Selected Reads

Smartkarma

Equity Bottom-Up

This morning I read an article in the Financial Times about Julian Robertson: “He believed that an investment thesis should be able to be summed up in three bullet points...<a target="_blank" href="https://www.valueinvestorsclub.com/idea/LAM_RESEARCH_CORP/0622993593">Read the article on Value Investor Club »</a>

Morningstar

Morningstar, Inc.

Lam Research is a leading vendor of semiconductor fabrication tools. The firm is the market leader in etch, a critical step in the chipmaking process where material is selectively removed. Lam has expanded its product offerings inorganically in recent years. In 2008, the company acquired SEZ for $483 million in cash (net of cash acquired) to enter the clean equipment market. Then in 2012, Lam merged with Novellus in a $3.3 billion stock deal to gain a leading position in the deposition segment…

Kaustubh Sanjay​ ​Jagtap

NUS Investment Society

12M Industry Outlook
1. Looming downturn in 2019: The semiconductor industry is highly cyclical in nature due capital spending cycles (Forbes,2014). Recently, Samsung has announced the cutting back of chip production for the next year to maintain DRAM prices, with DRAM bit growth adjusted from 20% to &lt;20%, and NAND bit growth from 40% to 30%; Semiconductor gear maker KLA Tencor Corp. also said that some chipmakers were delaying plans to expand factory capacity, signaling lowered capital…

United States

Lam Research Corporation manufactures, markets, and services semiconductor processing equipment used in the making of integrated circuits.  The Company's products are used to deposit special films on a silicon wafer and etch away portions of various films to create a circuit design.  Lam sells its products around the world.

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