--- title: "Nvidia prepays for packaging capacity; SUSS MicroTec's record backlog ships only 240 million euros" description: "Nvidia is prepaying for capacity and Besi says deliveries are slipping into 2027. SUSS MicroTec's record order book only converts to revenue if about 240 million euros ships in the second half, and the third-quarter report on November 5 decides it." publisher: "The Inference" section: "Chips" published: 2026-10-22T14:21:47.542Z modified: 2026-10-22T14:21:47.542Z canonical: https://theinference.org/article/nvidia-prepays-for-packaging-capacity-suss-microtec-s-record-backlog-ships-only-240-million-euros language: en keywords: "Nvidia, Advanced Packaging, SUSS MicroTec, Semiconductors, Chip Equipment" --- # Nvidia prepays for packaging capacity; SUSS MicroTec's record backlog ships only 240 million euros > Nvidia is prepaying for capacity and Besi says deliveries are slipping into 2027. SUSS MicroTec's record order book only converts to revenue if about 240 million euros ships in the second half, and the third-quarter report on November 5 decides it. [Nvidia](https://theinference.org/markets/companies/nvidia) [said on October 21](https://nvidianews.nvidia.com/news/nvidia-and-supply-chain-partners-expand-capacity-to-accelerate-ai-infrastructure-buildout) that demand is extraordinary and capacity is the constraint, then put a 1.1 billion dollar reservation advance behind new US testing capacity at KYEC and 300 percent more advanced-packaging capacity at [Amkor](https://theinference.org/markets/companies/amkor-technology) by end-2028 [5]. The customer of the entire chain is now prepaying for capacity itself. One day later [Besi](https://theinference.org/markets/companies/be-semiconductor), the leader in the bonding tools that stack AI chips, [told investors some of its deliveries are now scheduled for customers' first-half 2027 capacity expansions](https://bits-chips.com/article/besi-sees-increasing-momentum-for-hybrid-bonding/) [6]. The AI buildout has moved past a demand problem into a queue problem, and the queue is what SUSS MicroTec's share price is actually trading on. ## The order book is sold out. The calendar is not. [SUSS MicroTec](https://theinference.org/markets/companies/suss-microtec), the German maker of the coaters and bonders used in advanced packaging, booked 410 million euros of orders in the first half of 2026, up 145.8 percent, while shipping only 202.8 million euros of revenue, down 23.9 percent [1]. The order book hit a record 473.7 million euros in June, larger than the full-year revenue guidance of 425 to 485 million [1]. On paper the company is sold out. In time, it is not. *Chart: **Only about half of SUSS's record backlog is scheduled to ship in 2026** Column chart comparing SUSS MicroTec's record order book of 473.7 million euros at June 2026 with the roughly 240 million euros scheduled for delivery in the second half of 2026 and the roughly 220 million euros already scheduled for 2027.* *Order book at June 30, 2026, and management's stated delivery schedule from the August 2026 earnings call, in millions of euros. Sources: [1], [7]. [1][7]* ## Only half the backlog ships this year Here is the part the market keeps mispricing. [Management said on the August call](https://www.theglobeandmail.com/investing/markets/stocks/SESMF/pressreleases/3792893/suss-microtec-earnings-call-highlights-record-backlog/) that only about 240 million euros of that backlog is slated for delivery in the second half of 2026, with roughly 220 million already scheduled for 2027, and that the window for new orders to still ship this year is closing because production slots are full [7]. Hitting guidance needs roughly 222 to 282 million euros of second-half revenue [7]. The queue holds that whole outcome. ## The market is pricing a demand problem The price has noticed. The stock [sits more than 50 percent below its 52-week high of 118.40 euros](https://www.ad-hoc-news.de/boerse/news/corporate-news/halbleiter-ausverkauf-belastet-suess-microtec-aktie-52-47-prozent-unter-jahreshoch/70337660) after