Lam Research čeká za čtvrtletí zisk 1,69 USD na akcii, meziročně o 27,1 % více, a tržby 6,67 miliardy USD, o 29 % více. Konsenzus EPS byl za posledních 30 dní zvýšen o 1,3 % a analytici čekají další překonání odhadů.
Lam Research (LRCX - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The earnings report, which is expected to be released on July 29, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis semiconductor equipment maker is expected to post quarterly earnings of $1.69 per share in its upcoming report, which represents a year-over-year change of +27.1%.
Revenues are expected to be $6.67 billion, up 29% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.25% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Lam Research?For Lam Research, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +1.38%.
On the other hand, the stock currently carries a Zacks Rank of #2.
So, this combination indicates that Lam Research will most likely beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Lam Research would post earnings of $1.36 per share when it actually produced earnings of $1.47, delivering a surprise of +8.09%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Lam Research appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
An Industry Player's Expected ResultsAmong the stocks in the Zacks Electronics - Semiconductors industry, Lam Research (LRCX - Free Report) , is soon expected to post earnings of $1.69 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +27.1%. This quarter's revenue is expected to be $6.67 billion, up 29% from the year-ago quarter.
The consensus EPS estimate for Lam Research has been revised 1.3% higher over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +1.38%.
This Earnings ESP, combined with its Zacks Rank #2 (Buy), suggests that Lam Research will most likely beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Baader Bank Aktiengesellschaft boosted its holdings in shares of Lam Research Corporation (NASDAQ:LRCX – Free Report) by 123.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,530 shares of the semiconductor company’s stock after acquiring an additional 9,126 shares during the quarter. Baader Bank Aktiengesellschaft’s holdings in Lam Research were worth $3,435,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp boosted its holdings in Lam Research by 0.4% during the 3rd quarter. State Street Corp now owns 59,817,352 shares of the semiconductor company’s stock valued at $8,024,684,000 after acquiring an additional 265,805 shares during the period. Geode Capital Management LLC grew its position in Lam Research by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 33,747,368 shares of the semiconductor company’s stock valued at $5,764,117,000 after acquiring an additional 126,613 shares in the last quarter. Invesco Ltd. increased its stake in Lam Research by 7.7% during the fourth quarter. Invesco Ltd. now owns 22,821,354 shares of the semiconductor company’s stock worth $3,906,559,000 after purchasing an additional 1,638,406 shares during the period. Norges Bank purchased a new stake in Lam Research during the fourth quarter worth about $3,645,427,000. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Lam Research by 352.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,695,210 shares of the semiconductor company’s stock worth $2,344,347,000 after purchasing an additional 10,666,540 shares in the last quarter. Hedge funds and other institutional investors own 84.61% of the company’s stock.
Analysts Set New Price Targets LRCX has been the subject of several recent research reports. Erste Group Bank cut shares of Lam Research from a “buy” rating to a “hold” rating in a research report on Thursday, April 2nd. Needham & Company LLC increased their price objective on Lam Research from $300.00 to $390.00 and gave the company a “buy” rating in a research note on Friday, July 10th. BNP Paribas Exane lifted their target price on Lam Research from $250.00 to $260.00 and gave the company a “neutral” rating in a report on Thursday, April 23rd. B. Riley Financial boosted their target price on Lam Research from $350.00 to $375.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Finally, Zacks Research downgraded Lam Research from a “strong-buy” rating to a “hold” rating in a report on Monday, April 6th. Twenty-eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $360.51.
Read Our Latest Research Report on Lam Research
Lam Research Stock Down 2.1% Lam Research stock opened at $306.76 on Tuesday. The stock has a market cap of $383.62 billion, a PE ratio of 57.88, a P/E/G ratio of 1.86 and a beta of 1.80. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.54 and a quick ratio of 1.77. The stock’s fifty day moving average is $339.79 and its two-hundred day moving average is $270.54. Lam Research Corporation has a 1-year low of $90.93 and a 1-year high of $438.50.
Lam Research (NASDAQ:LRCX – Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The semiconductor company reported $1.47 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.11. Lam Research had a net margin of 30.94% and a return on equity of 66.21%. The company had revenue of $5.84 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter last year, the company earned $1.04 earnings per share. The firm’s revenue for the quarter was up 23.8% on a year-over-year basis. Lam Research has set its Q4 2026 guidance at 1.500-1.800 EPS. On average, sell-side analysts expect that Lam Research Corporation will post 5.68 EPS for the current fiscal year.
