Asia Semi and Technology EQUITY: TECHNOLOGY Implications of CXMT's recent progress on 4F2 Quick Note What happened? Implications for China capacity expansion and semiconductor equipment A 4F²/hybrid-bonded flow raises per-wafer intensity in exactly the steps where domestic toolmakers have gained share, including (1) more dielectric and barrier layers plus bonding dielectrics (PECVD/ALD); (2) higher-aspect-ratio etch, (3) atomic-level planarization before bonding (CMP); (4) additional Cu/Ta/Co metallization. ...