Lam Research Corporation (LRCX) CEO Tim Archer Presents at Bernstein 41st Annual Strategic Decisions Conference (Transcript)

Lam Research Corporation (NASDAQ:LRCX) Bernstein 41st Annual Strategic Decisions Conference Call May 28, 2025 10:00 AM ET

Company Participants

Tim Archer – President and CEO

Conference Call Participants

Stacy Rasgon – Bernstein Research

Stacy Rasgon

I cover the U.S. semiconductor and semi-cap space here at Bernstein. And it’s my great honor to introduce our guest, the President and CEO of Lam Research, Mr. Tim Archer.

Before I start, I want to mention — thank you. Before I start, I want to mention if you have questions you’d like me to ask during the presentation, you have a link to the Pigeonhole Forum where you can submit those. We will have time for Q&A at the end.

Now look, the semi-cap industry has really been enjoying a renaissance over the last several years. More recently, really seems to have come into its own. It’s still cyclical. We know that, but both, I’d say, industry growth and it seems industry capital intensity have inflected materially higher over those cycles. I think contributions from companies like Lam have become more important than ever to keep the industry going.

Lam has really transformed along with it. They both nurtured their core franchises. They were known as a NAND company, but they’ve also done a really good job diversifying the portfolio into new areas. They’ve taken strong advantage of new drivers of growth in the industry.

I’d say the space and the company have been top of mind for my clients as well. There’s lots of the nearer term questions, trade and tariffs and NAND spending and upgrades and everything else, but I’m also increasingly getting people looking at the longer term potential of this industry as they start to view it more secular rather than the purely cyclical terms. And around some of these new technology inflection points