Geopolitical tension around Chinese tech companies such as Alibaba is pushing some investors to look more closely at US listed technology stocks with limited ties to China. Blacklists, legal disputes and the risk of fresh restrictions can quickly change sentiment toward whole regions, not just single companies. That is where a focused screener on US listed technology stocks without apparent China exposure comes in. It can help you concentrate on businesses whose core story is less tied to those headlines. This article walks through 3 stocks from that screener that could be positively exposed to the latest news.

KLA (KLAC)

Overview: KLA is a US semiconductor equipment company that builds inspection, measurement and process control tools that chipmakers use to spot tiny defects and improve yields at advanced manufacturing nodes, as well as software that helps keep production lines stable and efficient.

Operations: KLA generates most of its revenue from its Semiconductor Process Control segment at about US$11.9b, with smaller contributions from PCB and Component Inspection at about US$0.7b and Specialty Semiconductor Process at about US$0.6b, while serving chipmakers across Asia, North America and Europe.

Market Cap: US$351.6b

For investors trying to reduce China specific headline risk, KLA stands out as a US based semiconductor equipment leader whose core value comes from critical process control tools tied to AI, high performance computing and advanced packaging trends, rather than from consumer exposure. Strong profitability, recurring service revenue and what analysts describe as high quality earnings have attracted institutional interest and a wave of recent target price increases, even as the current P/E and simply estimated fair value suggest expectations are already high. At the same time, elevated leverage, governance questions around director turnover and insider selling, plus sensitivity to tariffs and export rules, mean the KLA story is not one sided. This mix of factors is a key reason it may merit closer examination in this screener context.

KLA’s share price optimism, institutional interest and rich P/E can all make sense, but the real question is whether expectations line up with the underlying business quality. To explore this further, start with the 3 key rewards and 1 important warning sign

Lam Research (LRCX)

Overview: Lam Research is a US semiconductor equipment company that supplies etch, deposition and cleaning tools that chipmakers need to build advanced memory and logic chips, from 3D NAND to next generation processors. Its systems sit at the heart of AI focused and high bandwidth memory production, making Lam a key vendor to leading global fabs.

Operations: Lam generates about US$21.7b in revenue from semiconductor equipment and services, selling tools and support into major chipmaking regions including China, Korea, Taiwan, Japan, Southeast Asia, Europe and the United States.

Market Cap: US$512.2b

Lam Research is attracting attention because it sits at the intersection of AI driven chip demand and a broad global push to build more fabs outside China. Its profit profile includes a 30.9% net margin and a 63.4% return on equity. At the same time, the company carries meaningful exposure to export controls and tariffs, relies on a concentrated set of large customers and uses higher risk external funding, with recent insider selling adding another factor to consider. With Chinese tech stocks facing headline pressure from blacklist disputes, Lam’s role as a US listed equipment supplier with these financial characteristics gives investors several aspects to weigh beyond the headline P/E.

Lam Research’s high margins and strong return on equity raise a clear question: Are these headline numbers masking key concentration and policy risks, or setting up the next phase of growth revealed in the 3 key rewards and 1 important warning sign?

PDF Solutions (PDFS)

Overview: PDF Solutions is a US based software and hardware company that helps chipmakers and electronics manufacturers use data to improve yields, quality and efficiency, tying together factory floor equipment, test data and cloud analytics across the full product life cycle.

Operations: PDF Solutions generates about US$231.4m in revenue from Software & Programming, with geographic exposure of roughly US$111.0m from the United States, US$34.4m from China, US$36.2m from Japan and US$49.7m from the rest of the world.

Market Cap: US$2.7b

PDF Solutions sits in a position that may appeal to investors who want exposure to data driven semiconductor manufacturing while keeping China risk more contained, as most revenue comes from the US and other non China markets. Earnings growth has been strong, supported by demand for its Exensio and Sapience analytics platforms. However, a high P/S ratio and modest 2.6% return on equity indicate that expectations are already demanding. Recent equity raising, a larger credit facility and a one off loss highlight funding and execution risks, especially with customer concentration and an ongoing shift toward SaaS style contracts. For investors watching how Alibaba’s blacklist dispute reshapes sentiment, PDF Solutions offers a focused way to consider these trade offs in a US listed, software heavy business.

PDF Solutions’ high P/S and modest 2.6% return on equity hint that investors may be paying up for a growth story they have not fully tested against the analyst forecasts for PDF Solutions

The three stocks covered here are just a starting point, as the full US-Listed Technology Stocks Without China Exposure screener surfaced 36 more companies with equally compelling narratives in the US-Listed Technology Stocks Without China Exposure screener. Use Simply Wall St to unlock and analyze those results, identify the specific catalysts and risk factors that matter most, and filter for the highest conviction ideas that fit your own approach.

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If KLA or any of these companies sound like a great opportunity, register for FREE with Simply Wall St and add your companies to a Watchlist to monitor the share price against the fair value the ideal entry point. Once you've made your move, manage your holdings with our Portfolio Command Center that filters out the noise to deliver only the most critical, actionable updates. Throughout your journey, our Community allows you to filter the best ideas from thousands of investor perspectives. By uncovering hidden catalysts and risks early, you'll accelerate your decision-making and stay one step ahead of the market.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.