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

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

LRCX 217.89

-1.3%

Jan 23 9:30 AM EST

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To: RockyC who wrote (1919)	5/13/1998 10:28:00 AM
From: Clarksterh	Read Replies (3) of 5867

Rocky - OK, so name some instances where a semi manufacturer would order a polisher without a cleaner. If, as Lam asserts, the cleaner CMP market is not growing then AMAT can only be growing at 60% Q/Q if: 1) The lead times for the polisher are a lot longer than for Lam's cleaner. Does anyone really know this to be true - it seems doubtful. 2) Manufacturers often order polishers without cleaners. This seems very unlikely on an industry-wide basis, although of course any given manufacturer may buy a polisher from one supplier, but, as far as that supplier is concerned, no cleaner. However, they still need a cleaner - they just bought it from another supplier. Thus, if AMAT grew because the polishers grew, so should have Lam. 3) AMAT is really, really eating someone's lunch. I guess this is possible, but I have never seen that big a bite taken that fast out of the competition in any technical field. (60% Q/Q is huge!) So, all in all, your answers didn't really address the questions. NOI. Clark

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