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LAM Research (LRCX): De Gereedschappen die de AI‑chipboom aandrijven

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Waarom halfgeleiders het nieuwe ‘olie’ van de digitale economie zijn

Nearly every electronic device today utilizes some semiconductor components. From washing machines to cars to computers and phones, virtually every manufactured device or machine contains a chip or an electronic board of some sort.

Dit maakt halfgeleiders tot een van de belangrijkste inputs in de moderne economie. En een strategische zorg voor grootmachten, zoals geïllustreerd door het belang van Taiwan in de VS‑China rivaliteit.

De halfgeleidermarkt groeide in opeenvolgende golven, eerst gedreven door computers, daarna het internet, vervolgens de cloud & smartphones, en nu AI en IoT (Internet of Things).

One way to invest in the semiconductor industry is with companies producing the chips, like TSMC (TSM ) or Intel (INTC ) (follow the links for a detailed report on each of these companies).

Halfgeleider Pick‑and‑Shovel Aandelen

Another way is to invest in the company providing the equipment, materials, and machinery to the semiconductor foundries, which rely on specialized suppliers, able to provide the best and most reliable equipment to produce at-scale chips and other semiconductors.

Because semiconductor manufacturing is such an exact science, chip producers want only the best tools available. And because it is such a complex endeavor, this can only be achieved by a handful of very specialized suppliers.

As a result, a complex ecosystem emerged, with each task in the process of making a chip being achieved by a handful of ultra-specialized equipment produced sometimes by only one or two companies.

This gives these equipment suppliers great pricing power and a strong economic moat. Companies like TSMC will stick to their established suppliers or risk disrupting their operations.

It also creates a positive flywheel where existing sales generate money for more R&D, which in turn guarantees that any potential new competitor would struggle to achieve the same technical results, and therefore cannot enter the market.

LRCX Prijsgrafiek

So, with semiconductors becoming a strategic asset, it can make sense to invest in equipment suppliers, as they will benefit from chip foundries’ build-up, no matter which chip maker (TSMC, Nvidia (NVDA ), Intel, etc.) ultimately benefits the most from growing semiconductor demand.

An important company in this sector is LAM Research, which is the leader in wafer manufacturing equipment, the basic component that is later on turned into functional computer chips and other semiconductor components.

TL;DR

  • Halfgeleiders vormen de ruggengraat van AI, cloudcomputing, de auto‑industrie en bijna elk modern apparaat.
  • Lam Research (LRCX ) bouwt de waferfabricage‑ en ets‑/depositietools die geavanceerde DRAM-, NAND- en AI-chips aandrijven.
  • AI‑gedreven investeringen in datacenters zullen naar verwachting $200 miljard in wafer‑fab‑apparatuur pompen — Lam is een belangrijke begunstigde.
  • Recordresultaten in 2025: $5,3 mrd kwartaalomzet, 50,6 % brutomarge en een sterke langetermijn‑CAGR vanuit de geïnstalleerde basis.
  • China blijft Lam’s grootste markt (43 % van de omzet), wat zowel groei als geopolitiek risico met zich meebrengt.

LAM Research Overzicht

LAM Research Geschiedenis

LAM Research was founded in 1980, built on the company’s development of better plasma etching equipment, to keep up with the rapid miniaturization of semiconductor wafers.

The company was publicly listed in 1984 and quickly expanded globally with a presence in Europe in 1985 and then Asia since the late 1980s and early 1990s.

The company hit the $1B in revenues for the first time in 1995.

Through a mix of internal R&D and acquisitions, the company became a keystone supplier of semiconductor manufacturing equipment, especially for wafer production.

Bron: The Waves

Today, LAM Research employs 19,400+ employees and is headquartered in Fremont, California, but also has locations in South Korea, Taiwan, Austria, Malaysia, and India.

These closer locations help supply customers with parts and ultra-reactive support for repair and maintenance.

LAM Research Concurrentiepositie

The leadership position of the company is built on a massive technological advantage, financed by R&D as a percentage of operating expenses that has increased above 50% for more than a decade.

In total, the company spent $2.1B in R&D in 2025.

