A little more than three years ago, Gabriel (Gaby) Waisman took up his position as CEO of Nova. Since then, he hasn’t had a dull moment. A combination of developments in the industry and investments in AI that increased demand for the company' s products, coming at the same time as the outbreak of the war in Israel, and leading to a 54% growth in revenue, an 85% jump in net profit, and a 5.5 times increase in market cap. Earlier this month (on June 16), in his first interview since taking office, Waisman discussed with "Globes" the company's potential, challenges and future.
Nova manufactures measurement systems for the semiconductor industry. Its systems test the chip manufacturing processes to ensure they are in order. As chips become more complex and their manufacturing costs rise, so rises the need for Nova's systems.
The company is traded on Nasdaq and the Tel Aviv Stock Exchange at a $16.6 billion market cap, after a jump of over 100% in its share price in the past year alone, putting put Nova among the top ten most valuable Israeli companies, ahead of Check Point, Phoenix Financial, and Israel Discount Bank.
"What concerns me is mainly to make sure that the company and its infrastructure support the continued provision of technological solutions to customers and meet the growing demands," says Waisman. "I really appreciate the trust the market places in the company, and the share price reflects this trust. The share price also expresses the company's growth potential, and our goal is to realize the potential."
Waisman notes that Nova operates in a growing market within an industry marked by technological complexity and ongoing challenges. The continued growth and increasing complexity of the semiconductor industry's end markets are expected to drive Nova's business in the years to come.
Growth in demand and technological complexity support the company's growth: "Edge markets - such as AI, high-performance computing, advanced memory, advanced packages - are all designed to support the need to produce chips that meet the very challenging requirements of AI, and in the future also in physical AI, robotics and quantum computing, and other possibilities," says Waisman.
These come in addition to existing end markets, such as automotive, cellular, and more. "Technological complexity serves growth, because as edge markets grow, chip architecture and manufacturing processes become much more complex. This complexity supports the need for the products we make. We produce measurement solutions, and the more complex the technology, the more important measurement becomes," he says.
"Growing faster than the market"
Waisman, 55, previously served as Nova's Chief Business Officer (CBO), responsible for sales, marketing and support, and before that held senior positions at Orbotech (later sold to competitor KLA) in Hong Kong and the US. He is very familiar with the chip industry in general, and the semiconductor testing industry in particular.
In recent years, Nova has increased its market share at the expense of its competition. "What helps us is that our customers know they are our priority, that we will do everything possible to provide answers and solutions for their challenges." Nova therefore spends a high percentage of revenue on R&D, about 15-16% in 2025, compared with 9.7-13.1% at other companies in the same industry (KLA Corporation, Onto Innovation, and Camtek in the same year), and this is expected to continue.
"Developing technology is one of the most significant challenges in the industry, which is very dynamic. The pace of change is only increasing, so the ability to stay at the forefront of technology is what allows us to succeed, and that's also the challenge," says Waisman. "Our main business goal is to grow faster than the market, and we do this by combining ongoing innovation, identifying opportunities for expansion, and deepening the value we bring to our customers. We invest significantly more than similar companies because we believe this level of investment will provide the competitive edge needed to outpace the market's growth."
What about acquiring companies?
"Last September, we raised $750 million (in convertible bonds - S.H-V.) and we have $1.7 billion cash, with the majority earmarked for acquisitions. We have made three acquisitions in the past decade, all of which are very successful, and have contributed significantly to the success and growth in revenue, as well as to penetration into other markets such as the advanced packaging market. Inorganic growth is a central pillar of our strategy, and we're constantly looking at acquisitions; we have a dedicated acquisitions team, and a significant portion of my time is dedicated to that."
What sort of acquisitions are you looking for?
"We have several criteria, not only financial, which are of course very significant, but also synergies with the company's activities, future potential, and cultural compatibility. We’re examining process control companies, which could range from technological acquisitions to transformative acquisitions (referring to large and significant acquisitions - S.H-V.). It could also be process control for complementary markets such as industry, not just chips."
Is there even a pool of potential acquisitions? And if so, what valuation levels are those companies seeking?
"The pool is indeed limited, so the process is complex, but we are very committed to this strategy. As for valuations, when the market is at a low point, companies are less willing to sell because they know the situation will reverse, and when it’s high, they are willing to sell, and valuation becomes a significant qustion."
Earlier, you mentioned how customers respond. How was customer response during the war and the operations against Iran?
"First and foremost, this is a testament to the resilience of Israeli society and of our employees, who are navigating business, technological, and human challenges unlike those faced by workers anywhere else in the world. At the same time, we are an Israeli-global company, with a broad international presence; we have impact and support. And, of course, the fact that our company continues to operate and grow in an environment like this wouldn’t be possible without the sacrifice and dedication of the women and men in the armed forces and security services, who make our success possible.
