Teradyne, Inc.

Teradyne makes the automated test equipment that verifies whether each chip coming off a wafer works — a duopoly with Advantest, and increasingly a beneficiary of the AI capex build because every complex chip demands more test time. The company also owns Universal Robots, the leading collaborative-robot business. The stock is up 268% in a year and now digesting after a hard reversal from new highs.

• Revenue grew 87% YoY to $897M last quarter with a 37% operating margin — the top-line acceleration is real; AI-chip test complexity and the robotics segment together are compounding faster than the market expected in 2024.
• Trades at 66x TTM earnings and 15x sales — expensive on trailing, but the FY27 EPS consensus of ~$5 makes the forward multiple mid-40s; that's still full but earnable if the SoC test cycle keeps expanding.
• Insider transactions are quiet — only a small $77K director sale in the last 30 days, so no cluster of officers distributing at these levels, which is the higher-quality read for a name up 268%.
• 52-week position 63rd percentile with position vs 50-day MA -10% — the tape has cooled from the peak; today's -3% is part of the group giveback in AI semis rather than a single-stock breakdown.
• Universal Robots is the differentiator — the cobot business gives Teradyne a growth optionality most semi-cap peers don't have, and it maps directly to the 'US-built dark factories' theme the industry press is now pushing.

July 29 Q2 earnings decides the setup: another 40%+ revenue growth quarter plus a Q3 guide reflecting continued SoC test intensity is what restarts the run; a modest beat with cautious guide is where the 66x multiple compresses toward 50x. The trader-stopped-out sentiment reads is a real signal that positioning is tired; the fundamental case remains intact.