Lam Research Dividend Announcement The business also recently declared a quarterly dividend, which was paid on Wednesday, July 8th. Investors of record on Wednesday, June 17th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Wednesday, June 17th. This represents a $1.04 annualized dividend and a dividend yield of 0.3%. Lam Research’s dividend payout ratio (DPR) is currently 19.62%.
Key Headlines Impacting Lam Research Here are the key news stories impacting Lam Research this week:
Positive Sentiment: Lam Research joined the AI Materials Foundry as a founding partner, a new CuspAI-led initiative focused on using AI and shared lab resources to speed up discovery of advanced semiconductor materials, which could support future product and technology demand. Lam Research (LRCX) Joins AI Materials Foundry To Help Shape Future Chip Materials Positive Sentiment: Lam Research was highlighted by Zacks as one of the semiconductor names benefiting from the AI boom, which continues to drive demand for advanced chips and equipment. 3 Stocks to Buy From the Prospering Semiconductor Industry Positive Sentiment: Another Zacks note said LRCX is among the tech stocks likely to deliver earnings surprises this season, reinforcing expectations for solid near-term fundamentals. 4 Top-Ranked Tech Stocks Set to Beat Expectations This Earnings Season Neutral Sentiment: Brokerages reportedly maintained a consensus “Moderate Buy” rating on Lam Research, suggesting Wall Street remains constructive but not overly aggressive on the stock. Lam Research Corporation Given Consensus Recommendation of “Moderate Buy” by Brokerages Neutral Sentiment: Oppenheimer included LRCX on its “best of the best” momentum list, another sign of positive sentiment but not a new fundamental catalyst by itself. Oppenheimer’s ‘best of the best’ momentum list: NVDA, LRCX and more Negative Sentiment: Lam Research slipped more than the broader market in the latest session, reflecting near-term pressure on the shares. Lam Research (LRCX) Dips More Than Broader Market: What You Should Know Negative Sentiment: Broader semiconductor stocks have entered a bear market, and investors are questioning whether the AI-driven rally has overheated, which is weighing on the entire chip group including LRCX. Semiconductor stocks enter bear market: Is bubble burst next? Negative Sentiment: A Bloomberg report noted that investors are pressuring big AI spenders to justify their capital outlays, adding caution to the semiconductor and AI hardware trade. Big Tech Needs to Justify AI Spending as Investors Dump Stocks Insider Activity In related news, SVP Neil J. Fernandes sold 18,170 shares of the stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $255.14, for a total transaction of $4,635,893.80. Following the completion of the transaction, the senior vice president directly owned 66,129 shares of the company’s stock, valued at $16,872,153.06. This represents a 21.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Eric Brandt sold 54,500 shares of the firm’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $350.80, for a total transaction of $19,118,600.00. Following the completion of the sale, the director owned 199,205 shares of the company’s stock, valued at approximately $69,881,114. The trade was a 21.48% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 104,621 shares of company stock valued at $33,804,737. Corporate insiders own 0.31% of the company’s stock.
About Lam Research (Free Report)
Lam Research Corporation (NASDAQ: LRCX) is a global supplier of wafer fabrication equipment and services to the semiconductor industry. Founded in 1980 by David K. Lam and headquartered in Fremont, California, the company develops and manufactures systems used in multiple stages of semiconductor device production, including thin film deposition, plasma etch, wafer cleaning and related process modules and automation.
Lam’s product portfolio covers core process technologies employed by logic and memory manufacturers, with equipment designed to support advanced-node patterning, 3D NAND and other emerging device architectures.
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ASE Technology těží ze silné poptávky po AI pouzdření čipů; tržby ASE Technology ve 1. čtvrtletí dosáhly rekordních NTD 112,4 miliardy, mezikvartálně +2 % a meziročně +30 %.