a sector-wide selloff driven by doubts about AI-investment returns, not by anything SUSS reported [2]. It [slipped another 3.28 percent pre-market today to 53.63 euros ahead of the open](https://www.ad-hoc-news.de/boerse/news/vorboerse/suess-microtec-stock-drops-3-28-percent-pre-market-before-the-open-today/70390632) [4]. Meanwhile Deutsche Bank raised its target to 100 euros and Berenberg holds Buy at 125, expecting exactly what the record shows: higher orders, stagnant deliveries [2], [3]. ## Nvidia's check changes who carries the queue SUSS is not among the six partners Nvidia named. That is not necessarily bad news: a backlog worth near half the market cap, with 240 million euros of it scheduled to land inside the year, is a book you are paid to wait for. And the inference the chain supports is that prepayments travel: [Nvidia's own checks for testing and packaging capacity](https://theinference.org/article/nvidia-prepays-1-4-billion-for-a-chip-testing-plant-that-doesn-t-exist-yet) show that customers up and down this buildout have begun paying for queue positions, and the natural next hop is the toolmakers. The test is November 5, when SUSS [reports the third quarter](https://www.ad-hoc-news.de/boerse/news/corporate-news/suss-microtec-expanded-ignite-next-ties-suss-microtec-stock-gains-1-26-percent/70381953) [1], [3]. If the 240 million starts converting and the 8 to 10 percent EBIT margin guidance holds [1], the shares are cheap against both targets. If it does not, the price says so plainly. A second flat-delivery quarter would turn the record backlog into a timing risk, because a queue that slips quietly into 2027 moves revenue, and eventually sentiment, with it. Either way, this is the clearest public read yet on where the AI packaging queue really stands. ## Takeaway SUSS MicroTec's record 473.7 million euro backlog only converts if about 240 million euros ships in H2 2026, and Nvidia's $1.1 billion capacity prepayment shows customers now pay for queue positions. The November 5 third-quarter report decides whether the book is a discount or a delay. ## Sources 1. [AD HOC NEWS, SUSS MicroTec expanded Ignite Next ties, SUSS MicroTec stock gains 1.26 percent, 21 October 2026](https://www.ad-hoc-news.de/boerse/news/corporate-news/suss-microtec-expanded-ignite-next-ties-suss-microtec-stock-gains-1-26-percent/70381953) 2. [AD HOC NEWS, Halbleiter-Ausverkauf belastet Süss-MicroTec-Aktie: 52,47 Prozent unter Jahreshoch, 17 October 2026](https://www.ad-hoc-news.de/boerse/news/corporate-news/halbleiter-ausverkauf-belastet-suess-microtec-aktie-52-47-prozent-unter-jahreshoch/70337660) 3. [Kapitalmarktexperten, Süss MicroTec Aktie: Aufträge statt Lieferungen?, 19 October 2026](https://www.kapitalmarktexperten.de/suess-microtec-aktie-auftraege-statt-lieferungen/) 4. [AD HOC NEWS, Suess Microtec stock drops 3.28 percent pre-market before the open today, 22 October 2026](https://www.ad-hoc-news.de/boerse/news/vorboerse/suess-microtec-stock-drops-3-28-percent-pre-market-before-the-open-today/70390632) 5. [NVIDIA Newsroom, NVIDIA and Supply Chain Partners Expand Capacity to Accelerate AI Infrastructure Buildout, 21 October 2026](https://nvidianews.nvidia.com/news/nvidia-and-supply-chain-partners-expand-capacity-to-accelerate-ai-infrastructure-buildout) 6. [Bits&Chips, Besi sees increasing momentum for hybrid bonding, 22 October 2026](https://bits-chips.com/article/besi-sees-increasing-momentum-for-hybrid-bonding/) 7. [The Globe and Mail (TipRanks), Suss MicroTec Earnings Call Highlights Record Backlog, 11 August 2026](https://www.theglobeandmail.com/investing/markets/stocks/SESMF/pressreleases/3792893/suss-microtec-earnings-call-highlights-record-backlog/) --- Nvidia prepays for packaging capacity; SUSS MicroTec's record backlog ships only 240 million euros — The Inference. Canonical: https://theinference.org/article/nvidia-prepays-for-packaging-capacity-suss-microtec-s-record-backlog-ships-only-240-million-euros