Lam Research: Wafer Fab Equipment Leader & HBM/DRAM Memory

Lam serves the memory market, and the cyclicality in memory is steep. For semiconductor manufacturing equipment, the market is expected to decline (-22%) in 2023 and then rebound 21% in 2024. This is a remarkable turnaround, but one that should be approached carefully, as the rebound also represents a remarkable oversupply.

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