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Skip to content S&P 500 6,808.20 +0.87% Dow Jones 47,310.00 +1.21% Nasdaq 100 25,415.30 +1.04% Russell 2000 2,521.97 +1.51% FTSE 100 9,661.30 +0.71% Nikkei 225 49,599.50 +1.08% Stock Market Live October 24: S&P 500 (SPY) Running on Lower Than Expected Inflation Home >Investing >3 Tech Stocks Beating Nvidia This Year That Still Look Cheap Investing 3 Tech Stocks Beating Nvidia This Year That Still Look Cheap ByJoey Frenette Oct 24, 2025 12:30 pm This post may contain links from our sponsors and affiliates, a ...

Core Insights - Amtech Systems (ASYS) and Lam Research Corporation (LRCX) are key players in the semiconductor ecosystem, with LRCX providing advanced machines for chip manufacturing, particularly for AI technologies, while ASYS focuses on thermal processing and silicon wafer equipment [1][2] Amtech Systems (ASYS) - ASYS is targeting advanced packaging as a growth opportunity, especially in AI infrastructure, with a significant increase in demand for its equipment [3] - In Q3 of fiscal 2025, sales of AI infrastructure equipment were five times higher than the previous year, accounting for approximately 25% of Thermal Processing Solutions' revenues [4] - Despite strong AI demand, ASYS is experiencing weak demand in its mature node semiconductor business, leading to lower sales in wafer cleaning equipment and other tools [5] - The overall growth of ASYS is hindered by the continued weakness in the mature node market, with a projected 24.4% decline in fiscal 2025 revenues according to Zacks Consensus Estimate [6][10] - Current estimates for ASYS show a year-over-year revenue decline of 29.49% for the current quarter and 24.42% for the current year [7] Lam Research Corporation (LRCX) - LRCX is benefiting from strong demand for tools required for next-generation semiconductors, particularly those used in AI applications [9] - In Q1 of fiscal 2026, LRCX reported revenues of $5.32 billion, a 28% increase year-over-year, with a non-GAAP EPS of $1.26, reflecting a 46.5% increase [14] - The Zacks Consensus Estimate projects LRCX's full fiscal 2026 revenues to reach $20.13 billion, indicating a year-over-year growth of 9.2% [14] - LRCX's advanced packaging systems are widely used, and the company is developing tools for panel-level packaging to support larger AI chips [13] - Current estimates for LRCX show a year-over-year growth of 25.25% for the current quarter and 9.21% for the current year [15] Price Performance and Valuation - Year-to-date, ASYS shares have increased by 44.3%, while LRCX shares have surged by 104.3% [16] - In terms of valuation, LRCX trades at 8.61 times forward sales multiple, compared to 1.33 times for ASYS, reflecting higher growth expectations for LRCX [18] Conclusion - LRCX presents a more favorable investment outlook due to its solid fundamentals, expanding AI exposure, and consistent growth potential, while ASYS faces challenges in mature node markets despite emerging opportunities [21][22]

证 券 研 究 报 告 LAM Research（LRCX.O）FY26Q1 点评及业绩说明会纪要 收入创历史新高，AI 驱动景气延续，核心工 艺持续强化行业地位 ❖ 事项： ❖ 2025 年 10 月 23 日 LAM Research 发布 2026 年 Q1 财季报告，并召开业绩说 明会。公司财务季度 FY2026Q1 截至 2025 年 9 月 28 日，近似于自然季度 CQ2025Q3。CY25Q3，公司实现营收 53.24 亿美元，同比增长 27.74 %，环比 增长 2.95%；Non-GAAP 毛利率为 50.6%，同比提升 2.4pct，环比提升 0.3pct。 ❖ 评论： 1.业绩情况：CY25Q3，公司实现营收53.24 亿美元（QoQ+2.95%，YoY+27.74%）， 高于业绩指引中值（52±3 亿美元），优于市场一致预期的 52.32 亿美元，营收 创历史新高；公司 Non-GAAP 毛利率 50.6%（QoQ+0.3pct，YoY+2.4pct），接 近前期业绩指引上沿（50±1%）。 2. 按业务拆分业绩：设备部门：①存储业务：CY25Q3 存储业务占系统收入的 34%，低于 ...

