs, while its Systems segment is benefiting from co-packaged optics and early quantum computing adoption.
Despite these technology wins, profitability remains a concern. The non-GAAP gross margin slipped 70 basis points sequentially to 38.5% in the second quarter, pressured by a lower-margin DRAM mix, higher operational costs and tariffs. Management is targeting a 40% non-GAAP gross margin on $200 million in third-quarter revenues but admits the near-term path is unclear. It predicts that tariffs imposed on imported goods to the United States would negatively impact its third-quarter 2025 non-GAAP gross margin by 100-150 basis points.
The Zacks Consensus Estimate for 2025 and 2026 revenues indicates year-over-year growth of 0.5% and 8%, respectively. The consensus mark for EPS suggests a year-over-year decline of 7.8% for 2025, while an increase of 29.1% for 2026.
MU vs. FORM: Valuation and Stock Performance
Micron trades at a forward 12-month price-to-sales (P/S) multiple of 2.9, slightly higher than FormFactor’s 2.7. While Micron’s valuation premium reflects its scale, profitability and near-term growth trajectory, FormFactor’s discount pricing is likely to factor in its current margin headwinds and more modest revenue growth.
Image Source: Zacks Investment Research
Micron shares have jumped 47% year to date, while FormFactor shares have plunged 35.8%.
Image Source: Zacks Investment Research
Conclusion: Micron Holds the Edge
Both companies play vital roles in the AI-driven semiconductor supply chain, but Micron offers stronger near-term growth and higher profitability. Its leadership in DRAM, NAND and HBM, alongside substantial investments in enhancing fabrication and packaging capabilities, gives it a strategic advantage. FormFactor’s technology portfolio and customer base are impressive, but profitability pressure due to a lower-margin product mix, higher operational costs and tariffs remains a concern.
Currently, Micron carries a Zacks Rank #3 (Hold), while FormFactor has a Zacks Rank #4 (Sell).
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
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MU vs. FORM: Which Semiconductor Stock Has More Potential Right Now?

