Artificial Intelligence Sector Spotlight: Insights on Aehr Test Systems and Figma

This report examines Aehr Test Systems and Figma, two companies gaining investor attention within the expanding artificial intelligence (AI) sector, highlighting their strategic positions and recent market performance amidst the broader AI industry growth.

Artificial Intelligence Sector Spotlight: Insights on Aehr Test Systems and Figma

U.S. equities continue to reflect strong investor appetite for companies positioned within the burgeoning Artificial Intelligence (AI) sector. While much focus has been placed on established tech giants, attention is increasingly turning to companies like Aehr Test Systems (AEHR) and Figma (FIG), which represent diverse facets of the AI ecosystem and offer insights into the evolving landscape of AI-driven investment.

The Event in Detail: Aehr Test Systems Navigates AI Pivot

Aehr Test Systems, a prominent provider of equipment for testing silicon carbide semiconductors, has strategically redirected its focus to include testing chips essential for AI data centers. This pivot comes despite recent financial challenges, as the company reported a decrease in net revenue for the fourth quarter of fiscal year 2025, reaching $14.1 million, down from $16.6 million in the same period of fiscal 2024. Full-year fiscal 2025 net revenue stood at $59.0 million, a decline from $66.2 million in fiscal 2024.

The company also reported a GAAP net loss of $(2.9) million, or $(0.10) per diluted share, for Q4 fiscal 2025, a notable shift from a GAAP net income of $23.9 million in the prior year’s fourth quarter. For the full fiscal year 2025, Aehr recorded a GAAP net loss of $(3.9) million and an operating loss of $6 million. Despite these figures, Aehr has demonstrated resilience. The company’s backlog significantly increased to $15.2 million as of May 30, 2025, with an effective backlog of $16.3 million including subsequent bookings, reflecting growing demand for its solutions in new segments, particularly AI processors. The successful launch of its first production wafer-level burn-in system for AI processors underscores this strategic shift.

In a significant market move, Aehr Test Systems stock experienced a substantial rise of 42% on Monday, August 25, 2025, following the announcement of follow-on orders for its high-performance Sonoma ultra-high-power packaged part burn-in systems from a leading hyperscaler. These systems are slated for high-volume production testing of advanced AI processors. Aehr's President and CEO, Gayn Erickson, emphasized the strategic importance of these orders, stating:

"This customer is one of the premier large-scale data center providers developing its own AI processors, and they have already indicated plans to expand capacity for this initial device and add additional AI devices over the next year."

The company maintains a gross margin of 40.59% and is forecasted by analysts to achieve an 8% revenue growth in the next fiscal year.

The Event in Detail: Figma’s Rapid Ascent and Valuation Recalibration

Figma, a cloud-based design software company, made a notable debut on the public markets with its IPO on July 31st. Its initial public offering price of $33 per share rapidly tripled, briefly reaching $122 before settling around $70 per share as of September 2nd, commanding a market capitalization of $34 billion. Figma has emerged as a significant competitor to Adobe, which famously attempted to acquire Figma for $20 billion in 2022, a merger that was ultimately denied by regulators.

Figma’s sales growth has been robust, expanding from $500 million in 2023 to $820 million over the last twelve months, outpacing Adobe’s revenue growth. The company boasts over 13 million monthly active users and a 95% utilization rate among Fortune 500 companies. While demonstrating strong operational performance, Figma’s valuation has been a subject of investor scrutiny. Its stock traded at 42 times sales on a trailing twelve-month basis, which moderates to 34 times on a forward basis, significantly higher than Adobe’s 7 times sales.

Following its Q2 fiscal year 2025 earnings report, which revealed a 41% revenue growth and a net profit of $28.2 million, Figma’s stock experienced a considerable decline of 50% from its IPO price. This correction led to a recalibration of its price-to-sales (P/S) ratio from 60x to 29x. Despite this correction, the company maintains strong fundamentals, including 11,900 paid customers, a 129% net dollar retention rate, a 90% gross margin, and $1.6 billion in cash reserves, which can be leveraged for AI investments. Analysts suggest the market may have overreacted to a 33% growth guidance, overlooking Figma’s scalable profitability and strategic position.

Analysis of Market Reaction: AI’s Broadening Influence

The market’s keen interest in Aehr Test Systems and Figma underscores the expansive and diverse impact of artificial intelligence across various sectors. The global chip market, a foundational component for AI, is projected to reach $92 billion in 2025, highlighting the immense growth potential for companies throughout the AI hardware and software ecosystem. Companies like Broadcom Inc. (AVGO) exemplify this trend, with its AI semiconductor sales surging 220% in fiscal 2024.

Aehr

source:

[1] Investors: If You Don't Know These 2 Artificial Intelligence (AI) Stocks, You Should | The Motley Fool[2] Aehr Test Systems Reports Fiscal 2025 Fourth Quarter and Full Year Financial Results; Expands Total Addressable Market and Diversifies Customer Base[3] Investors: If You Don't Know These 2 Artificial Intelligence (AI) Stocks, You Should | Nasdaq

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