This made LAM Research one of the leaders in wafer manufacturing tools, giving it a massive scale. This scale is then, in turn, converted into a series of competitive advantages:

  • Wereldwijde aanwezigheid met een technicus die klaarstaat om te assisteren bij nabijgelegen halfgeleiderfoundries, wat leidt tot stabiele zakelijke relaties.
  • Lagere kosten dankzij schaalvoordelen.
  • Unieke expertise die moeilijk te repliceren is.
  • Geavanceerde productiecapaciteit om consequent hoogwaardige apparatuur te produceren.

As a result, since 2013, the revenues from the installed base of LAM Research-made equipment have grown by 10% CAGR. And the revenues from the Customer Support Business Group (CSBG) have grown by 17 % CAGR.

LAM Research Producten & Technologie

While most semiconductor manufacturers and equipment producers have benefited from the trends of digitalization and AI, LAM Research is especially well-positioned to capture value from them.

This is in large part thanks to the company’s good technological choice, becoming an expert at the methods now required to keep increasing chips’ power to answer AI data centers’ requirements.

Verticalisatie

An important factor in LAM Research’s good technical position is its expertise in verticalization. As semiconductors become denser, they are now being built not just on a flat 2D surface, but in 3D as well.

One example is with NAND, widely used in devices like SSDs, USB drives, and SD cards.

“In NAND, the transition to devices with more than 200 layers demands additional deposition and etch steps for applications like backside stress management, carbon gapfill, and bevel deposition.“

Newer approaches allow for much denser memory, but also dedicated equipment to manufacture them this way. LAM Research has the world’s largest NAND installed base.

Another one is DRAM (Dynamic Random Access Memory), used to store data in and out of the processing unit (GPUs, CPUs, etc.). Modern DRAM is also an extremely complex 3D  construct, requiring a wide array of semiconductor manufacturing technologies to be created.

“The industry is moving toward 4F² and ultimately 3D architectures, which is requiring greater vertical scaling, more metal wiring layers, and higher aspect ratios that require void-free fill and precision etch.

All leading-edge AI-enabling High Bandwidth Memory devices today are manufactured using Lam equipment.”

This strong presence in foundry, DRAM, and NAND is important, as these are the segments that have benefited the most from the recent boom in semiconductor demand.

Geavanceerde Metalen & ALD‑technologie (Molybdeen, Wolfraam)

While silicon is, of course, the core of the current semiconductor industry, other metals can supplement or replace silicon for specific tasks or requirements.

As chips are becoming increasingly sophisticated, these metals are also increasingly crucial for new designs.

LAM Research has been for 20 years the leader in semiconductor manufacturing using ALD metals (Atomic Layer Deposition) like tungsten and molybdenum.

Recently, the company has introduced a new method for depositing molybdenum, ALTUS Halo, offering a 50% reduction in resistance and usable for logic, DRAM, and NAND components.

The company is targeting $2B in shipments for this equipment, with the growth doubling what tungsten used to provide.

“The integration of molybdenum metallization enables Micron to be first to market with industry-leading I/O bandwidth and storage capacity in the latest generation of NAND products. Lam’s ALTUS Halo tool has made it possible for Micron to bring molybdenum into mass production.”

Mark Kiehlbauch – Corporate Vice President of NAND development. 

AI‑gedreven Halfgeleidervraag (Datacenters & HBM)

The IT industry expects a cumulative $2.5T of capital expenditure in data centers, mostly due to AI, in just the next 5 years.

These investments will require especially advanced chips, DRAM, and other semiconductor components, with twice the amount of leading-edge wafer fabrication equipment (WFE) compared to older designs from 2019.

This converts into no less than $200B in WFE, the core of LAM Research’s business, or almost the exact value of the company’s market capitalization in december 2025.

In the same way, the deposition and etch intensity are increasing for advanced chips, with 2x the amount per wafer compared to previous methods.

LAM is leading when it comes to making and preparing the wafers for chips manufactured with EUV, the most advanced semiconductor lithography process in the world, itself the domain of ASML (ASML ).

Verbeterde Betrouwbaarheid

As the semiconductor industry is struggling to find enough human resources, LAM is now focusing on helping its customers on this front.

