Lam Research: Winning As Chips Go Vertical

Core Insights - AI has emerged as the dominant investment theme since the launch of ChatGPT by OpenAI in November 2022, significantly influencing market returns [1] - Many stocks of companies associated with AI have seen substantial increases in value over the past three years [1] Company Focus - The analysis emphasizes a focus on long-term compounders, high-moat businesses, and industries with structural growth [1] - The interest lies in identifying companies with economic resilience, pricing power, and capital efficiency, which are expected to outperform over time due to their intrinsic value creation mechanisms [1] Sector Analysis - The sectors of interest include Technology, Industrials, and Financials, with a focus on companies that possess scalable business models, network effects, or mission-critical offerings [1] - The analysis includes a review of capital allocation strategies, margin trajectories, and unit economics to evaluate the sustainability of growth and returns [1] Academic and Professional Background - The analyst holds a Master's degree in Finance, specializing in investment theory and corporate valuation, which supports the analytical framework [1] - Hands-on experience in portfolio management has enhanced the understanding of risk-adjusted returns, portfolio construction, and investor psychology [1] Communication of Investment Theses - The goal is to make high-quality investment theses more accessible, focusing on how businesses operate, their incentives, levers, and long-term potential [1]