Share prices of chip fabrication equipment (CFE) company KLA Corp. (NASDAQ: KLAC) have held up remarkably well during the semiconductor industry slump. In fact, they've held up versus the market, period. Share prices have fallen just 3% since the beginning of 2022, compared to a 12.5% stumble for the S&P 500 and 22.1% drop for the Nasdaq Composite indexes over the same time period.  

Recently, some CFE company investors (like those that own ASML Holding) have had some fears over U.S. export controls to China reigniting. However, KLA could be largely exempt from these challenges. In fact, with the whole industry in flux in 2023, KLA actually looks like a compelling value here. Is the stock a buy?

Looking beyond just the last year, this little company harboring a small niche of the chip industry has been a fantastic long-term market-beating investment. As I explained last September, part of KLA's resilience comes from the fact that much of the CFE it develops isn't considered cutting-edge. That's the realm of companies like ASML. But though not the most advanced stuff out there, KLA's machines are expensive to develop, giving it a natural barrier protecting it from would-be competitors.  

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Source Fool.com