Lam Research is the dominant supplier of etch and deposition equipment, both critical for HBM and advanced NAND scaling driving the AI memory boom. SK Hynix, Micron, and Samsung capex cycles are accelerating into 2026 to meet hyperscaler demand. Export controls on China remain a headwind but US/Korea/Taiwan order book more than offsets. Multiple compression relative to AMAT/KLAC looks unjustified given HBM exposure.
Signals scoped to US · Company-specific tagging coming soon.