Chip designers and software giants tend to hog the spotlight in the artificial intelligence (AI) hyper-build. Yet beneath the surface of these household names, a robust ecosystem of less heralded companies is quietly laying the groundwork for AI's explosive growth. These are the "hidden gems" -- businesses with critical, often foundational, contributions that make the AI revolution possible.
While many investors flock to the obvious players, shrewd eyes are turning toward those supplying the "picks and shovels" or providing essential infrastructure for the AI gold rush. These companies might not grab daily headlines, but their strong fundamentals and integral roles position them for sustained growth as AI continues to expand.
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Here are three lesser-known tech stocks that could be top performers in the AI era.
The quality gatekeeper
Camtek (NASDAQ: CAMT) doesn't make AI chips -- it makes sure they work. The Israeli company's inspection and metrology equipment has become indispensable as semiconductor manufacturing pushes the boundaries of physics. FormFactor's advanced wafer probe cards make contact with microscopic chip connections to verify functionality before chips are packaged -- catching defects early when they're cheapest to fix.
Q1 2025 results tell the story. Revenue jumped 22% year over year to $118.6 million, while net income surged 38% to $34.3 million.
Management guided Q2 revenue to $120 million to $123 million, representing 17% to 20% growth. The company's gross margin hit 51% -- exceptional for hardware manufacturers.
Intel just named Camtek one of only 37 recipients of its 2025 EPIC Supplier Award from thousands of suppliers worldwide. This recognition validates what the numbers already show: As AI chips become more complex, the need for advanced inspection grows exponentially.
The company's relatively new Eagle G5 and Hawk systems launched just as the industry is transitioning from HBM3e to HBM4 memory -- perfect timing for the next wave of AI hardware. With the advanced packaging market for AI applications driving growth, and Camtek holding dominant positions in key segments, the company's products are becoming as essential as the chips themselves.
At a $3.8 billion market cap, Camtek trades at a fraction of its semiconductor equipment peers while growing faster than most.
Testing the untestable
FormFactor (NASDAQ: FORM) solves a problem most investors don't know exists: How do you test a chip with thousands of connections operating at blazing speeds?
As AI processors pack more transistors and memory bandwidth, traditional testing methods fail. FormFactor's advanced wafer probe cards make contact with microscopic chip connections to verify functionality before chips are packaged -- catching defects early when they're cheapest to fix.
The company reported Q1 2025 revenue of $171.4 million, down sequentially due to export restrictions limiting DRAM probe card shipments to China. But look deeper: Q2 guidance calls for $190 million in revenue, and management remains confident in long-term growth driven by three megatrends -- advanced packaging, high-bandwidth memory, and co-packaged optics.
FormFactor just closed its acquisition of FICT Limited, securing a critical supplier of advanced probe card components. The board also authorized a $75 million share buyback, signaling confidence despite near-term headwinds.
CEO Mike Slessor emphasized that AI's demands for more sophisticated testing are just beginning. FormFactor's probe cards sit at a crucial bottleneck. Every AI chip must be tested, and as complexity rises, so does the value of FormFactor's technology. The company's solutions for testing HBM and other AI-specific processors position it perfectly for the coming wave of more powerful AI hardware.
Keeping AI cool
Vertiv Holdings (NYSE: VRT) tackles AI's dirty secret -- heat. Training large language models requires massive computing power that generates enormous amounts of waste heat.
Without sophisticated cooling, these AI data centers would "melt down." Vertiv's liquid cooling systems and precision air conditioning units maintain optimal temperatures, while its uninterruptible power supplies ensure AI training runs never lose progress due to outages.
Q1 2025 results exceeded expectations across the board. Net sales hit $2 billion, up 24% year over year, with organic growth of 25%. The company's backlog stands 25% higher than a year ago, while trailing-12-month orders grew approximately 20%. Adjusted earnings per share of $0.64 beat estimates handily.
Vertiv just announced a collaboration with Nvidia and iGenius to deploy Colosseum, one of the world's largest AI supercomputers, in Italy. This isn't just another data center -- it's a showcase of how Vertiv's prefabricated, liquid-cooled infrastructure enables the next generation of AI computing.
Management raised full-year 2025 sales guidance to $9.3 billion to $9.6 billion, projecting organic growth of 16.5% to 19.5%. This isn't surprising, given the AI infrastructure boom -- these workloads consume 5x to 10x more power than traditional computing, making Vertiv's thermal management solutions mission critical. At a $46.9 billion market cap, Vertiv may push the "hidden" definition, but its role in enabling AI is so fundamental that growth should continue for years.
The infrastructure nobody sees
These companies represent three essential layers of the AI stack that most investors overlook. Camtek ensures AI chips meet specifications during manufacturing. FormFactor verifies that they work properly before deployment. Vertiv keeps them running once installed. Remove any layer, and the entire AI ecosystem collapses.
While Nvidia and Microsoft capture headlines, these pick-and-shovel plays offer pure exposure to AI growth without betting on specific models or applications. As AI adoption accelerates, demand for inspection equipment, testing technology, and cooling infrastructure will only intensify.
The best part? The market hasn't fully recognized their critical roles yet.
Should you invest $1,000 in Camtek right now?
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George Budwell has positions in Microsoft and Nvidia. The Motley Fool has positions in and recommends Intel, Microsoft, and Nvidia. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft, short August 2025 $24 calls on Intel, and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

