Despite the solid growth trajectory that we expect for the wafer fab equipment (WFE) industry, we are recommending that investors wait for a suitably entry point for Applied Materials (AMAT) , Lam Research (LRCX) and ASML Holding N.V. (ASML) . The shares continue to trade up strongly although the industry-wide valuation looks reasonable. Supply side challenges stemming from increasingly turbulent geopolitics are also a concern. The primary drivers of WFE demand are the strength of semiconductor demand and t ...