Veeco makes semiconductor process equipment — machines used by chipmakers to deposit, etch, and modify thin films on wafers. Veeco's core products include Laser Spike Annealing (LSA) systems, which activate dopants in advanced logic and memory chips; Ion Beam Deposition (IBD) systems, where Veeco leads the market for EUV mask blank production; and advanced packaging tools (wet processing and lithography) used in fan-out wafer level packaging and 3D chip stacking. Veeco sells directly to IDMs, foundries, OSATs, hard disk drive manufacturers, and research institutions. Semiconductor applications represent roughly 70-75% of revenue, with compound semiconductors, data storage, and research making up the balance. Veeco's business model is build-to-order capital equipment, where individual systems can represent millions of dollars each. Aftermarket parts, upgrades, and service contracts add a more stable revenue stream, representing roughly 20-25% of net sales. Veeco invests in placing evaluation tools at Tier 1 customers at discounted pricing, with the goal of achieving tool-of-record status and capturing follow-on volume orders as customers ramp new fabs. Veeco is pursuing a merger with Axcelis Technologies in an all-stock deal, which would expand the combined company's addressable market to over $5B and add Axcelis' ion implantation business to Veeco's existing portfolio.