Sands Capital Management, LLC - Select Growth on Lam Research
Thesis
Lam Research is a critical supplier of semiconductor etch and deposition equipment. Revenue grew 24 percent and adjusted earnings per share grew 42 percent year over year in the first quarter, while guidance exceeded consensus expectations. Increasing complexity in memory and leading-edge manufacturing raises the importance of Lam's equipment. Sands sees differentiated exposure to high-bandwidth memory, advanced NAND, and a recovering memory capital-spending cycle.
“We believe Lam’s exposure to high-bandwidth memory, advanced NAND, and a recovering memory investment cycle gives it a differentiated role within the AI infrastructure supply chain.”