3 AI Stocks That Could Be Hidden Gems

FormFactor FORM reported first-quarter 2025 non-GAAP earnings of 23 cents per share, surpassing the Zacks Consensus Estimate by 21.05%. The bottom line increased 27.8% from the year-ago quarter.
Revenues of $171.4 million beat the Zacks Consensus Estimate by 0.79% and increased 1.6% year over year. However, FormFactor reported a 9.6% sequential decline in first-quarter revenues due to anticipated reductions in demand for DRAM probe cards and Systems.
Following the earnings release, FormFactor’s shares jumped more than 10% in the pre-market trading on April 30, driven by a strong second-quarter 2025 outlook that projects double-digit sequential revenue growth across all major segments.
FORM’s earnings beat the Zacks Consensus Estimate twice and missed in the remaining two, the surprise being 3.41%, on average. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)
FormFactor, Inc. Price, Consensus and EPS Surprise
FormFactor, Inc. price-consensus-eps-surprise-chart | FormFactor, Inc. Quote
FormFactor’s Segmental Revenue Details
Probe card revenues were $136.6 million, down 0.1% year over year. The decrease was led by lower DRAM and Flash revenues.
Foundry and Logic revenues (49.8% of the total revenues) were $85.3 million, down 1.7% year over year.
DRAM revenues (28.5% of the total revenues) were $48.9 million, up 6.5% year over year.
Flash revenues (1.4% of the total revenues) were $2.4 million. The reported figure fell 40% year over year.
Systems revenues (20.3% of the total revenues) were $34.8 million, up 8.7% year over year.
Revenues generated from Malaysia, Taiwan, Japan and Singapore increased 36.8%, 51.8%, 21.2% and 29.2%, year over year, respectively.
However, revenues from the United States, South Korea, China, Europe and the rest of the world declined 12%, 14.8%, 12.8%, 11.4%, and 25.9%, year over year, respectively.
FORM’s Operating Results
In the first quarter of 2025, the gross margin expanded 50 basis points (bps) year over year to 39.2%.
Non-GAAP operating expenses decreased 4% year over year to $50.2 million. As a percentage of revenues, operating expenses moved down 170 bps year over year to 29.3%.
The non-GAAP operating margin improved 220 bps year over year to 9.9%.
FormFactor’s Balance Sheet & Cash Flow
As of March 29, 2025, cash and cash equivalents, and marketable securities were $299.0 million compared with $360 million as of Dec. 28, 2024.
Cash generated from operating activities was $23.5 million in the reported quarter, down from $35.9 million in the previous quarter.
The company generated a free cash flow of $6.3 million in the first quarter, down from $28.8 million in the prior quarter. The decline was primarily due to reduced operating cash flows, led by lower profitability, higher working capital use and increased capital expenditure.
FORM Offers Optimistic Q2 Guidance
FormFactor remains well-positioned for long-term growth, supported by structural trends in advanced packaging, high-bandwidth memory (HBM) and co-packaged optics, which continue to drive innovation and demand across the semiconductor industry, reinforcing an optimistic outlook for the second quarter of 2025.
FORM expects second-quarter 2025 revenues of $190 million (plus-or-minus $5 million). The Zacks Consensus Estimate is pegged at $185.43 million, indicating a 6.10% dip from the figure reported in the year-ago quarter.
The company expects a non-GAAP gross margin of 40% (plus-or-minus 1.5%).
On a non-GAAP basis, FORM expects earnings of 30 cents (plus-or-minus 4 cents) per share. The Zacks Consensus Estimate is pegged at 27 cents per share, indicating a 22.86% decline from the figure reported in the year-ago quarter.
FormFactor’s Zacks Rank & Other Stocks to Consider
FORM currently carries a Zacks Rank #2 (Buy).
Criteo CRTO, Paycom Software PAYC and Unity Software U are some other top-ranked stocks that investors can consider in the Zacks Computer and Technology sector. These three companies flaunt a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Criteo is scheduled to report first-quarter 2025 results on May 2. Paycom Software is set to report first-quarter 2025 results on May 7, whereas Unity Software is scheduled to report first-quarter 2025 results on May 7.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
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FORM Q1 Earnings Surpass Estimates, Stock Rises on Positive Outlook

FormFactor (FORM) came out with quarterly earnings of $0.23 per share, beating the Zacks Consensus Estimate of $0.19 per share. This compares to earnings of $0.18 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 21.05%. A quarter ago, it was expected that this integrated circuits diagnostic company would post earnings of $0.29 per share when it actually produced earnings of $0.27, delivering a surprise of -6.90%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
FormFactor, which belongs to the Zacks Electronics - Semiconductors industry, posted revenues of $171.36 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 0.79%. This compares to year-ago revenues of $168.73 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
FormFactor shares have lost about 36.6% since the beginning of the year versus the S&P 500's decline of -5.5%.
What's Next for FormFactor?
While FormFactor has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for FormFactor: favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.27 on $185.43 million in revenues for the coming quarter and $1.26 on $772.83 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Electronics - Semiconductors is currently in the top 23% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, indie Semiconductor, Inc. (INDI), has yet to report results for the quarter ended March 2025. The results are expected to be released on May 12.
This company is expected to post quarterly loss of $0.08 per share in its upcoming report, which represents a year-over-year change of +20%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
indie Semiconductor, Inc.'s revenues are expected to be $55 million, up 5.1% from the year-ago quarter.
Should You Invest in FormFactor, Inc. (FORM)?
Before you invest in FormFactor, Inc. (FORM), want to know the best stocks to buy for the next 30 days? Check out Zacks Investment Research for our free report on the 7 best stocks to buy.
Zacks Investment Research has been committed to providing investors with tools and independent research since 1978. For more than a quarter century, the Zacks Rank stock-rating system has more than doubled the S&P 500 with an average gain of +24.08% per year. (These returns cover a period from January 1, 1988 through May 6, 2024.)
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FormFactor (FORM) Surpasses Q1 Earnings and Revenue Estimates

