Applied Materials (AMAT) and Lam Research (LRCX) Mentioned Positively at Citi

Applied Materials (NASDAQ: AMAT) and Lam Research (NASDAQ: LRCX) Mentioned Positively at Citi.

The analyst, Atif Malik, comments " 2024 SEMICON West will be held in San Francisco July 9th – 11th. Overall, we expect to hear WFE spend to be higher in 2H than 1H with a shift in foundry/logic spend towards leading with the GAA ramping from mature nodes; memory investments to remain focused on HBM DRAM N/T with higher NAND spend next year on improving utilization/profitability as NAND makers upgrade to ~200 layers to meet high capacity AI storage demand. We remain constructive on the group and don’t believe the Street’s 2025 WFE expectations of ~$115B or +13% Y/Y (Citi $120B) are adequately reflecting ~$70B incremental AI WFE opportunity through 2027 based on the $400B AI data center semis TAM (see Figure 1). We like #1 AMAT/#2 LRCX and NVMI/VECO among small caps."

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