...December 11, 2024 We expect Lam Research Corp. will continue to report revenue growth over the next year, even as DRAM and domestic Chinese Wafer Fab Equipment (WFE) spending slows . Lam reported approximately 20% year-over-year revenue growth in the last two quarters as a rebound in DRAM spending and persistent domestic Chinese investments in trailing-node capacity have supported WFE markets after a severe downturn in 2023. DRAM has been one of the major bright spots of the semiconductor industry over the past year, as AI-driven demand for high-bandwidth memory to enable growing training workloads has supported targeted areas of capital spending. This development has enabled Lam's memory business to significantly outperform the rest of the company in the second half of fiscal 2024. We continue to forecast growth in this segment but expect the pace to slow as producers digest substantial capacity investments. We see a more substantial pullback from Chinese spending, however, as new export...