For Immediate Release
Chicago, IL – March 18, 2025 – Zacks Equity Research shares NVIDIA NVDA as the Bull of the Day and FormFactor FORM as the Bear of the Day. In addition, Zacks Equity Research provides analysis on D-Wave Quantum Inc. QBTS, Alphabet Inc. GOOG and Microsoft Corp. MSFT.
Here is a synopsis of all five stocks.
I last wrote about NVIDIA as the Bull of the Day on January 29 in the immediate aftermath of the DeepSeek invasion.
I explained why buying near $120 offered excellent risk/reward to accumulate more shares of the primary engine of the AI revolution. That play gave investors and traders a quick 15%+ gain on the NVDA rally back to $140.
I then fleshed out the long-term thesis in this article from Feb 18...
DeepSeek and the 5th Industrial Revolution
But then a bigger correction unfolded for technology stocks as the Nasdaq 100 plummeted 13% in just 3 weeks.
So what did I do? I added more NVDA shares on the dip under $110.
Because the biggest NVIDIA catalyst event of the year starts today with CEO Jensen Huang's keynote address at the GPU Tech Conference (GTC) in San Jose.
While I could recap the broad investment case for owing the "engine of AI," the above article has already done that with a 5-year vision.
So I thought it would be fun to profile a unique new product line that Jensen unveiled at CES in early January. We are certainly due to hear more about it today. Here are excerpts from a recent X thread I wrote @KevinBCook.
Introducing Project DIGITS
At CES, Jensen wowed the crowd with something amazing: a personal AI supercomputer for your desktop powered by Blackwell.
This magic little box, not much bigger than your favorite paperback novel, can build models of up to 200 billion parameters.
That means it's more like a few bars of palladium on your desk. And it's only $3,000. Let's dive in!
If you see a picture of Project DIGITS, it actually looks like a mini DGX box. But it's locked and loaded with the new GB10 Grace Blackwell Superchip. Plus CUDA software and libraries.
And it wields a petaflop of AI computing performance for prototyping, fine-tuning & running large AI models.
“AI will be mainstream in every application for every industry. With Project DIGITS, the Grace Blackwell Superchip comes to millions of developers,” said Jensen Huang, founder and CEO of NVIDIA.
At the big CES reveal, you couldn't even buy it yet. I'm betting the wait list has grown long and today we could find out when they ship.
“Placing an AI supercomputer on the desks of every data scientist, AI researcher and student empowers them to engage and shape the age of AI,” Jensen added.
Tools for the New World of Physical AI
On his roadmap in January, Jensen explained the NVIDIA vision going from Generative-AI to Agentic-AI to Physical-AI.
In my "5th Industrial Revolution" article, I give some examples of Agentic AI where we can use software tools that work, build, and create for us automatically, thereby multiplying our time, energy, and creative potential.
But Physical AI gets even crazier as robotic systems can embody AI tools and software to conduct physical tasks for us. This takes the best of what NVIDIA offers to create training environments for, as an example, humanoid robots.
Once developers simulate a real-world situation, NVIDIA Omniverse and Cosmos can train the robot on billions of iterations to perform complex tasks for us... like folding laundry or even cooking a gourmet meal.
Now here's where it gets exciting for the potential of DIGITS. Each Project DIGITS features 128GB of unified, coherent memory and up to 4TB of NVMe storage. And you just plug it in to a wall outlet.
I have to believe that that DIGITS will give the power to small developers to build their own models for Physical AI. We may learn more about that today.
What I know for sure, is how DIGITS will empower those building Agentic AI applications from home or lab to go beyond most platforms.
From the company press release on Jan 6 from CES:
"To build agentic AI applications, DIGITS users can also harness NVIDIA Blueprints and NVIDIA NIM™ microservices, which are available for research, development and testing via the NVIDIA Developer Program."
A big key to NVIDIA success for the past two decades is evangelizing developers by giving them power tools in the form of GPU hardware and CUDA software to build just about anything they can imagine.
And that support only keeps expanding. With DIGITS, when AI applications are ready to move from experimentation to production environments, the NVIDIA AI Enterprise license provides enterprise-grade security, support & product releases of NVIDIA AI software.
Be sure to catch Jensen's keynote at 10 am Pacific today. You won't be disappointed when the Wizard of AI shows off his latest toys and magic.
FormFactor is a $2.5 billion OEM of automated wafer probe cards and other testing devices used in the back-end portion of the semiconductor manufacturing process.
FORM serves the requirements of the companies that design or make semiconductor and related products in the Foundry & Logic, DRAM, Flash, Display and Sensor markets.
The company’s product portfolio is comprised of probe cards, analytical probes, probe stations, thermal sub-systems, and related services.
FormFactor reported revenues of $763.6 in 2024, with SK Hynix accounting for 22% of the company’s top-line. This year's sales consensus now calls for growth of only 1.2% to $773 million, after their disappointing Q4 report and guidance in early February.
And analysts have taken EPS estimates for the year down over 20% from $1.63 to $1.26, slipping below 10% annual growth. This is the primary catalyst making FORM shares a Zacks #5 Rank.
What Does FORM Make?
We'll look at FormFactor's guidance for the year after we dive into their core business.
Probe Cards help FormFactor to serve customers’ design layout and electrical test requirements by testing semiconductor device types such as systems on a chip (SoC), mobile application processors, microprocessors, microcontrollers, graphic processors, radio frequency, analog, mixed signal, image sensors, electro-optical, dynamic random-access memory (DRAM), NAND flash memory and NOR flash memory devices.
Analytical probes cater to the needs of a diverse set of applications such as device characterization, failure analysis, prototype design debugging and electrical simulation model development.
Probe stations are designed to take care of customers’ complex measurement requirements by creating integrated measurement systems.
Thermal sub-systems aid in the testing of devices at a particular temperature or across a range of temperatures by producing thermal chucks and other test systems.
FORM’s Q1 Guidance
FormFactor is facing headwinds due to weaker demand in high-volume markets like client PCs and mobile handsets. The expected sequential decline in demand for non-HBM DRAM probe cards and systems further reinforces a cautious outlook for the first quarter of 2025.
FORM expects first-quarter 2025 revenues of $170 million (+/- $5 million), about $20 million below prior consensus estimates.
The company expects a non-GAAP gross margin of 38% (+/- 1.5%).
On a non-GAAP basis, FORM expects earnings of 19-cents (+/- 4 cents) per share vs prior EPS estimates of 33-cents.
Owing to its manufacturing locations in Asia, the company derives most of its revenues from the region. North America has started to grow in recent quarters because of the increasing level of manufacturing activity in the region.
Bottom line: FormFactor plays a key role in the precision testing of semiconductor foundry products. But the current growth slump should make investors cautious here as the stock trades over 25X EPS. The next quarter or two should tell us if a turnaround is afoot. The Zacks Rank will let you know.
Additional content:
D-Wave Shares Jumped Over 40% - Should You Buy QTBS Stock?
Quantum computing stocks such as D-Wave Quantum Inc. gained momentum in December after Alphabet Inc. introduced Willow, the quantum computing chip. However, in January, NVIDIA Corp.’s CEO, Jensen Huang, commented that commercializing quantum computing would likely take at least 15 years, causing D-Wave shares to plummet.
But D-Wave shares surged 46.9% on Friday, reaching a year-to-date gain of 20.8%. So, what’s driving the latest rally, and should we consider buying D-Wave stock now? Let’s delve into it.
Why QBTS Stock Soared on Friday?
During Friday’s trading session, D-Wave shares rose on positive market reception of its earnings report the previous day. D-Wave reported a net loss of 8 cents a share on $2.3 million sales. However, it was the company’s promising forward guidance that drew attention.
D-Wave expects sales of $10 million for the first quarter, way above analysts’ estimate of $2.55 million. D-Wave is optimistic about its first quarter performance mainly due to its partnership with the Julich Supercomputing Centre, which is set to receive a D-Wave Advantage annealing quantum computing system.
Also, D-Wave’s bookings in the fourth quarter have remarkably surged 502% to $18.3 million. This increase in order book restored confidence that the quantum field is progressing steadily. But it’s just not D-Wave’s quarterly report that boosted the stock. A recent scientific breakthrough has also lifted the D-Wave stock. The company claimed that its annealing quantum computer surpassed a top classical supercomputer in solving intricate magnetic materials simulations for materials discovery.
Is This the Right Time to Buy QBTS Stock?
Given its latest breakthrough and positive forward guidance, risk-tolerant investors may hold onto D-Wave stock. The company is investing heavily in quantum computing research and development, a sector projected to add $1.3 trillion to the economy by 2035, per McKinsey. This is because quantum computing can solve problems more efficiently than traditional computing and is vital for training artificial intelligence (AI) algorithms.
Brokers, too, are optimistic about D-Wave. They have raised the highest price target of D-Wave stock to $11 from the last closing price of $6.91, an upside of 59.2%.
However, let’s admit that quantum computing is still in its nascent stage, and currently, its practical applications are not mature enough for the industry. Moreover, big tech players like Alphabet and Microsoft Corp. are eyeing the quantum computing landscape, potentially making D-Wave a takeover target, which may worry its shareholders.
Significant challenges also lie ahead for D-Wave as the company reported an EBITDA loss of $56 million in 2024, thus raising doubts about its position as a leader in this emerging quantum computing field. So, risk-averse investors may wait for further encouraging developments before placing a bet on this highly speculative stock.
D-Wave, as of now, has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
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NVIDIA and FormFactor have been highlighted as Zacks Bull and Bear of the Day

