KLA makes process control and yield management equipment for semiconductor manufacturers. Its core products are inspection and metrology systems that chipmakers use to detect defects, measure film thicknesses, verify pattern dimensions, and monitor process quality throughout chip fabrication. The goal is to catch problems early and improve yields — critical when a single advanced fab costs $10B+ to build. KLA sells primarily to leading chipmakers including TSMC, Samsung, Micron, SK Hynix, and Intel, through a direct sales force with roughly 89% of revenue originating in Asia. KLA operates through three segments: Semiconductor Process Control (80%+ of revenue), which is the dominant core business; Specialty Semiconductor Process, which makes deposition and etching tools for MEMS, RF, and power chips; and PCB and Component Inspection, which serves printed circuit board and packaging inspection. KLA generates revenue from selling capital equipment and from servicing its installed base, with services accounting for roughly 22% of total revenue and growing for 52 consecutive quarters. About 75% of service revenue comes from multi-year contracts, making it a highly predictable earnings stream. KLA's growth is driven by rising process control intensity — the share of fab capital spending going to inspection and metrology — which increases with each node transition, EUV adoption, high-bandwidth memory ramp, and advanced packaging complexity. KLA's advanced packaging revenue is expected to exceed $925M in calendar 2025, up from roughly $300M in 2023. KLA generates strong free cash flow and returns capital to shareholders through dividends and buybacks.