Lam Research makes semiconductor wafer fabrication equipment used to build integrated circuits. Lam specializes in three core processes: etch, which carves patterns into wafers; deposition, which adds thin layers of materials; and clean, which removes contaminants. These processes are critical for producing logic and memory chips, especially as architectures shift toward complex 3D structures. Lam sells its equipment directly to foundries, memory makers, and integrated device manufacturers. In addition to system sales, Lam operates a Customer Support Business Group that provides spares, upgrades, and maintenance services for an installed base of over 100,000 chambers. This services business is recurring and scales with the installed base. Lam’s business model benefits from increasing etch and deposition intensity, where more of its tools are required per wafer as chips scale to smaller dimensions. Growth is driven by transitions to gate-all-around transistors, 3D NAND scaling, and High Bandwidth Memory for AI applications. Lam also expands its served market through advanced packaging solutions and new material applications like atomic layer deposition of molybdenum. Lam offers software and robotics for automated maintenance to improve customer yield and move toward autonomous fab operations.