Lam Research’s Chipmaking Prowess, Particularly in Memory, Drives Great Profits and a Wide Moat

Lam Research is one of the largest providers in the world of wafer fabrication equipment for semiconductors, and we believe its strong portfolio, particularly for memory chip production, should enable it to maintain and increase its large market share. In our view, Lam will benefit from increasing chip complexity over the long term, including progress toward higher memory chip density and high-bandwidth memory. We expect Lam to increase sales in the midsingle digits over the course of market cycles and over the long term.