Applied Materials, Inc. AMAT has declined 8.2% since reporting its first-quarter fiscal 2025 earnings despite delivering a solid quarter. With the recent sell-off, AMAT has been down 15.2% over the past year, underperforming the Zacks Electronics- Semiconductors industry’s gain of 45.3%.
One-Year Price Return Performance
Image Source: Zacks Investment Research
The stock's post-earnings drop has raised concerns among investors about whether this is a buying opportunity or a warning sign. However, while short-term headwinds have caused volatility, Applied Materials’ long-term positioning remains strong. Given its technological leadership, financial resilience and AI-driven growth opportunities, holding the stock remains the best strategy.
Why AMAT Shares Fell After Earnings Results
The decline is primarily due to softer-than-expected second-quarter guidance, geopolitical risks tied to U.S.-China trade restrictions and concerns over slowing investment in key markets. Applied Materials projected second-quarter revenues of $7.1 billion (+/- $400 million), slightly below the Zacks Consensus Estimate of $7.13 billion. Its non-GAAP EPS guidance of $2.30 (+/- 18 cents) also fell short of expectations. Investors reacted negatively, interpreting this as a sign of slowing near-term growth.
The impact of U.S. export controls on semiconductor equipment sales to China has further pressured Applied Materials shares. Management expects these restrictions to reduce fiscal 2025 revenues by $400 million, with half of this decline hitting in the second quarter. China has historically been AMAT’s largest single market, contributing up to 30% of total revenues. With tighter regulations limiting Applied Materials’ ability to service certain customers, particularly in its Applied Global Services (“AGS”) segment, investor sentiment has weakened.
Adding to concerns, Applied Materials acknowledged that investment in the IoT, Communications, Automotive, Power, and Sensors (“ICAPS”) segment is slowing after a strong 2023 and 2024. ICAPS has been a significant growth driver, and any sustained slowdown could pressure revenues and margins as the industry normalizes from a high-demand period.
However, these headwinds are short-term and do not alter Applied Materials’ long-term trajectory. The company is actively expanding its presence in non-China markets while strengthening its leadership in advanced semiconductor technologies.
AMAT’s Technological Leadership Remains a Major Advantage
AI-driven semiconductor demand is at the heart of the industry’s next growth cycle, and Applied Materials is well-positioned to capitalize on this transformation. The company has made significant strides in cutting-edge chip manufacturing, particularly in gate-all-around (GAA) transistors, high-bandwidth memory (HBM) and advanced packaging. These innovations are critical to enabling faster, more energy-efficient AI processing.
Applied Materials’ revenues from advanced semiconductor nodes surpassed $2.5 billion in fiscal 2024, and management expects this figure to double in fiscal 2025. The transition from FinFET to GAA transistors is expanding AMAT’s total addressable market by 15%, while Applied Materials’ revenues in this segment are projected to grow 30% per wafer fab capacity expansion. The company is also on track to secure more than 50% of the market share in GAA and backside power delivery, solidifying its leadership in the AI computing era.
The advanced packaging segment has become an increasingly critical part of Applied Materials’ business, with revenues tripling over the past four years to $1.7 billion in fiscal 2024. AMAT has secured volume orders from leading-edge customers for its Integrated Hybrid Bonding technology, strengthening its position in next-generation chip manufacturing. The upcoming EPIC Center in Silicon Valley, expected to go live in 2026, will further drive innovation in semiconductor packaging and process technology.
AMAT’s Financial Resilience Supports Long-Term Growth
Despite ongoing industry headwinds, Applied Materials continues to demonstrate strong financial performance. In the first quarter of 2025, revenues rose 7% year over year to $7.17 billion, surpassing expectations. Non-GAAP earnings per share (EPS) increased 12% to $2.38, highlighting the company’s ability to maintain profitability even in a volatile market.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
Applied Materials’ gross margin reached 48.9%, its highest level since 2000, due to a favorable product mix, value-based pricing and cost discipline. The company also returned $1.64 billion to shareholders in the first quarter, including $1.32 billion in stock buybacks and $326 million in dividends. With a strong cash position and continued investments in research & development, AMAT remains well-prepared to navigate short-term pressures while ensuring long-term growth.
With the Zacks Consensus Estimate projecting revenue growth of 7% in fiscal 2025 and 6.9% in fiscal 2026, alongside EPS growth of 8.6% and 7% in respective fiscals, Applied Materials is on track to sustain its momentum. Additionally, the company has consistently outperformed earnings expectations, delivering an average surprise of 5.6% over the last four quarters, reflecting its strong execution capabilities.
Applied Materials, Inc. Price, Consensus and EPS Surprise
Applied Materials, Inc. price-consensus-eps-surprise-chart | Applied Materials, Inc. Quote
AMAT Valuation Still Offers Upside Potential
Applied Materials is trading at a 12-month forward P/E ratio of 17.64, significantly below the industry average of 32.96. Compared to industry peers such as Broadcom AVGO at 32.05X, Marvell Technology MRVL at 38.79X and FormFactor FORM at 27.86X, AMAT appears undervalued. Given its dominance in semiconductor equipment and AI-driven chip manufacturing, this valuation discount suggests strong upside potential over the long term.
Forward 12-Month P/E Ratio
Image Source: Zacks Investment Research
Conclusion: Hold AMAT Stock for Now
The 8.2% post-earnings dip reflects short-term concerns rather than any fundamental weakness in Applied Materials’ business. The company remains a key player in semiconductor manufacturing, with a dominant position in AI-driven chip production, advanced packaging and next-generation process technology. While geopolitical risks and ICAPS investment slowdown are legitimate concerns, AMAT’s financial strength, market share gains and technological leadership make it a strong long-term investment.
For investors, holding AMAT is the best approach. Once industry conditions stabilize and AI-driven semiconductor demand accelerates, the stock is well-positioned for a strong rebound. Currently, Applied Materials carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Applied Materials Plunges 8% Post Q1 Earnings: How to Play the Stock?

