BE Semiconductor Industries (Besi) said on Thursday, November 5, that ASML should not be viewed as a rival in hybrid bonding, distinguishing ASML's interest in 3D transistor stacking from the die-to-wafer packaging tools underpinning Besi's growth strategy, according to TechShots. The clarification addresses investor concerns after Bank of America recently cut Besi to neutral, arguing potential ASML competition and delayed high-bandwidth memory adoption could weigh on long-term expansion. TechShots also reported strong order momentum driven by demand for AI chips, which is important because hybrid bonding is intended to support denser and more energy-efficient semiconductor designs, particularly as data-center operators expand computing capacity. Besi announced a 100 million euro share buyback, which provides a capital-allocation signal but does not remove execution risks around customer adoption, production yields or the timing of memory-related equipment demand. Besi stock traded at 150.83 euros on Lang & Schwarz at 11:07 CET on Thursday, November 5, 2026.