We think revenue momentum will remain strong in 2026-27e, as Hon Precision is a global leader in semiconductor automated test handler solutions, offering turnkey test design services to fabless/IDMs/system companies. We estimate Hon Precision has more than 70% volume market share within Al/HPC final test handlers. We think Hon Precision can cloud Al and other applications. Drivers include: 1) expanding testing demand from robust cloud Al unit growth and longer testing times, 2) rising tool set value due to the need to handle larger packages with more complicated ATC, and 3) potential upside from SLT and CPO. Our 2026/2027 EPS estimates are 9.6%/22.5% above consensus. equipment supplier with only indirect Al exposure, when, in reality, Al is structurally shifting bottlenecks toward thermal handling, burn-in, and reliability testing, where it is directly leveraged; rising power density in Al chips is increasing test complexity, duration, and equipment intensity, creating non-linear demand (more tools, higher ASPs, and higher utilization per unit), while OSATs may be forced to pull forward capex to avoid bottlenecks, customer mix is quietly upgrading toward higher-margin advanced logic clients, and geopolitical supply chain duplication adds incremental demand - all combining