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LRCXLam Research
Etch and deposition leader; critical to HBM memory stacking.
Plate I — Pillar-Purity Score
8/ 10
Memory/HBM capex leverage is direct.
Methodology — How we score
Plate II — The Thesis
Why it’s on the list.
Lam leads in etch and deposition, the steps that make HBM memory stacks physically possible. Memory capex is the fastest-growing WFE bucket.
Plate III — Supply Chain
Upstream & downstream.
See the full chain plate for all 37 names.
Upstream — what feeds LRCX
Top of chain within our coverage.
Downstream — where LRCX feeds into
Plate IV — Thesis Breakers
What would invalidate this.
- Risk 01Memory capex pause
- Risk 023D NAND demand slump
Plate V — Also on the Silicon plate
Siblings by pillar.
- NVDAScore 10The king: GPUs, the CUDA moat, Mellanox networking, and the expanding software stack.
- TSMScore 10Fabs every leading-edge AI chip on earth — the real bottleneck of the entire stack.
- ASMLScore 10EUV lithography monopoly; no EUV means no sub-5nm chips.
- ALABScore 10PCIe retimers and CXL connectivity — the glue chips inside every AI rack.
- CRDOScore 10Active electrical cables and SerDes for AI-rack interconnect; pure-play AI networking IC.
Close
Next earnings: 2026-04-22.
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Research only. Not investment advice. Do your own diligence.