Key Takeaways ASE Technology is benefiting from strong AI packaging demand, record ATM revenues and LEAP expansion.LRCX faces China export risks and exposure to memory spending cycles despite strong packaging growth.ASX trades at a much lower trailing sales multiple than LRCX, offering a more attractive valuation. ASE Technology Holding (ASX - Free Report) and Lam Research (LRCX - Free Report) are both important players in the semiconductor industry, but they operate in different parts of the supply chain. ASE Technology is a major player in outsourced semiconductor assembly and testing, offering advanced packaging and testing services for AI, high-performance computing and automotive chips, while Lam Research provides wafer fabrication equipment that enables chipmakers to manufacture advanced semiconductors.
Both ASX and LRCX are well-positioned to benefit from the rising demand for AI chips, as hyperscalers continue to increase investments in AI infrastructure. However, from an investment point of view, one stock offers a more favorable outlook than the other right now. Let’s break down their fundamentals, growth prospects, market challenges and valuation to determine which stock offers a more compelling investment case.
The Case for ASE Technology StockASE Technology is benefiting from the growing demand for AI chip packaging. In the first quarter of 2026, ASX's Assembly, Testing and Materials (ATM) business performed better than expected, despite having fewer working days and did not see the usual seasonal slowdown. Management said AI-related products are changing the normal demand pattern, helping reduce the impact of seasonality on the business.
Advanced packaging continues to be the main growth driver. ASE reported record ATM revenues of NTD 112.4 billion in the first quarter, up 2% sequentially and 30% year over year. Higher factory utilization and a larger contribution from Leading Edge Advanced Packaging (LEAP) services were the key contributors to growth. The company said demand for AI and computing products remained strong, while growth in advanced packaging and wirebond services helped offset softer demand in some consumer markets.
ASE Technology is also increasing investments to support future growth. The company raised its 2026 capital spending plan and increased its LEAP revenue outlook by 10%. It now expects LEAP revenues to exceed $3.5 billion in 2026. Management said the additional investment will help expand capacity to meet growing customer demand and help drive further growth in the company's LEAP in the upcoming years.
The company is seeing demand not only from AI accelerator chips but also from AI-related power management, connectivity, sensors and edge devices. At the same time, it is expanding its advanced packaging technologies, including full-process packaging, CoWoS-like packaging and panel-level packaging, to support future AI applications. If AI infrastructure spending remains strong, ASE Technology is well-positioned to benefit from the growing demand for advanced semiconductor packaging.
The Case for Lam Research StockLam Research expects its advanced packaging business to be one of its fastest-growing businesses in 2026. Revenues from the advanced packaging business are expected to grow more than 50% in 2026. Management said AI is increasing demand for advanced packaging because AI chips need higher performance, higher bandwidth and better power efficiency than traditional chips.
LRCX supplies equipment used in key advanced packaging processes, including through-silicon via etch and copper plating. These technologies are used to connect chips and memory more efficiently in AI systems. As semiconductor companies build more AI processors and high-bandwidth memory, they need more advanced packaging equipment, creating additional demand for Lam Research's products.
The advanced packaging business is already contributing to LRCX's growth. In the third quarter of fiscal 2026, foundry revenues increased 35% year over year, and management said advanced packaging remained a strong growth area. The company also continues to gain market share in its PECVD business, helped by demand for advanced packaging applications.
LRCX expects demand for advanced packaging to continue to grow as AI infrastructure spending increases. The company expects more chipmakers to adopt advanced packaging technologies as AI chips become more complex. This trend should position advanced packaging to become an important contributor to LRCX's revenue growth over the next few years.
However, risks and uncertainties related to trade restrictions on exporting semiconductor tools to China do not bode well for Lam Research. Management expects China revenues to decline in the fourth quarter of fiscal 2026, while China’s wafer fabrication equipment spending is expected to remain roughly flat year over year. Further, the company remains heavily exposed to memory spending cycles, particularly NAND and DRAM. Any slowdown in AI memory demand or delays in customer spending could hurt growth.
How do Earnings Estimates Compare for ASX & LRCX?The Zacks Consensus Estimate for ASX’s 2026 and 2027 EPS is pegged at 84 cents and $1.45, respectively. The estimates for 2026 and 2027 have been revised up by 2.4% and 23.9%, respectively, over the past 30 days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for LRCX’s fiscal 2026 and 2027 EPS is pegged at $5.68 and $7.93, respectively. The estimates for fiscal 2026 have remained unchanged over the past 30 days, while the same for fiscal 2027 have been revised up by 0.5% over the past seven days.
