Kim Bolton KLA-Tencor KLAC-Q PARTIAL SELL Apr 24, 2024

A great way to play the AI chip gold rush. 30% free cash flow, 44% return on invested capital, double the industry average.

An overlooked semis name and trades at a reasonable PE. 

Equipment suppliers for semiconductor industry. Older school, cheaper than cutting-edge lithography companies. 12-month price target for LRCX of $1070, up 35% in last 100 days, great company, seems very competitive. Closest comparison would be to KLA.

The semis space has done very well. However, if China builds capacity in this space, then capacity will be lost elsewhere. The market is not considering this. Also, shares of semis are at all-time highs. Don't buy. It's a recipe for disaster. Semis are a great space, but wait for a better entry point.

Great opportunity to pick up 4 pillars. MU on the manufacturing, TSM for the foundry, LRCX or KLAC or ASML as the equipment suppliers, NVDA is a gift down here as a designer. And (he can't believe he's going to say this) even INTC; come 2025, it will be competitive with NVDA.

Will benefit from non-leading edge technology for China; demand for semi equipment will continue. He prefers ASMl