Lam versus ASML

  • Growth engine: Lam by intensity, not capacity. ASML by adoption and is capacity limited.
  • Lam has higher growth and is closing the margin gap (less R&D intensity).
  • They have similar service revenue, even though ASML is 40% larger by revenue.
  • Supply resilience: Lam is subject to a general slowdown, while ASML is subject to a single customer deferring a node and a single critical supplier (Carl Zeiss SMT).
  • LRCX-vs-ASML-Peer-Duel
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