--- title: "Technoprobe, 10% owned by Teradyne, guides 2026 revenue up nearly 70% with no bank debt" description: "The Italian probe-card monopolist behind Nvidia and TSMC wafer testing raised guidance twice and says it can survive a crash, on the same day its 10 percent shareholder Teradyne posted a record AI quarter and guided flat." publisher: "The Inference" section: "Chips" published: 2026-10-28T13:11:13.094Z modified: 2026-10-28T13:11:13.094Z canonical: https://theinference.org/article/technoprobe-10-owned-by-teradyne-guides-2026-revenue-up-nearly-70-with-no-bank-debt language: en keywords: "Semiconductors, Guidance, Earnings, AI Chips, Chip Equipment" --- # Technoprobe, 10% owned by Teradyne, guides 2026 revenue up nearly 70% with no bank debt > The Italian probe-card monopolist behind Nvidia and TSMC wafer testing raised guidance twice and says it can survive a crash, on the same day its 10 percent shareholder Teradyne posted a record AI quarter and guided flat. Stefano Felici runs the company every AI chip must pass through before it ships. [His Technoprobe](https://theinference.org/markets/companies/technoprobe), founded in 1993 in a garage in the Lecco area of Italy, makes the probe cards used to test wafers for [Nvidia](https://theinference.org/markets/companies/nvidia), [Intel](https://theinference.org/markets/companies/intel), [Apple](https://theinference.org/markets/companies/apple), Samsung and, above all, [TSMC](https://theinference.org/markets/companies/tsmc) [1]. In an [interview published on October 27](https://en.ilsole24ore.com/art/technoprobe-were-happy-were-in-a-strong-position-and-ready-to-face-the-bursting-of-the-bubble-at-AJ9LwhvB), the CEO put his own market share at an average 60 to 70 percent and said the group is "ready to face even the bursting of the AI bubble": no bank debt, all investments funded from cash [1]. The confidence rests on the fastest guidance in the sector. Technoprobe expects 2026 revenue of €1.05 to 1.10 billion, up almost 70 percent, with an EBITDA margin of 46 to 48 percent, revised upwards twice in a year [1]. A $350 million budget for R&D and capacity runs to the first half of 2027 [1]. There is also a geopolitical bet. A $35 million China deal raises a local partner's stake in its DIS subsidiary to 30 percent, an attempt to become "a strategic supplier" in a country where Technoprobe was "not a priority" under US-China trade tensions [1]. ## The shareholder testing its own thesis Here is the wrinkle. [Teradyne](https://theinference.org/markets/companies/teradyne), the US tester maker that holds 10 percent of Technoprobe [1], [reported its own record AI quarter on October 27](https://btw.media/en/teradyne-ai-test-inventory-working-capital): $1.306 billion of revenue, up 70 percent year on year, with record memory and integrated-systems test revenue. Yet its fourth-quarter guide of $1.250 to 1.350 billion merely straddles the third quarter, no repeat of the jump [3]. The same release shows the cost of the boom: $336 million of cash absorbed into inventories and prepayments in one quarter, against modest asset builds a year earlier [3]. *Chart: **Teradyne's AI test boom: four quarters of jumps, then a flat Q4 guide** Columns showing Teradyne quarterly revenue rising from $769 million in Q3 2025 to $1.329 billion in Q2 2026, with the Q4 2026 guidance midpoint at $1.300 billion* *Revenue in billions of US dollars; the Q4 2026 column is the midpoint of Teradyne's $1.250 to 1.350 billion guidance range, an estimate. Source: Teradyne quarterly SEC filings and Q3 2026 results, October 27, 2026. [3][5]* ## The bull case Felici himself cites The counterweight is demand, and it is dated. The same Milan trading session that put Technoprobe in the spotlight ran on [SK hynix results](https://en.ilsole24ore.com/art/sk-hynix-leads-the-way-for-tech-milano-luce-technoprobe-AJeJebwB) confirming DRAM and HBM volumes virtually sold out until 2029, with a memory shortage expected to persist to 2030; analysts at Banca Akros read [the whole test-equipment chain](https://theinference.org/article/advantest-and-teradyne-test-the-world-s-ai-memory-three-rivals-just-tested-them) as favored [2]. Teradyne also [agreed on October 12 to invest $300 million in FormFactor](https://www.rttnews.com/3698313/teradyne-to-invest-300-mln-in-formfactor-to-jointly-develop-semiconductor-devices.aspx), the other probe-card leader, a consolidation of the consumable layer its own flat guidance quietly questions [4]. Felici splits both camps: client announcements from Nvidia to [AMD](https://theinference.org/markets/companies/amd) are "very bullish", yet "it is impossible for the market to keep growing at this rate forever", and a pause would be a chance to push R&D harder [1]. Shareholders who bought at the September FTSE MIB-promotion high of €38.10 have already given back a third of the price at around €25; whoever buys the dip is betting the man with no debt priced the correction correctly [1]. ## Takeaway Technoprobe, the Italian probe-card maker behind Nvidia and TSMC wafer testing, raised its 2026 guidance for the second time to €1.05 to 1.10 billion, up almost 70 percent, with no bank debt; the same day, its 10 percent shareholder Teradyne posted a record AI quarter but guided flat, and Technoprobe shares sit a third below their September high. ## Sources 1. [Il Sole 24 Ore Radiocor, Technoprobe, Felici: 'We are in a strong position and ready to face even the bursting of the AI bubble', 27 October 2026](https://en.ilsole24ore.com/art/technoprobe-were-happy-were-in-a-strong-position-and-ready-to-face-the-bursting-of-the-bubble-at-AJ9LwhvB) 2. [Il Sole 24 Ore Radiocor, SK Hynix leads the tech sector; Technoprobe in the spotlight in Milan, 28 October 2026](https://en.ilsole24ore.com/art/sk-hynix-leads-the-way-for-tech-milano-luce-technoprobe-AJeJebwB) 3. [btw.media, Teradyne's AI test surge draws $336m into working capital, 28 October 2026](https://btw.media/en/teradyne-ai-test-inventory-working-capital) 4. [RTTNews, Teradyne To Invest $300 Mln In FormFactor; To Jointly Develop Semiconductor Devices, 13 October 2026](https://www.rttnews.com/3698313/teradyne-to-invest-300-mln-in-formfactor-to-jointly-develop-semiconductor-devices.aspx) 5. [Teradyne, quarterly figures from its SEC filings, retrieved 28 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000097210) --- Technoprobe, 10% owned by Teradyne, guides 2026 revenue up nearly 70% with no bank debt — The Inference. Canonical: https://theinference.org/article/technoprobe-10-owned-by-teradyne-guides-2026-revenue-up-nearly-70-with-no-bank-debt