Applied Materials, Inc. AMAT has surged an impressive 16% over the past month, outperforming not only the Zacks Electronics - Semiconductors industry but also the broader S&P 500 and the Technology Select Sector SPDR Fund ETF. The stock has also outperformed other industry players, including Broadcom Inc. AVGO, Marvell Technology, Inc. MRVL and FormFactor, Inc. FORM.
One-Month Price Return Performance
Image Source: Zacks Investment Research
This remarkable rally has left investors pondering whether it’s time to lock in gains or hold on to this semiconductor leader. Here’s why holding AMAT stock remains the smarter choice.
AMAT’s Technological Leadership Fuels Growth
Applied Materials’ strategic focus on advanced semiconductor nodes positions it at the forefront of industry innovation. Revenues from advanced nodes surpassed $2.5 billion in fiscal 2024, with management projecting a doubling by fiscal 2025, driven by booming demand in artificial intelligence (AI), high-performance computing (HPC) and 5G technologies.
Applied Materials’ diversification into advanced packaging technologies has been a game-changer. Revenues in this segment tripled over four years, reaching $1.7 billion in fiscal 2024. With system-on-chip designs gaining prominence across industries, AMAT’s relevance in this domain remains unshaken.
Moreover, the company’s initiatives, like the EPIC platform and Silicon Valley EPIC Center, highlight its dedication to supporting customer innovation while optimizing costs. These moves further cement its leadership in semiconductor manufacturing and underscore its ability to thrive in a competitive market.
AMAT’s Financial Resilience Amid Industry Headwinds
Despite challenging market conditions, Applied Materials has delivered robust financial performance. In the fourth quarter of fiscal 2024, the company reported revenues of $7.05 billion, up 5% year over year, beating the Zacks Consensus Estimate by 1.5%. Non-GAAP earnings per share (EPS) climbed 9% to $2.32, exceeding estimates by 6.4%.
The company’s gross margin of 47.5%, a 20-basis point improvement, underscores operational efficiency even as it invests heavily in advanced technologies. With the Zacks Consensus Estimate projecting revenue growth of 8% in fiscal 2025 and 6.8% in fiscal 2026, alongside EPS growth of 8.4% in both years, Applied Materials is on track to sustain its momentum.
Additionally, the company has consistently outperformed earnings expectations, delivering an average surprise of 7.5% over the last four quarters, reflecting its strong execution capabilities.
Find the latest earnings estimates and surprises on Zacks Earnings Calendar.
Valuation Signals Upside Potential for AMAT Stock
Applied Materials trades at a forward 12-month P/E multiple of 20.46X, well below the Zacks Electronics - Semiconductor industry average of 34.94X. The stock also trades at a lower P/E multiple than its industry peers, including Broadcom, Marvell Technology and FormFactor. AVGO, MRVL and FORM currently have a forward 12-month P/E multiple of 36.69X, 46.96X and 26.87X, respectively. This valuation discount makes AMAT an attractive pick for value-conscious investors.
Forward 12-Month Price-To-Earnings Ratio
Image Source: Zacks Investment Research
Moreover, the stock’s upward momentum is supported by its technical positioning. Trading above its 50-day moving average, AMAT shows strong bullish sentiment, with technical indicators suggesting further upside potential.
50-Day Moving Average Signals Uptrend
Image Source: Zacks Investment Research
Short-Term Challenges for AMAT
Despite its strengths, AMAT faces challenges from cyclical downturns in the DRAM and NAND memory markets, where weak pricing and delayed capital spending have dampened growth. Geopolitical tensions, particularly U.S.-China trade restrictions, pose risks to the company’s significant revenue base in China.
Broader macroeconomic concerns, including inflationary pressures and high interest rates, add another layer of uncertainty.
Conclusion: Hold AMAT Stock for Now
Applied Materials’ technological leadership, financial resilience and attractive valuation make it a compelling long-term investment. While short-term challenges exist, the company’s strong positioning in advanced nodes, packaging technologies and AI-driven demand offsets these risks.
Investors should hold AMAT stock as it continues to benefit from secular growth drivers, operational efficiency and expanding end-market opportunities. Applied Materials carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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FormFactor, Inc. (FORM) : Free Stock Analysis Report
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Broadcom Inc. (AVGO) : Free Stock Analysis Report
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AMAT Stock Soars 16% in a Month: Time to Hold or Book Profits?

