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Technology Stocks : Lam Research (LRCX, NASDAQ): To the Insiders -- Ignore unavailable to you. Want to Upgrade?

To: Kirk © who wrote (5066)	7/22/2004 1:22:40 PM
From: Cary Salsberg	Read Replies (1) \| Respond to of 5867

RE: "SFAM had the best CMP tool." No, AMAT had the best tool. Can't argue with 85% market share achieved by the second(or third) major entrant, while the first (and second) headed for bankruptcy. RE: "NVLS is pretty much flat today..." So the price action reflects fundamentals? NOT. NVLS is spending $63M on R & D to support CVD, PVD, Copper Electroplating, Surface preparation, and CMP. LRCX is spending $49M to support Etch and, formerly, CMP. NVLS's gross margin last quarter was higher than LRCX and the new CMP product is just in the evaluation stage. They have stated that the success they achieved in PVD, 7 years after the purchase from Varian, will be matched by CMP in 18 months. You would benefit from listening to NVLS conference calls for 3 or 4 quarters. Then again, after that, you probably will not own any UTEK or much LRCX. Sass didn't go to NVLS by accident or because they offerred him more than anyone else. He went to the second best research company in semi-equips, just behind the one he left.