Mayer Bethany sold $3.0M of LRCX (indirect holdings)

India's SEMICON India 2026 event saw $12B in investment commitments from firms like Applied Materials, Lam Research, and Tokyo Electron. Despite progress in packaging and testing, India has not yet produced chips from wafer fabrication. Micron's facility began production, and Tata Electronics announced exports. Semicon 2.0 aims to support the entire semiconductor ecosystem, but structural challenges remain.

ASML and other semiconductor companies, including Applied Materials and Lam Research, are expanding in India, leveraging local talent and government incentives. ASML's first Indian customer, Tata Electronics, plans a 300mm fab with 50,000 wafer/month capacity. The Indian government's Semicon 2.0 scheme offers $13.5B in incentives, with $12B in proposed investments. Tata Electronics signed 16 agreements to support its $16.5B chip manufacturing plans.

Lam Research plans to invest Rs 10,000 crore in India over several years, including its first silicon manufacturing facility and expanding R&D operations. The company aims to create jobs and strengthen India's semiconductor ecosystem, aligning with government initiatives. Lam's India operations will support global supply chains and advanced manufacturing for AI and high-performance computing.

Lam Research raised its quarterly dividend by 27% to $0.33 per share, citing strong demand for AI chip manufacturing equipment. The company reported record revenue of $6.72 billion and earnings of $1.82 per share for Q2. Analysts have raised price targets, with Berenberg setting a target of $420. Lam's CFO noted increased wafer-fab-equipment spending expectations, driven by chipmakers' capacity constraints.

ASML, Applied Materials, and Lam Research announced investments in India's semiconductor ecosystem, leveraging local talent and government incentives. Tata Electronics and L&T Semiconductor also signed agreements for chip production. The Indian government aims to capture 15-25% of local semiconductor demand by 2032, with USD 13.5 billion in incentives.

Karnataka expects Rs 15,000 crore investments from Lam Research (Rs 9,298 crore) and Applied Materials (Rs 3,600 crore), creating over 2,000 jobs in the semiconductor sector. Projects to boost supply chain, design, and R&D capabilities, with operations starting within 1.5 years for Lam Research.