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in FormFactor Inc (Symbol: FORM), where a total volume of 10,087 contracts has been traded thus far today, a contract volume which is representative of approximately 1.0 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 167.2% of FORM's average daily trading volume over the past month, of 603,150 shares. Particularly high volume was seen for the $50 strike call option expiring January 17, 2025, with 3,837 contracts trading so far today, representing approximately 383,700 underlying shares of FORM. Below is a chart showing FORM's trailing twelve month trading history, with the $50 strike highlighted in orange:
Gogo Inc (Symbol: GOGO) saw options trading volume of 18,663 contracts, representing approximately 1.9 million underlying shares or approximately 165% of GOGO's average daily trading volume over the past month, of 1.1 million shares. Particularly high volume was seen for the $9 strike call option expiring May 16, 2025, with 9,322 contracts trading so far today, representing approximately 932,200 underlying shares of GOGO. Below is a chart showing GOGO's trailing twelve month trading history, with the $9 strike highlighted in orange:
And NVIDIA Corp (Symbol: NVDA) saw options trading volume of 3.7 million contracts, representing approximately 368.8 million underlying shares or approximately 164.7% of NVDA's average daily trading volume over the past month, of 223.9 million shares. Particularly high volume was seen for the $135 strike call option expiring December 20, 2024, with 261,327 contracts trading so far today, representing approximately 26.1 million underlying shares of NVDA. Below is a chart showing NVDA's trailing twelve month trading history, with the $135 strike highlighted in orange:
For the various different available expirations for FORM options, GOGO options, or NVDA options, visit StockOptionsChannel.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Noteworthy Wednesday Option Activity: FORM, GOGO, NVDA

