Exhibit 26: Global Cloud Capex vs. TSMC capex Transforming into Growth Market on Al Boon; Advantest Our Top Pick (21 Aug 2024), highlighting that the global testing market is becoming structurally stronger. We identify three key drivers underpinning this shift: 1) shorter time-to-market, which is increasing testing as a percentage of high-performance computing (HPC) product pricing, 2) DRAM evolution, particularly high-bandwidth memory (HBM), which is driving demand for new testers, and 3) the adoption of chiplet architectures, which is expanding test requirements across die-level, final, and system-level testing. Across these drivers, a common theme has where customers place greater importance on improving yield and performance. testing TAM to reach US$11.5bn (+40% Y/Y) in 2026 and US$13.7bn (+19% Y/Y) in 2027, implying that testing intensity remains elevated at ~l0obps. This outlook reflects the semiconductor manufacturing process (for further details see the section, Global