Lam Research believes these areas will help it grow faster than the overall chip equipment market.LRCX is currently seeing strong growth in foundry and NAND, and it's winning new business, thanks to its advanced tools. However, there are certain macroeconomic challenges, including customer spending slowdowns and global trade issues, which might hurt its prospects in the near term.Nonetheless, Lam Research's margin improvements, strong product wins and focus on enabling long-term customer roadmaps suggest that the company's strategies are on the right track. If LRCX maintains execution, its investments in ALD and dry EUV could become key drivers of sustainable competitive advantage and long-term growth.Rivals Challenge Lam Research in ALD and EUV Process ToolsLam Research faces strong competition in advanced chipmaking tools from Applied Materials AMAT and KLA Corporation KLAC.Applied Materials is a strong rival in ALD with its Olympus and Endura platforms.