1 Chip Manufacturing Equipment Stock I'm Buying Right Now
Share prices of top semiconductor manufacturing equipment provider Lam Research (NASDAQ: LRCX) have been off to the races in the last year. Despite a continued year-over-year decline in the company's financials, the stock has now doubled in value since the beginning of 2023. The company's earnings update for the final months of 2023 (released earlier this month) certainly could justify the rocket-like performance.
I'm not one to chase hot stocks, but Lam does look exceptionally well-positioned for the next few years. Here's why I plan on buying more Lam Research stock during the first quarter of 2024.
As I explained last month, Lam Research is part of what I call the "Fab Five" -- ASML and Applied Materials being the two giants, followed by Lam and peer Tokyo Electron, and process control specialist KLA at No. 5. Aside from dozens of smaller specialists, the entire chipmaking industry essentially has to go through these five businesses if they want to manufacture the chips that power most of today's hottest secular growth trends.
Source Fool.com
