1 Small AI Stock Just Landed New Orders Worth Over $100 Million
Just a couple of weeks after providing a promising financial outlook at its latest quarterly update, small semiconductor equipment maker Onto Innovation (NYSE: ONTO) said it has just finalized new equipment orders worth over $100 million thanks to new developments in ... you guessed it, artificial intelligence (AI).
The usual suspect, Nvidia, is the likely reason for this recent add-on order, but it helps illustrate the big trends moving small, under-the-radar Onto Innovation. Here's what investors need to know about this small AI company.
Onto's AI payday
During its last earnings update, Onto said it has been experiencing a boost in interest in its Dragonfly G3 inspection and metrology system, equipment crucial to quality control during the packaging of advanced chips into computing systems. As for its recent Dragonfly G3 orders and where they're from, Onto said in a prepared statement:
The orders are from leading logic and memory manufacturers for heterogeneous integrated (HI) packages that combine a graphics processor (GPU) and numerous high bandwidth memory (HBM) devices to create an AI GPU in a single package.