But he said prices were so cheap for some of these stocks last summer that he couldn't resist buying shares of Intel, Brooks Automation and Lam Research.

By 1999, 750 high tech companies were headquartered in Fremont, including Lam Research, Cirrus Logic and Premisys Communications.

In December 2011, Novellus agreed to be acquired by Lam Research for $3.3 Billion dollars.

Lam Research (through merging with Novellus Systems)

Shares of Lam Research, which makes equipment used in production of computer chips, fell $3.25, to $34, as almost 3.3 million shares changed hands.

Lam Research, based in Fremont, Calif., is now expected to report about $1.27 a share for the quarter ending June 30.

His fund holds two stocks in those areas, Fairchild Semiconductor and Lam Research.

Lam Research rose $1.95, to $29.94; Applied Materials gained $2.44, to $48.30, and KLA-Tencor rose $2.71, to $57.10.

After leaving Lam Research as a full-time employee in 1985, Lam served on the eponymous company's board for five consecutive years.

Dr. Lam founded Lam Research, now a publicly traded company that makes equipment used in chip making, then left in 1985.