Image Source: Zacks Investment Research
ASX vs. LRCX: Price Performance and ValuationYear to date, shares of ASX and LRCX have surged 150.7% and 102.8%, respectively.
ASX Vs. LRCX: YTD Price Return Performance
Image Source: Zacks Investment Research
Currently, ASX is trading at a trailing 12-month P/S ratio of 4.20X, significantly lower than LRCX’s trailing 12-month P/S multiple of 20.07X. ASX’s reasonable valuation makes it more attractive for investors looking for value and stability.
ASX vs. LRCX: TTM 12-Month P/S Ratio
Image Source: Zacks Investment Research
Conclusion: ASX Has an Edge Over LRCXBoth ASX and LRCX are benefiting from growing demand for AI chips and advanced packaging. However, LRCX continues to face uncertainty related to semiconductor export restrictions to China and remains exposed to memory spending cycles, which could hurt the company’s prospects.
In contrast, ASE Technology continues to benefit from strong demand for AI chip packaging, supported by strong demand from AI and high-performance computing. Further, ASX’s reasonable valuation offers some downside protection as well, making the stock an attractive buy.
Currently, ASX sports a Zacks Rank #1 (Strong Buy), giving a clear edge over LRCX, which carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Morgan Stanley označila GE Vernova, Lam Research a United Airlines za své top tipy před výsledkovou sezonou a čeká u nich silné kvartální výsledky. U GE Vernova navíc čeká lepší než očekávaná čísla po výsledcích 22. července.
Morgan Stanley has identified three stocks that could outperform as the second-quarter earnings season gets underway. The Wall Street bank highlighted GE Vernova NYSE:GEV, Lam Research (NASDAQ: LRCX), and United Airlines (NASDAQ: UAL) among its top picks, citing expectations that they will deliver strong quarterly earnings.
GE Vernova stock has done well this year, helped by the rising demand for power equipment amid the artificial intelligence boom. It has soared by 61% this year and by nearly 100% in the last 12 months.
Recently, however, the stock has wavered and now sits a few points below its all-time high. Even so, Morgan Stanley analysts believe that the company will bounce back after its earnings on July 22. It expects it to publish stronger-than-expected numbers, helped by its new gas turbine contracts.
The management has already hinted that it will sell out its gas turbines reservations through 2030. Morgan Stanley’s Michael Wilson said:
“Capex is broadening beyond data centers and reshoring progress suggests the U.S. industrial economy may be entering a sustained growth cycle as international production becomes more expensive than domestic.”
MarketBeat data shows that the average target for GEV stock among analysts is $1,089, slightly above the current $1,067. Bernstein has a target of $1,206, while Jefferies recently lowered the target to $1,210 from the previous $1,350.
Morgan Stanley is also bullish on United Airlines as it expects the giant to issue a positive forward guidance for the rest of the year. Its stock has jumped by 7% this year and by 43% from its lowest point this year. This rebound happened as the US and Iran started their ceasefire, which brought jet fuel prices lower.
The risk, however, is that the two countries have resumed their fighting, pushing oil prices higher. Brent and WTI have all jumped to over $80 this week, which will translate into higher jet fuel prices. Morgan Stanley wrote:
“Airline demand and booking intent remain healthy, with seven consecutive price increases absorbed without demand destruction. With oil prices moving lower, airlines are unlikely to roll back pricing, though sustained demand will remain the key test.”
Analysts are largely bullish on the stock, with those from Susquehanna, Cowen, Goldman Sachs, BMO, and Bernstein boosting their targets this month.
READ MORE: Top reasons a United Airlines and American merger is unlikely to happen
Morgan Stanley analysts are also bullish on Lam Research, a company whose stock has more than doubled this year. After hitting a record high of $437 in June, Lam shares have dropped by 20% to the current $346.
Morgan Stanley believes that the company will release better-than-estimated revenue and earnings. It will then boost its earnings per share as it has done in the past. The statement said:
“AI demand remains robust with rising token prices and continued strength across the ecosystem despite recent market pullbacks. New equipment orders are improving.”
Analysts are also bullish on Lam Research even as its valuation concerns remain. The company has a forward price-to-earnings ratio of 62, much higher than other top companies like Nvidia, Micron, and SanDisk.
