Feb 12 2026 09:28 PM EST
Aehr Test Systems: When AI Chips Demand Perfection, Burn-In Becomes King
Aehr Test Systems (NASDAQ: AEHR) has not just moved—it has leapt, with its share price up 47.2% in five days and 230.9% over the past year. This isn’t another speculative pop: it’s the outcome of a seismic shift in how the world’s most powerful chips are tested, and who controls the gates to AI hardware reliability.
The Hyperscaler Orders That Redefined the Game
The rally began with a headline: a hyperscale customer—think the likes of Amazon or Alphabet—placed a production order for Aehr’s Sonoma burn-in systems, specifically for next-generation AI ASIC processors. This wasn’t a pilot, but a full-scale commitment. On February 11, 2026, Aehr announced a new wave of contracts, including over $5.5 million in Sonoma system orders. The market responded: Aehr’s stock soared 25% in a single session, with trading volume surging to 500,000 shares—more than double its usual.
Burn-In Testing: Where Reliability Is a Competitive Weapon
In the era of AI, chips aren’t just faster—they’re mission-critical. Aehr’s wafer-level and packaged-part burn-in systems are now the gold standard for ensuring that these high-power processors don’t fail under relentless workloads. Over 35% of Aehr’s business in fiscal 2025 came from AI processor burn-in, up from 0% the prior year—a transformation few companies can match.
The Sonoma platform, enhanced with automation and 2000W-per-device parallelism, became the industry’s answer to the AI chip’s rigorous demands. In 2025, Aehr delivered the world’s first production wafer-level burn-in systems for AI processors. It didn’t just win a customer—it won a showcase, with OSATs and tech giants lining up for evaluations.
Macro Forces: Supply Chains, Sovereignty, and the $1 Trillion Chip Boom
Behind Aehr’s surge lies a macro wave: global semiconductor sales hit $791.7 billion in 2025, up 25.6%, with AI chips expected to reach $500 billion in 2026. The world’s top 10 chip companies now boast a market cap of $9.5 trillion, up 46% year-over-year. Memory prices, meanwhile, soared 50% in Q4 2025—a sign of relentless demand for AI data center hardware.
Trade restrictions and tariff uncertainty have made supply chain resilience a policy priority. Governments across the US, Europe, Japan, and the Middle East are pouring billions into local fabrication and testing infrastructure. Aehr, with its proven compliance and automation, became the partner of choice for hyperscalers wary of geopolitical risk.
Margins, Momentum, and the Price of Perfection
Aehr’s financials tell a story of pivot and resilience. In fiscal 2025, bookings jumped 24% to $61.1 million, even as revenue dipped 11% to $59.0 million. Non-GAAP gross margin fell to 44% from 49.6%, reflecting a shift to lower-margin packaged systems and higher integration costs. Yet, the backlog grew: $16.3 million in early fiscal 2026.
The pivot to AI testing didn’t just boost orders—it set Aehr apart. The company’s return on equity in 2024 was 20.9%, while its current ratio stands at a robust 10.6. Institutional investors own 69.69% of shares, signaling deep confidence. Market cap now sits at $821.7 million.
Bottlenecks, Talent Wars, and the New Test Economy
The AI infrastructure boom has created bottlenecks in memory and packaging—perfect for companies like Aehr. The scarcity of advanced test engineering talent in the US and Europe makes Aehr’s automation and expertise indispensable. As chip complexity grows, so does the value of burn-in: it’s not just quality assurance, but a strategic moat.
Aehr’s unique position is reinforced by its acquisition of InCal Technology and partnerships with OSATs, which have broadened its product reach into silicon photonics, GaN devices, and storage. Its pipeline is swelling, with flash benchmark completions and new silicon photonics orders expected imminently.
When the Market Demands Certainty, Aehr Delivers
This five-day surge is not just a reaction to headlines. It’s the market’s recognition that in the AI era, the winners will be those who can guarantee that every chip performs flawlessly. Aehr Test Systems has become the gatekeeper for this new standard. As the industry rushes toward $1 trillion in annual chip sales, burn-in testing is no longer a back-room process—it’s the main event.