Lam Research

Lam Research dominates the etch and deposition equipment market for advanced logic and memory chips, with 45%+ market share in etch and 30%+ in deposition — together representing the two most critical steps in chipmaking. The company's equipment is essential for manufacturing 3D NAND flash (which stacks 200+ layers), and its technology is deployed at every major memory fab on earth. With $17B in annual revenue and a $100B market cap, Lam benefits enormously from the CHIPS Act-driven fab construction boom, with 40+ new semiconductor fabs announced globally since 2022. The company employs 18,000+ engineers and technologists, and its customer relationships span 5-year supply agreements that provide remarkable revenue visibility.