Nova makes metrology equipment and software for semiconductor manufacturers. Metrology tools measure the physical and chemical properties of semiconductor wafers and thin films during the manufacturing process — checking dimensions, material composition, film thickness, and chemical characteristics — enabling chipmakers to ensure process steps are executed correctly and maximize manufacturing yields. Nova sells directly to logic/foundry, memory, and advanced packaging customers globally, with Taiwan, China, and Korea as its largest markets. Nova organizes its products into four categories. Dimensional metrology includes integrated tools built directly into process equipment and standalone optical critical dimension tools. Materials metrology uses X-ray, SIMS, and Raman spectroscopy to characterize materials at the atomic level — a growing priority as chipmakers introduce novel materials at advanced nodes. Chemical metrology monitors electroplating bath chemistry used in interconnect and packaging processes. Nova also offers software and AI/ML-based modeling tools that enhance measurement accuracy and manage large tool deployments. Nova generates revenue from hardware sales and a recurring services stream. The core demand driver is wafer fab equipment spending, but Nova also benefits from rising metrology intensity — as chip architectures grow more complex, more measurement steps are required per wafer, expanding Nova's addressable opportunity independently of capacity additions. Nova typically enters fabs at the R&D stage, then proliferates tools as production volumes ramp, creating durable revenue streams once a tool is qualified. Nova's growth strategy focuses on the industry transition to gate-all-around transistors, advanced packaging, and materials metrology expansion, supplemented by M&A — Nova holds over $1.6B in cash and has explicitly targeted further acquisitions in semiconductor process control.