The The Defiance Quantum ETF is seeing unusually high volume in afternoon trading Wednesday, with over 830,000 shares traded versus three month average volume of about 140,000. Shares of QTUM were up about 0.6% on the day.
Components of that ETF with the highest volume on Wednesday were Rigetti Computing, trading off about 3.5% with over 173.4 million shares changing hands so far this session, and D-wave Quantum, up about 9.4% on volume of over 123.8 million shares. Formfactor is the component faring the best Wednesday, higher by about 12.3% on the day, while Ionq is lagging other components of the The Defiance Quantum ETF, trading lower by about 5.7%.
VIDEO: Wednesday's ETF with Unusual Volume: QTUM
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Indicator	TTM Median
P/E	41.00 28.98
Price/Sales	3.29 2.58
P/B	2.57 2.76
P/FCF	34.39 24.31

Indicator	TTM Median
ROE	5.66 15.33
ROA	4.68 6.66
ROI	5.59 9.73
Net Worth	2.51 0.98
Quick Ratio	3.56 1.53
Current Ratio	4.45 1.84

Indicator	TTM Median
Net Profit Margin	7.06 9.71
Operating Margin	6.14 11.07
Gross Margin	40.65 50.00
Return on tangible equity	7.26 27.59

Indicator	TTM Median
EPS	0.12 0.24
EPS Forecast	0.09 0.19
Revenue	171.00M 73.00M
Gross Profit	65.00M —
EBITDA	12.00M —

FormFactor, Inc.

Fundamental FORM

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