LAM Research (LRCX): Verktygen som driver AI‑chipboomet

Varför halvledare är den nya ‘oljan’ i den digitala ekonomin

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.

Detta gör halvledare till en av de viktigaste insatsvarorna i den moderna ekonomin. Och ett strategiskt bekymmer för stormakter, vilket illustreras av Taiwans betydelse i USA‑Kina‑konflikten.

Halvledarmarknaden har vuxit i flera vågor, först drivet av datorer, sedan internet, sedan molnet & smartphones, och nu AI och IoT (Internet of Things).

Källa: Applied Materials

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).

Semiconductor Pick And Shovel Stocks

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.

Källa: Generative Value

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.

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.

LAM Research Översikt

LAM Research Historia

LAM Research grundades 1980, byggt på företagets utveckling av bättre plasma‑etsningsutrustning, för att hålla jämna steg med den snabba miniaturiseringen av halvledar‑wafers.

Företaget börsnoterades 1984 och expanderade snabbt globalt med närvaro i Europa 1985 och sedan i Asien sedan slutet av 1980‑talen och början av 1990‑talen.

Företaget nådde 1 MDkr i intäkter för första gången 1995.

Genom en blandning av intern FoU och förvärv blev företaget en nyckelleverantör av utrustning för halvledartillverkning, särskilt för wafer‑produktion.

Källa: The Waves

Idag har LAM Research över 19 400 anställda och har huvudkontor i Fremont, Kalifornien, men även platser i Sydkorea, Taiwan, Österrike, Malaysia och Indien.

Dessa närmare platser hjälper till att leverera delar och ultra‑reaktivt stöd för reparation och underhåll.

Källa: LAM Research

LAM Research Konkurrensposition

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:

• Global räckvidd med en tekniker redo att assistera vid närliggande halvledarfabriker, vilket leder till stabila affärsrelationer.
• Lägre kostnad tack vare stordriftsfördelar.
• Unik expertis som är svår att replikera.
• Avancerad produktionskapacitet för att producera konsekvent högkvalitativ utrustning.

Källa: LAM Research

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 Produkter & Teknik

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.

Källa: LAM Research

Vertikalisering

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.

Källa: LAM Research

“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.

Källa: LAM Research

“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.

Källa: LAM Research

Avancerade metaller & ALD-teknik (Molybden, Volfram)

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‑driven efterfrågan på halvledare (Datacenter & 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.

Källa: LAM Research

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 ).

Förbättrad tillförlitlighet

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% maintenance time reduction.
• -20% in unscheduled maintenance.
• >90% of maintenance fixes the problem the first time.

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 Finansiella siffror

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

Källa: LAM Research

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.

Källa: LAM Research

LAM Research & Kina

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.

Slutsats

LAM Research är en av de globala ledarna inom halvledartillverkning, en sektor där Top 10 Companies fullständigt dominerar marknaden, var och en med monopol‑ eller oligopol‑nivå kontroll över sin egen nisch.

Detta inkluderar tydligt LAM Research när det gäller wafer‑produktion och -förberedelse. Detta gör företaget till en bra “pick‑and‑shovel” aktie för halvledarindustrin.

Investerare bör dock vara medvetna om att detta är en aktie med inbyggd volatilitet på grund av den cykliska naturen i halvledarmarknaden. Så medan vi definitivt befinner oss i en boom‑fas, bör de veta att cykliska upp‑ och nedgångar historiskt har varit normen i denna bransch.

Det har också varit normen att marknadsledare som LAM Research, ASML, TSMC, etc. har stadigt samlat värde för sina aktieägare genom en kombination av teknisk excellens, förstärkning av marknadsandelar och tillväxt tillsammans med halvledarindustrin som helhet.

Så investerare som tar ett långsiktigt perspektiv på aktier som LAM Research har tidigare gynnats mest, med bara några få experter som tjänar på att försöka tajma halvledarmarknaden. Andra investerares profiler har sannolikt gjort bättre ifrån sig genom att bara hålla sina sammansättande tillgångar i årtionden, om inte århundraden.

Senaste nyheter och utveckling för LAM Research (LRCX)