"Our manufacturing teams continued working without interruption throughout the entire period, ensuring there was no impact on our customers or the support we provide. That resilience has been critically important because, even amid everything happening in Israel, the industry has continued to rely on us to develop, support, and deliver products. Our people remained committed to supporting customers, come hell or high water. We stood by our customers under difficult circumstances, demonstrating the depth of our commitment to them."
"It's challenging to recruit the best"
Nova currently employs about 1,700 people, of whom about 600 are in Israel. Waisman says, "We’re currently recruiting workers in Israel in a wide range of fields, as part of our confidence in the local market in terms of talent.
"The competition for talent will be more and more significant in the industry in the coming years, because the growth rate is high and the amount of talent is limited. This is true for almost every country in which we operate. Therefore, the battle over talent is acute, and the goal is not only to recruit the best, but also to recruit those who are best suited to our cultural environment."
Who is your competition for those employees?
" The competition for workers is against different employers in each country. What distinguishes us and attracts people to join Nova is, first and foremost, our work environment and enterprise culture, which spread by word of mouth and attract people. In Israel specifically, we compete against many companies for employees in a range of functions: manufacturing, finance, R&D, marketing, and sales. Fortunately, there is strong demand to work at Nova, even though it is always challenging to recruit the very best talent."
Does the stronger shekel make you consider expanding elsewhere, instead of Israel?
"We work in a global environment in various contexts - currency, taxation, regulation. The changes in price have had an impact, but we are very committed to working in Israel, and we think there is unique talent here - the company’s success is a direct result of it. We are making adjustments to make sure we deal with the matter effectively."
What can you say about the strong shekel and its impact on Israeli high-tech in general?
"I don’t think we should focus solely on the high-tech sector. Industry in Israel is affected by exchange rate fluctuations, and the impact can vary between companies, but it is more correct to look at the industrial sector as a whole, with high-tech as part of it, and its ability to continue thriving as a central pillar of both the economy and national security. Therefore, it’s important for the exchange rate to remain at a level that supports continued growth in the face of global competition."
"China is significant territory"
Waisman notes that Nova is one of the few Israeli companies with most of its sales and activity directed to the Asia-Pacific region, making for a unique corporate culture.
China accounted for about a third of your revenue in 2025. How have you been affected by the competition between the US and China and the trade wars?
"The geopolitical environment is complex, because chips are now seen as critical and vital infrastructure at the strategic level. This is the new ‘black gold,’ and control of this resource is essential for the future of many key countries. Therefore, any country that wants to appropriate such a strategic infrastructure wants to nurture and ensure the existence of a local chip manufacturing infrastructure. The US, Europe, Korea, Taiwan, China, and Japan are all making significant investments to make sure their infrastructures grow and stay at the forefront of technology.
"China is a very significant territory for us and will continue to be so. It has unique characteristics, and our goal is to ensure that we continue to grow despite the various challenges, of course, while meeting the regulatory conditions involved in working with China. We are in full compliance with US regulations in this matter."
While you’ve benefited from demand driven by the growth of AI, software companies are seeing their products rapidly become obsolete and must develop at much faster pace. How has it been for you?
"The complexity of our development requires both advanced hardware, but also advanced software and algorithms that are the most advanced available. Nova was the first in the industry to introduce Generative AI or Machine Learning models as early as eight years ago. The ability to keep up with the pace through a combination of advanced hardware and software that is updated at a much higher rate is characteristic of the industry as a whole and Nova in particular."
Beyond that, what are Nova's main challenges today?
"The battle is on several fronts. The main challenge is to meet demand on the technological front, to be able to meet the demands of our customers, which really verge on science fiction. In addition, of course, we must make sure that in a growth environment, we have the ability to support continuous supply and increasing demand. This requires global supply chains and production infrastructure. Our current production infrastructure consists of clean rooms in Israel, the US, and two in Germany, and we will open another one in Asia this year, all part of the need for much greater flexibility."
Does Nova's being an Israeli company present a challenge given the current atmosphere?
"I don't ignore what's happening, but my experience so far has been very positive. I haven't encountered anything negative in the industry. There's also the advantage of being a global company. In general, there is a small number of Israeli-global companies today, certainly in the chip industry, and to represent Israel at the forefront of the industry is a great honor and a great responsibility. I believe that we have all the ingredients to be even more significant on the global stage."
Meeting sales targets ahead of time
In 2022, Nova presented a five-year strategic plan in which it set an annual sales target of $1 billion for 2027. In 2025, sales were about $881 million (an increase of about 30% from the previous year), so it is likely to reach its target sooner than expected. Waisman promises that when the company reaches its goal, it will publish a new plan.
With a $16.6 billion market cap, Nova has become one of the largest Israeli companies.
"I think it's a great deal of responsibility. As we grow and grow - and of course I'm very pleased about that - so does my responsibility, as well as my commitment to employees, customers and the market. It is a great honor for Nova to be a significant part of the leading Israeli index, and certainly to be significant in the chip industry."
Published by Globes, Israel business news - en.globes.co.il - on June 30, 2026.
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