Lam Research Holds a Wide-Moat Equipment Portfolio to Enable Cutting-Edge Chip Manufacturing

Lam Research is one of the largest providers 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.