Stifel raised its target from $325 to $425, while Needham boosted the target from $300 to $390. Other analysts who boosted their target for the shares are from Mizuho, Susquehanna, and Cantor Fitzgerald.
READ MORE: Applied Materials stock jumps as Meta AI chip plan lifts semiconductor names
Dan Ives označil paměťové čipy za „zlaté dítě“ AI revoluce a vidí poměr poptávky k nabídce 15:1. Podle něj se rovnováha na trhu nevrátí nejdřív do roku 2028.
Wedbush Securities tech strategist Dan Ives argued on CNBC on Monday that memory chips have become the most valuable slice of the AI supply chain, and that SK Hynix’s blockbuster U.S. listing debut on Friday is the clearest signal yet that capital is rotating toward American-listed AI infrastructure names. “Those are the golden child really of this AI revolution. The reality is you’re not going to have equilibrium in terms of demand and supply at least until 2028.”
Ives quantified the supply and demand imbalance he sees: “We continue to think demand [to] supply 15 to 1 in terms of the chips,” he said, adding that for the first time in 30 years, the U.S. is ahead of China in tech, a shift he expects will draw more foreign listings to New York.
Micron Is the Purest U.S. Play on the AI Memory Shortage The clearest expression of the memory rerating is Micron Technology (NASDAQ:MU | MU Price Prediction). Shares are up 243.33% year to date and 696.76% over the past year, carrying the company to a $1.1 trillion market cap. Fiscal Q3 revenue reached $41.456 billion, up 345.72% year over year, with GAAP gross margin expanding to 84.6% and non-GAAP EPS of $25.11 beating consensus expectations. Guidance calls for Q4 revenue of $50.0 billion ± $1.0 billion and roughly 86% gross margin.
CEO Sanjay Mehrotra told investors that “AI demand is driving DRAM and NAND data center bits TAM to exceed 50% of the industry TAM for the first time in calendar 2026” and that Micron can currently fulfill only “50% to two-thirds” of some customers’ demand. That is the supply squeeze Ives is monetizing thematically.
Why Dan Ives Still Likes Nvidia Ives argued that NVIDIA (NASDAQ:NVDA) and the hyperscalers have become “the shiny new toy, shiny new object in terms of memory. The ones that are actually at the center, whether it’s the hyperscalers or Nvidia, those are almost in the penalty box.”
Ives believes Nvidia still plays a central role in the AI industry: “There’s one chip in the world fueling the AI revolution, and that’s led by the godfather of AI, Nvidia. Where is memory without Nvidia? Where’s memory without the hyperscalers?”
Ives cited that NVIDIA trades at its lowest valuation since 2019, even as Q1 FY2027 revenue hit $81.61 billion, with Data Center at $75.25 billion. The stock trades at a forward P/E of 24 and closed at $203.53 on Monday against an analyst target price of $301.62.
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TSMC Confirms the AI Chip Boom Is Still Accelerating Ives pointed to Taiwan Semiconductor Manufacturing (NYSE:TSM) as a confirmation signal that the AI boom is accelerating. June revenue jumped 67.9% year over year to NT$442.68 billion, with first-half 2026 cumulative revenue of NT$2,404.48 billion, up 35.6%. Q2 results land July 16, 2026, three days from Ives’s segment. The stock is up 43.57% year-to-date.
Companies Making Money From the Memory-Chip Supercycle Broadcom (NASDAQ:AVGO) posted Q2 AI semiconductor revenue of $10.80 billion, up 143% year over year, and guided Q3 AI revenue to $16.00 billion, over 200% growth. CEO Hock Tan tied the growth to “increasing demand for custom AI accelerators and AI networking.”
Lam Research (NASDAQ:LRCX) sells the deposition and etch tools that make HBM possible. Fiscal Q3 revenue reached $5.84 billion, up 23.8% year over year, with June-quarter guidance of $6.60 billion. South Korea and Taiwan together account for 46% of revenue, direct exposure to the SK Hynix and TSMC HBM ramps. Shares are up 105.04% year to date.
Key Takeaways Ives’s broader argument is that memory chips have become one of the most valuable and supply-constrained parts of the AI infrastructure buildout. Micron offers the clearest direct exposure among U.S. companies, while NVIDIA, TSMC, Broadcom, and Lam Research each provide exposure to a different layer of the same investment cycle.
