Lam Research Corporation (LRCX, Financial) had a strong year, as its stock surged from $292.40 to $472.27 for a total return of 64.0%, contributing 292 basis points to the Fund's performance. As a large player in the semiconductor equipment market, Lam Research Corporation benefited from increased investment. We believe elevated equipment spend is a multi-year tailwind due to growing semiconductor chip complexity from emerging technologies such as 5G, cloud and artificial intelligence. In 2021, we believe Lam Research Corporation will continue to benefit from more investment, particularly in memory and NAND.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund (Trades, Portfolio) fourth-quarter 2020 commentary.
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