If you were to review current headlines, you might conclude the semiconductor industry is in total disarray. With PC and smartphone sales still down in the dumps (at least when compared to blistering sales levels in 2020 and 2021), there's at least a quarter or two of pain left before the chip industry returns to growth again. Case in point, shares of chip fab equipment company Lam Research (NASDAQ: LRCX) are up nearly 70% from multi-year lows they hit in autumn 2022.