Lam Research Corporation | September 2025

While writing our Semiconductor Industry Report, one wafer fabrication supplier stood out; a company that appears indispensable to the semiconductor value chain, boasts a market cap of over $100 billion, and yet I had never heard of before: Lam Research Corporation (from now on: Lam).

The company produces the machines that are critical to produce high-end semiconductors, and due to that fact (just like ASML), could have a lot of pricing power. I love pricing power. In this analysis, I will uncover if Lam has pricing power, or if that isn’t the case due to fierce competition.

Let's dive in! 

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