Onto Innovation jumps 10% after announcing over $100M of orders

Onto Innovation last night announced the finalizing of over $100M in orders for its Dragonfly G3 inspection system with deliveries scheduled through Q1 of 2024, plus new orders now extending into the second half of 2024. “This represents an increase from the previously estimated customer demand reflecting the critical role the Dragonfly G3 system plays in support of advanced packaging for the expanding AI device market,” the company said in a statement. Onto said the orders are from “leading” logic and memory manufacturers for heterogeneous integrated packages that combine a graphics processor and numerous high bandwidth memory devices to create an AI GPU in a single package. The company expects additional orders in 2024 to support expansions in the AI GPU market. Shares of Onto Innovation are up 10% to $125.50 in morning trading.