Testing Equipment
Lam Research: Eyeing Strong 2024 Exit Boosted by Memory Rebound
We’re seeing early shoots of the memory market rebound unfolding a bit earlier than expected, with strong results from Micron and a positive outlook from Samsung on its HBM output this year due to GPU growth. This is following a rather steep cyclical downturn in NAND and DRAM in 2023, and this rapid recovery offers a growth opportunity for both memory chip makers and WFE suppliers including Lam Research, though it should be approached carefully with a chance for oversupply in 2025. Despite a rather soft guide for the March 2024 quarter, Lam’s management alluded to multiple pockets of strength arising through the back half of the year, with positive commentary on HBM and DRAM as well as a brighter outlook for WFE spend.
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