Fabs Come Home

Holdings

1. Applied Materials, Inc. AMAT · Picks & shovels 20%

   The broadest deposition and etch toolmaker; every new fab buys from it.

2. Lam Research Corporation LRCX · Picks & shovels 18%

   Etch and deposition tools, especially for memory and advanced logic.

3. KLA Corporation KLAC · Picks & shovels 16%

   Inspection and metrology tools that new fabs need to reach usable yields.

4. TSMC TSM · Builder 14%

   Building multiple leading-edge fabs in Arizona, the largest foreign investment in US chipmaking.

5. Intel INTC · Builder 12%

   Its US foundry buildout is the most direct domestic manufacturing bet, and the riskiest.

6. ASML ASML · Picks & shovels 10%

   The only supplier of EUV lithography, which leading-edge fabs cannot run without.

7. Micron Technology MU · Builder 10%

   Building new memory fabs in Idaho and New York.