The next major signals to watch include TSMC’s July 16 earnings report, the start of HBM4E volume production in 2027, and any additional U.S. listings from Asian chipmakers.
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Lam Research míří na rekordní tržby ve 4. fiskálním čtvrtletí 2026 ve výši 6,6 mld. USD, tažené poptávkou po AI čipech. Ve 3. čtvrtletí tržby meziročně vzrostly o 24 % na rekordních 5,84 mld. USD.
Key Takeaways Lam Research targets record Q4'26 revenues of $6.6B after posting $5.84B in the third quarter.AI chip demand is driving investments in advanced DRAM, HBM and leading-edge foundry technologies.LRCX's advanced packaging sales are expected to grow by over 50% in 2026 as AI processors become more complex. Lam Research Corporation (LRCX - Free Report) is slated to report its fourth-quarter fiscal 2026 results in late July, and investors must be wondering if the company will reach its record revenue target of $6.6 billion. We believe that the ongoing boom in artificial intelligence (AI) chips could help Lam Research achieve that goal. Demand for advanced semiconductor equipment continues to rise as chipmakers expand capacity for AI processors, high-bandwidth memory (HBM) and next-generation logic devices.
Lam Research delivered strong momentum in the third quarter of fiscal 2026. Revenues increased 24% year over year to a record $5.84 billion, while systems revenues climbed to $3.73 billion. Non-GAAP earnings per share jumped 41% and reached a record $1.47, while non-GAAP gross margin improved 90 basis points to 49.9%, reflecting a favorable product mix and operational execution. These results provide a solid foundation for another quarter of growth.
AI is becoming LRCX’s biggest growth engine. The company is benefiting from rising investments in advanced DRAM, HBM and leading-edge foundry technologies, all of which require Lam Research’s etch and deposition equipment. Management also expects advanced packaging revenues to grow more than 50% in calendar year 2026 as AI processors become more complex and require sophisticated chip integration technologies.
Industry conditions remain favorable. Lam Research estimates global wafer fabrication equipment spending of approximately $140 billion in calendar year 2026, reflecting stronger AI-related investments across memory and logic markets. The company also expects industry growth to continue into 2027.
If AI infrastructure spending remains robust and customers continue expanding advanced chip production, Lam Research appears well-positioned to achieve its record fourth-quarter sales target and sustain its strong growth momentum. The Zacks Consensus Estimate for fourth-quarter fiscal 2026 revenues is currently pegged at $6.67 billion, higher than the midpoint of management’s guidance range and indicating a year-over-year increase of more than 29%.
Lam Research’s Rivals Also Benefit From AI Chip DemandLRCX’s main competitors, Applied Materials, Inc. (AMAT - Free Report) and KLA Corporation (KLAC - Free Report) , are also benefiting from the AI chip boom. Both companies have broad exposure to advanced semiconductor manufacturing and are seeing strong demand from AI-related investments.
Applied Materials is Lam Research’s closest rival in wafer fabrication equipment. The company generated revenues of $7.91 billion in the second quarter of fiscal 2026, with its Semiconductor Systems segment contributing the majority of sales. Applied Materials reported record DRAM revenue and continues to benefit from growing demand for advanced logic, HBM and advanced packaging solutions used in AI servers. Its broad product portfolio positions it to capture a significant share of rising semiconductor capital spending.
KLA Corporation competes through inspection and process control equipment, which are essential for manufacturing advanced AI chips. The company’s third-quarter fiscal 2026 revenues increased 11.5% year over year to $3.42 billion as it continues to benefit from increasing process complexity at leading-edge nodes. As AI processors and HBM stacks require tighter quality control and higher production yields, KLAC's inspection tools are becoming increasingly important.
For Lam Research, sustaining record quarterly revenues will depend on maintaining its leadership in etch and deposition technologies while competing effectively with Applied Materials and KLA Corporation across the rapidly expanding AI semiconductor ecosystem.
LRCX’s Share Price Performance, Valuation and EstimatesShares of Lam Research have surged 104.6% year to date compared with the Zacks Electronics – Semiconductors industry’s rise of 50.3%.
Lam Research YTD Price Return Performance
Image Source: Zacks Investment Research
From a valuation standpoint, Lam Research trades at a forward price-to-earnings ratio of 43.81, significantly higher than the industry’s average of 33.34.
