LRCX and the memory upcycle (Part 2)

The thesis

Lead times and utilisation say we're earlier in the cycle than sentiment implies.

Inventory digestion is nearly done; the next print should show it.

What I'm watching

• LRCX gross margin into the next guide
• LRCX gross margin into the next guide
• A clean move through the level I flag below

Positioning

Long on LRCX, 3-9 months horizon. Conviction: High. A demand pause would hit sentiment first, fundamentals second.

Opinion, not investment advice. The author may or may not hold positions discussed.