Teradyne

Teradyne is a leading supplier of automated test equipment used to check semiconductors and electronics for defects during manufacturing, alongside a growing industrial robotics arm. Its testers are essential to chipmakers, tying its fortunes closely to semiconductor production cycles, which can make results swing sharply from year to year. The company has paid a modest, growing dividend for over a decade, but the yield is very small because Teradyne channels most cash into research and buybacks. The payout is comfortably covered yet clearly secondary to growth. This is a cyclical technology holding where dividends are a minor complement to capital appreciation rather than the main draw.