Notably, it is aiming for a strict reduction in maintenance requirements:

  • -30 % vermindering van onderhoudstijd.
  • -20 % onvoorziene onderhoud.
  • >90 % van het onderhoud verhelpt het probleem de eerste keer.

Overall, these efforts have increased machine availability by 8%, which can significantly improve the operating profits of a semiconductor foundry.

“For a 100,000 wafer starts per month fab, this can represent running cost savings >$100m/year.”

LAM Research Financiële gegevens

Veeg om te scrollen →

Metriek Waarde
Omzet Q3 2025 $5.3B (record)
Brutomarge 50.6%
Operationele marge 35%
R&D-uitgaven (2025) $2.1B
Aandeel China‑omzet 43%

LAM revenues are roughly divided 2/3rd from foundry activity and 1/3rd from memory production.

By far, the most important country is China, making up 43% of the company’s total revenues, followed by Taiwan, South Korea, and Japan. In total, more than 80% of the company’s revenues come from Asian semiconductor foundries.

The company recorded $5.3B in revenues in Q3 2025, an absolute record, thanks to the all-time high 50.6% gross margin and 35% operating margin.

Maybe more impressive, the company managed to almost multiply 10-fold its operating income and earnings per share between 2013 and 2024.

The company has steadily increased its dividends over the years, and returned almost 99% of free cash flow to its shareholders since 2013, with plans to return 85%+ of free cash flow in the near term.

LAM Research & China

LAM Research has a strong exposure to China. So far, this has proven to be a great benefit for the company, as China is very actively building its semiconductor foundry capacity.

Contrary to companies like ASML, LAM Research tools are not only better, cheaper, and/or more powerful than their competitors’, but they are not a key, un-replicable technology. So contrary to ASML and its EUV machine, LAM Research is not getting caught in the crossfire of the USA-China tensions (at least so far).

This is not to say that no Chinese competitors to LAM equipment exist. But contrary to lithography or other semiconductor-related technologies, LAM is able to keep a good access into the Chinese market, inhibiting these competitors from acquiring a massive protected market in which to develop with higher margins.

So overall, as long as this situation persists, LAM will actually benefit from the duplication of foundry capacity in the Chinese market instead of suffering from the USA-China trade wars like other semiconductor equipment manufacturers.

Investeerdersinzichten

  • Lam Research is a core “pick-and-shovel” leader in semiconductor equipment with entrenched moats in etch, deposition, and wafer preparation.
  • AI, HBM memory, and 3D NAND growth significantly expand Lam’s long-term WFE opportunity.
  • Financial performance is at record levels, supported by recurring CSBG revenue and industry-leading margins.
  • High China exposure (43%) is both a growth engine and an export-control risk to monitor.
  • For long-term investors, Lam remains one of the strongest compounders in the semiconductor supply chain—though cyclical volatility should be expected.

Conclusie

LAM Research is one of the global leaders in semiconductor manufacturing, a sector where the Top 10 Companies completely dominate the market, each having a monopoly or oligopoly level of control on its own niche.

This clearly includes LAM Research when it comes to wafer production and preparation. This makes the company a good “pick-and-shovel” stock for the semiconductor industry.

Investors should, however, be aware that this is a stock with a built-in volatility due to the cyclical nature of the semiconductor market. So while we are definitely in a booming phase, they should know that cyclical ups and downs have been historically the norm in this industry.

Still, it has also been the norm that market leaders like LAM Research, ASML, TSMC, etc. have steadily aggregated value for their shareholders through a combination of technical excellence, reinforcing market share, and growth with the semiconductor industry as a whole.

So investors who take the long-term view on stocks like LAM Research have previously benefited the most, with only a few experts benefiting from trying to time the semiconductor market. Other investors’ profiles are most likely doing better off by just holding on to their compounding assets for years, if not decades.

Laatste LAM Research (LRCX) Aandelen Nieuws en Ontwikkelingen

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Jonathan is een voormalig onderzoeker in de biochemie die werkte aan genetische analyse en klinische onderzoeken. Hij is nu een aandelenanalist en financieel schrijver met een focus op innovatie, marktcycli en geopolitiek in zijn publicatie The Eurasian Century.