$Lam Research(LRCX)$ is one of the key equipment providers enabling the production of advanced semiconductors used in AI, data centers, and high-performance computing. With strong leadership in etch and deposition tools, a rapidly growing services business, and deep relationships with major chipmakers such as $Taiwan Semiconductor Manufacturing(TSM)$ , the company sits at the center of the semiconductor manufacturing ecosystem. As chip architectures shift toward more complex 3D structures and AI demand accelerates global semiconductor investment, Lam Research is strategically positioned to capture a significant share of the next semiconductor capital expenditure cycle. 1. Business Lam Research sells wafer

The global semiconductor supply chain is built on a handful of "unblockable" monopolies. My infographic attempts to map out the bottlenecks in the supply chain. What’s currently the best investment opportunity in the sector? PS: TSMC manufacture semiconductors, these companies manufacture the machines that manufacture semiconductors. $Synopsys(SNPS)$ $Cadence Design(CDNS)$ $TE Connectivity(TEL)$ $ASML Holding NV(ASML)$ $Lam Research(LRCX)$ $Applied Materials(AMAT)$ $KLA-Tencor(KLAC)$

$Visa(V)$ $MasterCard(MA)$ $Fair Isaac(FICO)$ $MSCI Inc(MSCI)$ have all compounded their free cash flow per share by ≈ 20%+ over the last 15 years.But it's not just the anti-fragile fintechs that have achieved this, so has the storage company Extra Space Storage $Extra Space Storage(EXR)$ . Which on the list do you own?$Salesforce.com(CRM)$ $Tyler(TYL)$ $Union Pacific(UNP)$ $Adobe(ADBE)$

Here’s a checklist of what I consider when analysing a company: Financial metrics - Return on capital - FCF per share growth - Margin expansion - Debt affordability Supply chain - Market growth rate - Market share growth - Cyclicality Pricing power / competition - Essential or discretionary? - Affordable? - Alternatives? Valuation - Priced in growth vs actual growth - Forward FCF yield What would you add? And， In year 1, you invest $100 and get a $40 return. In year 2, you invest $50 and get a $20 return. In year 3, you invest $25 and get a $10 return. In each year the return on capital is 40%, but the growth rate was -50%. That's why monitoring invested capital is important - compounding requires reinvestment. For SG users only, Welcome to open a CBA today and enjoy access to a trading li