KLA Corp

KLAC: XNAS (USA)

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KLA Dominates the Profitable Niche of Process Control, and Is Enjoying an AI-Driven Growth Cycle

William Kerwin

Mar 12, 2026

Business Strategy and Outlook

KLA is one of the largest providers in the world of wafer fabrication equipment for semiconductors, specializing in process control, where we expect its unmatched breadth and depth to defend and increase its market share. We believe trends toward higher complexity in chips will drive increasing demand and strong pricing for KLA’s equipment, including artificial intelligence and new technologies like high-bandwidth memory. We particularly like that KLA boasts the highest profit margins out of any WFE firm under our coverage.

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KLA Corp

KLA Dominates the Profitable Niche of Process Control, and Is Enjoying an AI-Driven Growth Cycle

Business Strategy and Outlook

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