Camtek is an Israel-based manufacturer of automated optical inspection (AOI) and metrology equipment for the semiconductor industry. Camtek's systems scan silicon wafers using advanced optical heads and proprietary image processing algorithms to detect defects and measure features at various stages of production, ensuring only known-good components advance through the manufacturing process. Camtek sells directly to three customer types: OSATs (outsourced assembly and test companies), IDMs (integrated device manufacturers), and foundries. OSATs represent roughly half of revenue. Camtek's key product platforms are the Hawk, a high-end tool for advanced packaging applications like HBM memory and chiplets, and the Eagle G5, a mainstream workhorse popular with OSATs and fan-out wafer-level packaging customers. Camtek also offers the MicroProf AP, a high-precision 3D metrology tool added through the 2023 acquisition of FRT. The business model is capital equipment sales — each system is a one-time sale priced at roughly $1M or more — so revenue tracks semiconductor manufacturer CapEx cycles. As packaging architectures grow more complex, manufacturers require more inspection steps per wafer, expanding Camtek's opportunity per unit of production capacity. Camtek's growth strategy centers on AI and HPC-driven semiconductor demand, particularly HBM memory expansion, and on using its newer platforms to address additional process steps. Camtek is also actively pursuing M&A in adjacent inspection, metrology, and software areas, backed by a substantial cash position.