FormFactor

Probe cards, the arrays of thousands of tiny needles that press onto each die to test a chip while it is still on the wafer, are FormFactor's specialty. That places the company in the test-and-measurement niche of the semiconductor supply chain, a business it leads among independent suppliers. Probe cards are custom-built for each chip design, so FormFactor's fortunes ride on how many new designs its customers, the large foundries and memory and logic makers, are bringing to production. It rounds out the probe-card line with analytical and metrology systems used in labs and fabs. Demand is tied to the health of chip manufacturing broadly, and to the churn of new products, which means the stock tends to move with the semiconductor capital-spending cycle. Founded in 1993, FormFactor is based in Livermore, California.

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