# Who are Lam Research's customers? Who does Lam Research earn revenue from?
Canonical: https://valuechain.wiki/lam-research · Facet: customers · Updated: 2026-07-12T08:20:37.412212+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Lam Research's confirmed revenue counterparties include 삼성전자, 키옥시아, 샌디스크 plus 7 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 10 revenue edges, backed by 12 dated sources, 5 of them primary filings (as of 2026-07-12).

### 삼성전자 (high)  → /samsung-electronics.md
- note: Supplies etch/deposition tools to Samsung's memory and foundry fabs — a key customer named in the 10-K; rising HBM/3D-NAND layer counts lift Lam's tool intensity.
- [mentions] Asia Business Daily (KO, news, published 2026-04-28) https://www.asiae.co.kr/article/2026042808535291137: "Memory capex drives Lam demand."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-11) https://www.sec.gov/Archives/edgar/data/0000707549/000070754925000075/lrcx-20250629.htm: "10-K: Samsung and TSMC are most significant customers."

### 키옥시아 (high)  → /kioxia.md
- note: Supplies etch/deposition tools to Kioxia's 3D-NAND production — the layer-count race adds etch steps, driving tool demand.
- [confirms] News1 (KO, news, published 2025-11-01) https://www.news1.kr/industry/general-industry/5997227: "Supplies NAND fab equipment and wafers to Kioxia."
- [confirms] Kioxia (EN, ir, published 2025-05-01) https://www.kioxia.com/en-jp/ir.html: "Supplies NAND fab equipment and wafers to Kioxia."

### 샌디스크 (high)  → /sandisk.md
- note: Supplies etch/deposition tools to SanDisk's NAND production.
- [confirms] Business Post (KO, news, published 2025-11-01) https://www.businesspost.co.kr/BP?command=article_view&num=437533: "Supplies NAND fab equipment to SanDisk."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-01) https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=SNDK&type=10-K: "Supplies NAND fab equipment to SanDisk."

### TSMC (high)  → /tsmc.md
- note: Supplies etch/deposition tools to TSMC's foundry fabs — a key customer named in the 10-K and the logic axis offsetting memory concentration.
- [mentions] Asia Business Daily (KO, news, published 2026-04-28) https://www.asiae.co.kr/article/2026042808535291137: "Memory capex drives Lam demand."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-11) https://www.sec.gov/Archives/edgar/data/0000707549/000070754925000075/lrcx-20250629.htm: "10-K: Samsung and TSMC are most significant customers."

### SK하이닉스 (mid)  → /sk-hynix.md
- note: Supplies etch/deposition tools to SK hynix's DRAM/HBM fabs — a direct beneficiary channel of AI-memory expansion.
- [mentions] Asia Business Daily (KO, news, published 2026-04-28) https://www.asiae.co.kr/article/2026042808535291137: "Memory capex drives Lam demand."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-11) https://www.sec.gov/Archives/edgar/data/0000707549/000070754925000075/lrcx-20250629.htm: "10-K: Samsung and TSMC are most significant customers."
- [mentions] SEC / Lam Research (EN, filing, published 2025-08-11) https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm: "Lam's 10-K names only Samsung and TSMC as significant customers, but all three memory makers are core customers for Lam's etch/deposition; Korea was 22% of FY2025 revenue."

### Micron Technology (mid)  → /micron.md
- note: Supplies etch/deposition tools to Micron's DRAM/NAND fabs — demand stacks when the three memory makers expand at once.
- [mentions] Asia Business Daily (KO, news, published 2026-04-28) https://www.asiae.co.kr/article/2026042808535291137: "Memory capex drives Lam demand."
- [confirms] SEC EDGAR (EN, filing, published 2025-08-11) https://www.sec.gov/Archives/edgar/data/0000707549/000070754925000075/lrcx-20250629.htm: "10-K: Samsung and TSMC are most significant customers."
- [mentions] SEC / Lam Research (EN, filing, published 2025-08-11) https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm: "Not individually named in Lam's 10-K (only Samsung/TSMC), but Micron is a core customer for DRAM/NAND etch and deposition tools."

### 글로벌파운드리 (mid)  → /globalfoundries.md
- note: Supplies wafer-fab tools to GlobalFoundries.
- [mentions] SEC EDGAR (EN, filing, published 2026-02-27) https://www.sec.gov/Archives/edgar/data/0001709048/000170904826000022/gfs-20251231.htm: "A key equipment supplier to GlobalFoundries."
- [mentions] SEC / Lam Research (EN, filing, published 2025-08-11) https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm: "A foundry customer — Lam's 10-K names only Samsung/TSMC; GF is not individually named but procures Lam etch/deposition for mature/specialty processes."

### UMC (mid)  → /umc.md
- note: Supplies wafer-fab tools to UMC.
- [mentions] SEC EDGAR (EN, filing, published 2026-01-28) https://www.sec.gov/Archives/edgar/data/0001033767/000119312526025557/umc-ex99_1.htm: "UMC is a customer buying its equipment."
- [mentions] SEC / Lam Research (EN, filing, published 2025-08-11) https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm: "A foundry customer — not individually named in Lam's 10-K, but UMC procures Lam etch/deposition for mature nodes."

### Nanya Technology (mid)  → /nanya-tech.md
- note: Supplies etch/deposition WFE to Nanya's DRAM fab (capex beneficiary).
- [confirms] 01.co (EN, research, published 2026-04-15) https://www.01.co/research/nanya-tech-q1-2026-legacy-dram-squeeze: "Nanya Tech Q1 2026: Legacy DRAM Squeeze Confirmed"

### SMIC (low)  → /smic.md
- note: Represents the largest revenue region (34% of Lam FY2025 sales) — Lam supplies etch, deposition and clean tools (Lam makes etch/CVD/ALD, not lithography) to Chinese fabs like SMIC, though advanced tools are restricted by U.S. export licenses and SMIC is not named as a significant customer in the 10-K.
- [mentions] SEC / Lam Research (EN, filing, published 2025-08-11) https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/lrcx-20250629.htm: "Lam 10-K: China is the largest revenue region (FY2025 34%, down from 42% on export controls); Lam supplies etch/deposition to Chinese fabs like SMIC, but advanced tools are export-license restricted (SMIC not named as a significant customer)."
- [confirms] SMIC (EN, ir, published 2025-05-01) https://www.smics.com/en/site/company_invest: "Supplies front-end equipment (DUV) to SMIC."
- [confirms] Statista (EN, analysis, published 2025-01-01) https://www.statista.com/chart/32653/market-share-of-semiconductor-foundries-by-revenue/: "Supplies front-end equipment (DUV) to SMIC."

Reverse side: https://valuechain.wiki/lam-research/suppliers.md · Ripple: https://valuechain.wiki/lam-research/ripple.md

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