Kulicke & Soffa designs, manufactures, and sells capital equipment and consumables used in semiconductor assembly — the process of connecting a chip to its package so it can function in a finished electronic product. K&S's two core equipment lines are ball bonding (fine wire connections for mainstream applications like smartphones, PCs, and memory) and wedge bonding (heavier wire for high-power applications like automotive inverters and EV components). K&S holds dominant share in both, claiming roughly 75–80% of the global ball bonding market. Beyond equipment, K&S sells consumables — capillaries, bonding wedges, and dicing blades — that wear out during production and must be regularly replaced, providing a recurring revenue stream tied to chip production volumes rather than capex cycles. K&S sells primarily to IDMs, OSATs, and foundries across Asia, Europe, and North America, with China representing over half of revenue. The business is highly cyclical: equipment revenue tracks semiconductor capex, surging when factory utilization approaches 80% and falling sharply during downturns. K&S is pursuing growth through three emerging platforms: Thermo-Compression Bonding (TCB) for advanced chiplet packaging, a vertical wire bonding technology targeting mobile DRAM and edge AI, and a precision dispensing business. K&S holds a strong balance sheet and returns capital through dividends and share buybacks.