U.S. semiconductor stocks tied to advanced chip production are suddenly back in the spotlight after President Trump’s push for American-made AI chips prompted TSMC to commit US$200b to U.S. manufacturing. Higher operating costs, thinner margins and the prospect of chip prices rising by up to 10% in 2027 are reshaping expectations for companies exposed to this theme. For investors, that can mean fresh risks but also potential openings around pricing power, supply chain positioning and capital strength. This article walks through 3 stocks from our U.S. Semiconductor Manufacturing screener that appear positively exposed to these developments.

Amtech Systems (ASYS)

Overview: Amtech Systems manufactures equipment and consumables used in making and packaging semiconductor devices, from thermal processing tools for chip assembly to wafer cleaning and polishing systems sold under its Entrepix, PR Hoffman and Intersurface Dynamics brands. Its customers span chipmakers, electronics manufacturers and ceramics and optics producers across the U.S., Asia and Europe.

Operations: Amtech Systems generates most of its revenue from Thermal Processing Solutions at about US$57.5m, with Material and Substrate contributing roughly US$21.3m, and key end markets including China at about US$35.1m and the U.S. at about US$45.4m.

Market Cap: US$314.4m

Amtech Systems sits at the intersection of AI infrastructure and U.S. chip onshoring, supplying thermal processing and advanced packaging tools that U.S. fabs are likely to need more of as TSMC and others expand domestic capacity. Management comments highlight strong bookings for AI related equipment and a rising mix of higher margin consumables, parts and services, which can help smooth out cycles. At the same time, the company still leans on mature semiconductor markets and has recently relied on cost cuts and equity issuance. As a result, execution on product development and recurring revenue growth is particularly important. For investors watching how higher U.S. chip production costs could flow through to equipment suppliers, Amtech Systems is a stock that deserves a closer look.

Amtech Systems is leaning into AI related tools and higher margin consumables, but the full picture around product execution, recurring revenue and capital strength is not obvious from headlines alone. Review the 2 key rewards and 2 important warning signs

Onto Innovation (ONTO)

Overview: Onto Innovation provides inspection, metrology and lithography systems that help chipmakers and advanced packaging facilities spot defects, measure ultra fine features and improve yields across AI, HBM memory and other complex semiconductor devices. Its tools and factory wide software are used by semiconductor and packaging manufacturers around the world to keep production efficient and reliable at leading edge nodes.

Operations: Onto Innovation generates about US$1.0b in revenue from Semiconductor Equipment and Services, with sales spread across Taiwan (US$301.2m), South Korea (US$255.9m), the U.S. (US$154.7m), Japan (US$103.9m), China (US$86.3m), Southeast Asia (US$73.0m) and Europe (US$55.6m).

Market Cap: US$14.9b

Onto Innovation sits at the intersection of TSMC’s US$200b U.S. buildout and the AI packaging bottleneck, providing inspection tools that fabs use to help keep expensive AI accelerators and HBM stacks from failing. Recent attention on its AI exposure has attracted positive analyst coverage, yet the stock trades on a very high P/E and net margins have compressed to 10.3% after a large one off loss of US$90.5m. With share price volatility, elevated funding risk and export exposure, Onto Innovation is often viewed as an AI infrastructure play in which growth potential and valuation risk are key considerations for investors who are willing to conduct deeper research.

Onto Innovation’s high P/E and compressed 10.3% net margins raise questions, but its AI and HBM exposure keeps interest high. It is worth reading the 2 key rewards and 3 important warning signs to see what might be hiding in plain sight.

Teradyne (TER)

Overview: Teradyne is a U.S. based supplier of semiconductor test equipment and industrial robotics, helping chipmakers, electronics manufacturers and factories worldwide verify that complex AI, automotive and mobile chips work correctly while also automating tasks on production lines and in warehouses.

Operations: Teradyne generates most of its revenue from Semiconductor Test at about US$3.1b, with Product Test at roughly US$364.2m and Robotics at about US$330.6m.

Market Cap: US$58.6b

Teradyne sits right in the slipstream of U.S. AI chip onshoring, supplying test platforms that cloud providers and foundries need to qualify advanced AI accelerators and high bandwidth memory as new fabs come online. Earnings are currently growing faster than revenue, with ROE at 27.2% and net margins at 22.6%. However, the stock already trades on a rich 67.7x P/E and has seen insider selling alongside share price volatility and reliance on external borrowing. For investors weighing how far AI driven test demand, robotics and silicon photonics can carry Teradyne against valuation and geopolitical risks, there is a lot more beneath the surface than recent headlines and price targets might suggest.

Teradyne’s rich 67.7x P/E, along with its 27.2% ROE and 22.6% net margins, suggests something investors may be missing, and the full story in the 2 key rewards and 2 important warning signs could change how you view the stock’s AI test and robotics exposure

The three U.S. semiconductor stocks in this article are just a starting point. The full U.S. Semiconductor Manufacturing screener surfaces 46 more companies with equally compelling narratives and different ways to tap into the theme of American chip design and production through the U.S. Semiconductor Manufacturing screener. Use Simply Wall St to identify, compare and analyze the specific catalysts, capital strength and business models that matter to you so you can focus on the highest conviction ideas in this space.

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Seeking Fresh Alternatives Beyond Semiconductors?

New themes can start breaking out quickly, and by the time headlines catch up, early entry points may be gone. Scan fresh ideas before momentum gets fully priced.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.