Lam Research (LRCX, NASDAQ): To the Insiders Message Board

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Technology Stocks : Lam Research (LRCX, NASDAQ): To the Insiders

LRCX 151.94

+1.1%

3:59 PM EST

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To: Proud_Infidel who wrote (4796)	5/10/2002 3:26:19 PM
From: Kirk ©	Read Replies (5) of 5867

Re: Lam Presents... My Notes by: woody_nickels (18/TX) Long-Term Sentiment: Buy 05/10/02 02:47 pm Msg: 23082 of 23083 from the JP Morgan/H&Q presentation by Mercedes Johnson(~25 mins): Strength in March Qtr came from customers adding leading edge capacity. This signals an inflection point for the sector. Leading edge includes .13u, Cu, and 300mm tools. In the beginning of the 1st qtr Lam had only a few customers asking for leading edge equipment, but by the end of the qtr demand was more broadbased. If you plot Semi Income vs. Cap Investment you see a 6 mo. offset gives a good correlation. This indicates that wafer fab equipment shipments should grow beginning in Q2 of 2002. Lam is experiencing not only a recovery, but is gaining market share. Growth in market share in CMP, large order from SMICLam also is outsourcing everything except new product development and customer sales/service. FastQual Program aimed at reducing time between shipment and acceptance of tools, per new SAB101 acct'g rules. The last 4 qtrs rev. was $1.1B, with over $900M in cash. The cash enables Lam to remain competitive in R&D and sales. Japan is region with least sales for Lam. Product Portfolio: Excelon - for oxide etch/ 300mm tool Teres - CMP/cleaning tool for Cu and solid trench isolation 2300 Versys- for use with solid trench and new gate mat'ls CMP- environment changing quickly, Cu connect and low-k. Lams planar technology handles these well/uniformity Lam is gaining market share in CMP ETCH- Lam is positioned well for market recovery with dual freq confine technology. Also integrated metrology available on high end equipment via KLAC agreement. 2300 Versys is for poly/metal etch. This is a bridge tool which can be converted in a few days from 200mm to 300mm. For oxide etch the Excelon is #1 choice. Lam has a very strong position. Lam also leads in poly etch. If you look at the etch market, oxide and poly are growing, while metal is shrinking. Lam's Excelon tool is #1 because Lam has been in dual damascene/Cu for many years. Also into dual freq. confine for many years, with patented technology. Recent wins in 300mm, 200mm and critical front end... Cu and dual damascene in foundries and logic facilities. Lam is very bullish on their etch penetration. Lam supports new customers(China) on an individual basis. With market growth, and outsourcing to increase margins, Lam's growth should exceed market growth. Woody

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