LRCX - Lam Research Corporation (LRCX) Morgan Stanley Technology Media & Telecom Conference (Transcript)
2024-03-05 13:20:28 ET
Lam Research Corporation (LRCX)
Morgan Stanley Technology, Media & Telecom Conference
March 05, 2024 10:15 AM ET
Company Participants
Douglas Bettinger - EVP & CFO
Conference Call Participants
Joseph Moore - Morgan Stanley
Presentation
Joseph Moore
Hey, everybody. I'm Joe Moore. Glad to see you guys again. I'm going to be on stage literally all day today. You'll get tired of me, I'm sure by the end of the day. But very happy to have us today, the CFO of Lam Research, Douglas Bettinger. Doug, I think you have a safe harbor you want to read and then we'll get going.
Douglas Bettinger
Yes. I always like to keep my lawyers happy and Lam too by the way. I'm going to read the safe harbor real quick today. Discussions may include forward-looking statements that are subject to risks and uncertainties and actual results may differ materially. Additional information concerning factors that could cause actual results to differ materially from these forward-looking statements can be found in the risk factors disclosed in our public filings with the SEC, including our most recent 10-K and 10-Q. By the way, I don't intend to say anything new today, I didn't really need to read that, but I did anyway.
We can get started, Joe.
Question-and-Answer Session
Q - Joseph Moore
Great. Well Maybe you could just give us a little bit of a summary of where we are. You guys last year saw your biggest market contract a lot, in NAND and yet you had a pretty good year when all is said and done. Can you just kind of talk to the priorities that you guys have and we'll get into some of the details?
Douglas Bettinger
Yes. Joe, maybe it'll help. I'll start very high level, paint a picture of last year and this year what we see. But you are absolutely right. I mean, last year was a very challenging year certainly in memory in terms of investment. Frankly, I haven't seen things down as much as they were last year in my entire working career. It was pretty dark, pretty bad. A little bit better this year. I mean, you're starting to see some green shoots and we'll talk about that as we go through. But I think when we look at WP last year, our assessment was it was kind of low $80 billion as we look into this year.
I think we're mid high-80s within that. Obviously, we'll talk about this, but leading edge, foundry and logic is quite strong. By the way, we are making really, really good traction, gaining new positions in that segment of the business, which is a large reason, Joe, why you saw how well we did even with memory down so much last year....
Lam Research Corporation (LRCX) Morgan Stanley Technology, Media & Telecom Conference (Transcript)