Lam Research designs and sells semiconductor wafer fabrication equipment — specifically deposition, etch, and clean tools — that chipmakers use to manufacture integrated circuits. Lam sells directly to the world's leading chip manufacturers, including memory makers (NAND and DRAM), logic foundries, and integrated device manufacturers, with Samsung and TSMC as its two largest customers. Lam organizes revenue into two categories: Systems (~56% of revenue), which covers new tool sales across its deposition, etch, and clean product families; and Customer Support Business Group (~44% of revenue), which covers spares, upgrades, services, and refurbished tools for Lam's installed base of roughly 96,000+ chambers in fabs worldwide. Lam's core growth thesis is that etch and deposition intensity rises as chip architectures become more complex — transitions to 3D NAND with higher layer counts, gate-all-around transistors, HBM packaging, and backside power distribution all require disproportionately more etch and deposition steps per wafer, structurally expanding Lam's share of total wafer fabrication equipment spending. On the services side, Lam captures a high share of upgrade revenue because only Lam can upgrade its own installed tools. Lam has developed several new products targeting share gains at key inflections, including ALD molybdenum tools for NAND and logic contacts, the Akara conductor etch platform for DRAM and logic, and the Aether dry EUV resist tool. Lam manufactures in the U.S. and Asia, with growing capacity in Malaysia to reduce costs and improve supply chain flexibility near customer fabs.