significant technological barriers. Leading players - FormFactor, Technoprobe, M)C, Nidec, and MPl - along with a small group of others, account for the majority of the Al chip probe card market. Within this competitive landscape, FormFactor leads globally through MEMS innovation and scale; Technoprobe combines broad vertical expertise with high volume manufacturing; MjC maintains a strong regional niche supported by precision materials capabilities; and MPl leverages Taiwan-centric agility and specialized test solutions, with primary exposure to ASIC and networking applications. For WinWay, its initial penetration into gaming GPU and Vera CPU probing. We expect this footprint to expand into Al GPU as TSMC is outsources its chip probing requirements. Overall, the socket market remains highly fragmented, with the largest player accounting for just 10% of total market share. WinWay's market share has increased from 5.8% in 2022 to 8.6% in 2024, making it the second-largest supplier of test and burn-in sockets, driven by accelerating Al demand for high-end test sockets, according to Yole. Smiths, Yamaichi, Enplas, LEENO and Cohu remain WinWay's key competitors. A probe card consists of thre components: probe head (pins), the multi-layer organic (MLO) substrate, and printed circuit board (PCB). MPI has in-house capabilities to design and manufacture both probe heads and MLO. By contrast, WinWay primarily sources ~30% of total procurement in recent years. In test sockets, WinWay relies mainly on in- serve as the primary users of TSMC's advanced nodes. As of 2025, NVIDIA accounts for 40% of revenue, followed by AMD at 20%, Broadcom at 10%, and MediaTek at 10%, making them WinWay's top 4 customers. Geographically, WinWay's revenue exposure skews toward North America, which represented 67% of total revenue in 2025, followed Exhibit 172: WinWay's revenue breakdown, by customer (2025)