Lam Research Says Chip Equipment Demand Is Sold Out, Eyes Mid-50% Gross Margins

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Lam Research said semiconductor equipment demand is "fundamentally sold out," with eight to 10 new clean rooms expected at its tier-one customers between now and the end of next year. Speaking during a Goldman Sachs discussion, an unnamed Lam executive said the company is prioritizing customer execution, capacity readiness and product-roadmap delivery, and is expanding manufacturing, hiring and installation resources to meet tool demand that customers want sooner than Lam can provide it. Lam's Customer Support Business Group posted its third consecutive record revenue quarter at nearly $2.5 billion, covering spare parts, services, equipment upgrades and the Reliant mature-node product line. The company reported gross margin of 52%, its highest in 20 years, and reiterated guidance of 51% to 52%, while saying differentiated products, operating closer to customers and pricing efforts could lift gross margin into the mid-50% range over several years. Lam expects DRAM wafer-fab-equipment spending to remain the largest contributor next year, followed by leading-edge foundry and logic, with NAND also growing, and it said the NAND conversion cycle should involve about $40 billion in spending through the end of next year. The executive added that major M&A is not part of Lam's ongoing strategy, though the company may pursue small tuck-in acquisitions from time to time.

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Lam reported 52% gross margin, its highest in 20 years, and guided to mid-50% margins on differentiated products and pricing efforts.

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