Half the revenue is low priced display masks for TVs.
Advanced chip mask revenue grew 19% last quarter. A mask for an older chip costs a few thousand dollars. For a cutting edge AI chip today โ $20 million+. As chips get more complex the price goes up automatically.
No new customers needed. No new factories needed. Same customers. Same factories. Just more expensive masks every year as AI chips advance.
High end crossed 50% of total two quarters ago. The stock noticed.
When it crosses 60% the margin math changes completely.