MKS makes critical subsystems, instruments, and specialty chemicals used in semiconductor and advanced electronics manufacturing. In semiconductors (~43% of revenue), MKS sells RF power delivery systems, plasma and reactive gas generators, pressure and flow control, and photonics and vacuum solutions to chipmakers and semiconductor equipment OEMs like Applied Materials, Lam Research, and ASML. MKS claims its products support over 85% of wafer fabrication equipment tool types, giving it broad exposure to overall semiconductor capex spending. In electronics and packaging (~28% of revenue), MKS sells laser drilling systems, electroplating equipment, and proprietary specialty chemistry used in PCB and package substrate manufacturing — a business significantly expanded by the 2022 acquisition of Atotech. The specialty industrial segment (~29% of revenue) covers industrial lasers, life sciences instruments, and defense applications. MKS's revenue comes from three streams: capital equipment sales (the most cyclical, tied to semiconductor capex), specialty chemistry consumables (recurring, tied to PCB production volumes), and services (repair, calibration, and maintenance). The electronics and packaging business follows a razor-and-blade model, where equipment sales generate a recurring, higher-margin chemistry consumables stream over the life of the installed tool. AI is a key growth driver, as AI servers require far more complex, multi-layer PCBs that consume more chemistry and demand more capable equipment. MKS carries significant debt (~$3.6B net debt) from the Atotech acquisition, and debt reduction to a 2.5x net leverage target is management's stated capital allocation priority.