KLA Corporation

KLA occupies a specialized and lucrative corner of the chip-equipment industry: making sure the chips come out right. Its process-control and yield-management tools inspect wafers and photomasks for the microscopic defects that would otherwise ruin expensive production runs, so fabs rely on it to keep yields high as circuits shrink toward the atomic scale. That niche has few real competitors, which gives KLA fat margins and a near-essential role for every advanced foundry. It sells to the same customers as ASML, Applied Materials and Lam Research, and its fortunes rise with the capital spending of chipmakers like TSMC, Samsung and Intel. The company took its current form through the 1997 KLA-Tencor merger and is based in Milpitas, California. As chips grow more complex, catching defects earlier becomes more valuable, which is the long-term case for the stock.

On MyRWA, KLAC trades tokenized across 14 on-chain venues - see the listings below.