FormFactor designs, manufactures, and sells probe cards and test systems used to validate semiconductor devices, from early R&D through high-volume production. The core product is the probe card — a highly customized consumable that makes simultaneous electrical contact with thousands of points on an uncut wafer, allowing automated test equipment to measure each chip before the wafer is diced. Probe cards are device-specific and cannot be reused across chip designs, so every new chip generation drives fresh demand. FormFactor sells primarily into two end markets: DRAM (including high-bandwidth memory used in AI accelerators) and Foundry & Logic (GPUs, CPUs, custom ASICs, networking chips). The company also sells probe stations and analytical systems to R&D labs, universities, and research institutions. FormFactor sells directly to semiconductor companies globally, including IDMs, fabless designers, and foundries. Key customers include SK hynix, Intel, TSMC, and Samsung. The probe card market at the advanced end is effectively a two-player oligopoly, with FormFactor and Technoprobe as the primary competitors. FormFactor's growth strategy focuses on expanding its HBM probe card share beyond SK hynix to Samsung and Micron, qualifying its Apollo probe card for GPU applications, and building out a new lower-cost manufacturing facility in Farmers Branch, Texas. The company also acquired Keystone Photonics and took a stake in substrate supplier FICT to support co-packaged optics testing and secure its supply chain.