ONTO INNOVATION INC.

**Signal Note: ONTO (Onto Innovation Inc.)** Driehaus Capital's $55.1M entry into ONTO represents a notable pivot toward semiconductor/advanced packaging equipment rather than traditional pharma/biotech therapeutics. This signals conviction in semiconductor capex cycles, likely tied to AI chip demand and advanced packaging adoption—a thematic shift from pure-play drug development that warrants monitoring of fab utilization trends and customer concentration (TSMC, Samsung exposure).