Ultra Clean Holdings (UCT) designs, manufactures, and services critical subsystems and components used in semiconductor capital equipment. UCT is not a chipmaker — it sits one or two steps upstream, supplying the OEMs that build the tools chipmakers use to fabricate chips. UCT's Products segment (~87% of revenue) manufactures gas delivery systems, chemical and fluid delivery modules, frame and top-plate assemblies, precision robotics, and process modules, all built to exact specifications for OEM customers like Applied Materials and Lam Research, which together account for roughly 55-60% of total revenue. UCT's value proposition is to serve as an outsourced manufacturer for these OEMs, handling complex subassembly production so OEMs can focus on tool design and R&D. UCT's Services segment (~13% of revenue) provides ultra-high purity cleaning, coating, and contamination analysis for chipmakers, helping fabs maintain yields and extend the life of expensive tool components. Services carries roughly double the gross margin of Products (~30% vs. ~15%) and is more recurring and less cyclical. UCT's revenue is highly tied to wafer fab equipment spending cycles, with demand flowing through from chipmaker capex to OEM tool orders to UCT subsystem demand. UCT's core growth strategy involves vertical integration — acquiring component suppliers to internalize production and expand margins — plus deeper qualification into OEM technology roadmaps at leading-edge nodes, broadening its customer base into lithography, and growing its precision cleaning business as device complexity increases.