Teradyne, Inc.

Teradyne makes the machines that decide whether a chip works before it ever ships. Its automatic test equipment puts semiconductors and electronic systems through their paces at the end of the manufacturing line, and its customer list reads like a roll call of the industry: Samsung, Qualcomm, Intel, Texas Instruments and others depend on its testers. As chips grow more complex and pack in more transistors, testing them thoroughly gets harder and more valuable, which is the structural case for the business. Teradyne has also built an industrial-automation arm around collaborative robots, giving it a second growth engine outside semiconductors. Founded in 1960 and based in North Reading, Massachusetts, the company rides the same boom-and-bust cycle as the rest of the chip-equipment world, with orders swelling when its customers expand capacity and thinning when they pull back. AI demand has lifted its test volumes.

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