Lam Research Forward 12-Month P/E Ratio
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Lam Research’s fiscal 2026 and 2027 earnings implies a year-over-year increase of approximately 37.2% and 39.6%, respectively. Estimates for fiscal 2026 have been revised upward over the past 30 days, while estimates for fiscal 2027 have been raised northward over the past seven days.
Image Source: Zacks Investment Research
Lam Research currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Lam Research by mohl ve 4. čtvrtletí dosáhnout hrubé marže 50,5 %, poprvé nad 50 %, díky silné poptávce po AI čipech a pokročilých nástrojích pro leptání a depozici.
Key Takeaways Lam Research targets a Q4 gross margin of 50.5%, its first guide above the 50% level.AI demand for advanced etch and deposition tools is boosting product mix and profitability.Advanced packaging revenues are expected to rise more than 50% in 2026 as AI chip investment grows. Artificial intelligence (AI) is emerging as the biggest driver of Lam Research Corporation’s (LRCX - Free Report) profitability, and it could help the company achieve a new high in the gross margin in the fourth quarter of fiscal 2026. Strong demand for advanced memory, foundry and packaging equipment is improving the product mix and allowing Lam Research to generate higher returns from its product portfolio.
In the third quarter of fiscal 2026, Lam Research reported a non-GAAP gross margin of 49.9%, up from 49.7% in the previous quarter and 49% a year ago. Revenues climbed 24% year over year to a record $5.84 billion, while non-GAAP earnings per share increased 41% to a record $1.47. The company also delivered a 35% non-GAAP operating margin, reflecting strong execution and disciplined cost management.
Management expects the momentum to continue. For the fourth quarter of fiscal 2026, Lam Research projected revenues of $6.6 billion at the midpoint and a non-GAAP gross margin of 50.5%, marking the first time the company has guided for a margin above the 50% level. This outlook is supported by higher demand for advanced etch and deposition tools used in AI chips and high-bandwidth memory production.
AI is also expanding Lam Research’s long-term growth opportunities. The company expects advanced packaging revenues to increase by more than 50% in calendar year 2026 as chipmakers invest in complex packaging technologies for AI processors. At the same time, management forecasts wafer fabrication equipment spending of about $140 billion this year.
If AI-driven investments remain strong and Lam Research continues improving its product mix, the company has a solid chance of delivering another record gross margin in the upcoming fiscal fourth quarter.
How Competitors Fare Against Lam ResearchKLA Corporation (KLAC - Free Report) and Applied Materials, Inc. (AMAT - Free Report) remain two of the biggest competitors challenging Lam Research as AI-driven semiconductor demand lifts profitability across the equipment industry.
KLA focuses on process control, inspection and yield management solutions. As AI chips become more complex, semiconductor makers need more testing and monitoring tools to improve production efficiency.
KLAC's strong exposure to advanced logic and memory manufacturing has helped it maintain healthy margins and steady cash flow growth. The company's non-GAAP gross margin has been above 60% over the past several quarters.
Applied Materials has also benefited from rising AI and memory spending. In its last reported results for the second quarter of fiscal 2026, the company generated Semiconductor Systems revenues of $5.97 billion, supported by strong DRAM and advanced packaging demand.
Applied Materials continues to invest heavily in materials engineering and advanced chip packaging technologies, areas that are becoming increasingly important for AI servers and high-bandwidth memory. In the second quarter, the company's non-GAAP gross margin expanded 80 basis points year over year to 50%.
LRCX’s Share Price Performance, Valuation and EstimatesShares of Lam Research have surged 153.9% year to date compared with the Zacks Electronics – Semiconductors industry’s rise of 54.9%.
Lam Research YTD Price Return Performance
Image Source: Zacks Investment ResearchFrom a valuation standpoint, Lam Research trades at a forward price-to-earnings ratio of 76.24, significantly higher than the industry’s average of 35.94.
Lam Research Forward 12-Month P/E Ratio
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Lam Research’s fiscal 2026 and 2027 earnings implies a year-over-year increase of approximately 37.2% and 38.3%, respectively. Estimates for fiscal 2026 have been revised upward over the past 30 days, while estimates for fiscal 2027 have been raised northward over the past seven days.
Image Source: Zacks Investment Research
Lam Research currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
