Demand for Lam Research Corp. ’s wafer fabrication equipment (WFE) and services has surged from semiconductor foundry expansion. We raised our issuer credit rating and issue-level ratings on the company’s unsecured debt to ‘A’ from ‘A-’. The outlook is stable. The stable outlook reflects our expectation that Lam will maintain its competitive position in the etch, deposition, and clean product specialty areas of the WFE industry. We also expect it will adhere to a consistent financial policy framework and maintain credit cushion against potential industry volatility. AI has increased the total addressable market for WFE makers, in our view . Before the AI boom, semiconductor companies relied on demand from PC, smartphone, and consumer electronics, but AI has created new
