LRCXNASDAQinformation technology

Lam Research Corporation

$329.92Down-20.41 (-5.83%)

Research reviewed: 2026년 7월 12일 AM 12:00 UTC

Research overview

Lam Research Corporation operates in Semiconductor Equipment within the information technology sector. This profile tracks its company-specific earnings drivers, valuation conditions, and primary-source risks.

시가: 335.38
고가: 337.96
저가: 326.90
시가총액: 4125.88억
PER: 62.37
52주 최고가: --
배당: 0.300%
분기 배당금: --

3-month price context

최근 3개월 추세를 통해 전체 리서치 워크스페이스로 가기 전 단기 구조를 빠르게 파악할 수 있습니다.

Investment thesis

Base case: DRAM node transitions, HBM capacity and NAND layer growth can expand etch and deposition intensity. The base case remains conditional on china and export controls staying manageable.
Bull case: DRAM node transitions, HBM capacity and NAND layer growth can expand etch and deposition intensity. Complex transistor and interconnect structures require additional critical wafer-processing steps. The installed base creates recurring demand for spares, upgrades and productivity services.
Bear case: Expanded controls can reduce addressable equipment and service revenue in a significant market. A small number of large chipmakers can postpone projects and materially change demand. New-tool qualification, component availability and manufacturing scale-up can affect shipments and margins.
Thesis invalidation: Reassess the thesis if expanded controls can reduce addressable equipment and service revenue in a significant market.

Key catalysts

Memory equipment recovery
DRAM node transitions, HBM capacity and NAND layer growth can expand etch and deposition intensity.
Leading-edge process intensity
Complex transistor and interconnect structures require additional critical wafer-processing steps.
Customer support business
The installed base creates recurring demand for spares, upgrades and productivity services.

Principal risks

China and export controls
Expanded controls can reduce addressable equipment and service revenue in a significant market.
Customer spending concentration
A small number of large chipmakers can postpone projects and materially change demand.
Product and supply execution
New-tool qualification, component availability and manufacturing scale-up can affect shipments and margins.

Latest earnings research

Q3 FY2026

Lam Research reported March-quarter 2026 results and discussed memory investment, leading-edge foundry and logic transitions, advanced packaging and customer-support demand.

Valuation interpretation

A favorable interpretation requires rising process intensity to offset swings in wafer-fab equipment spending.
Installed-base services add resilience, while memory exposure and export controls preserve meaningful cyclicality.

Peer research

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전체 리서치 시스템 살펴보기

각 단계는 고유한 역할을 수행하고 다음 단계가 확인할 수 있는 결과를 남깁니다.

리서치 방법론 시장 보고서 읽기

Lam Research Corporation

3-month price context

Key catalysts

Principal risks

Latest earnings research

Valuation interpretation

Peer research

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Data and research sources

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