Axcelis Technologies

Ion implantation is the step that gives a silicon chip its electrical properties, firing charged atoms into the wafer to dope it precisely, and Axcelis is one of the few companies that build the machines to do it. Its Purion line of implanters is the whole business, which makes Axcelis a focused, and therefore cyclical, play on semiconductor capital spending. The company has ridden the boom in power devices, where silicon-carbide chips for electric vehicles use implantation heavily, giving it a growth angle beyond mainstream logic and memory. Founded in 1995 and headquartered in Beverly, Massachusetts, it also earns a steady stream from servicing the installed base of tools already in fabs. That recurring aftermarket revenue softens the sharp swings that come with selling big capital equipment into a boom-and-bust industry.

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