Lam Research believes semiconductor manufacturing equipment spending will increase due to data center spending.In today's video, I discuss recent updates impacting Lam Research (LRCX +4.57%). To learn more, check out the short video, consider subscribing, and click the special offer link below.*Stock prices used were the after-market prices of Oct. 22, 2025. The video was published on Oct. 22, 2025. ...

Core Viewpoint - Lam Research Corporation is expected to experience significant growth in 2026, driven by strong demand for advanced foundry, DRAM, and NAND upgrades, despite challenges related to China [1] Group 1: Company Performance - Lam Research was identified as the top pick in the semiconductor equipment sector by Bank of America Securities analyst Vivek Arya, who maintains a Buy rating and sets a price forecast of $165 [2] - The company reported September quarter results and provided a December quarter outlook that exceeded Wall Street expectations, despite facing an estimated $200 million headwind from new China rules [3] Group 2: Market Growth Projections - The analyst projected that Lam's business excluding China can grow by more than 20% in 2026, driven by leading-edge foundry, logic, and DRAM customers [5] - Lam's equipment sales are expected to grow approximately four times faster than the overall Wafer Fab Equipment (WFE) market in 2025 [5][6] Group 3: Margin Expansion - There is a clear path for Lam to expand its gross margins to over 50%, which is favorable compared to key rival Applied Materials, Inc., whose margins may remain in the high-40% range [6] - Recent AI-related deals are expected to support the company's ambitious financial targets in the long term [6]

Core Viewpoint - Lam Research Corporation is a significant player in the semiconductor industry, known for its innovative solutions in wafer fabrication, which are essential for semiconductor production [1] Company Performance - On October 23, 2025, Cantor Fitzgerald reiterated its "Overweight" rating for Lam Research, indicating a positive outlook on the stock priced at $144.71, suggesting expected performance above the average market return [2] - Following the Q1 2026 earnings call, LRCX's stock price increased by 2.63%, closing at $144.97, reflecting a positive market reaction to the company's performance and future outlook [4][6] - Lam Research's market capitalization is approximately $183.49 billion, highlighting its significant presence in the semiconductor industry [5][6] Market Activity - The stock experienced a trading volume of 2,989,884 shares, indicating active trading on the NASDAQ exchange [5] - Over the past year, LRCX has seen a high of $153.70 and a low of $56.32, showcasing the dynamic nature of the semiconductor market [5]

Core Insights - Lam Research Corp (NASDAQ:LRCX) reported quarterly results that exceeded market expectations, with revenue of $5.32 billion and non-GAAP earnings of $1.26 per share, surpassing estimates of $5.24 billion and $1.23 per share [3] - The company raised its guidance for global wafer fabrication equipment (WFE) spending in 2025 to just above $105 billion, with expectations for a slight increase in the first half of 2026 [3] - Analyst James Schneider from Goldman Sachs reiterated a Buy rating with a price target of $160, citing increased investor expectations driven by AI-related data center announcements and strong reports from peers like ASML [2][3] Financial Performance - Lam Research's revenue of $5.32 billion and non-GAAP earnings of $1.26 per share were higher than the Street's expectations [3] - The stock price increased by 4.45% to $147.54 following the earnings announcement [4] Market Position - The company is expected to outperform peers due to its high exposure to deposition and etch processes, as well as a strong share in NAND equipment upgrades [4]

Core Insights - Lam Research (LRCX) reported strong first-quarter fiscal 2026 results, with both revenue and earnings exceeding expectations [1][2][8] Financial Performance - Non-GAAP earnings per share for Q1 FY26 were $1.26, surpassing the Zacks Consensus Estimate by 4.1% and reflecting a 46.5% year-over-year increase [1][8] - Revenues for the quarter reached $5.32 billion, exceeding the consensus estimate by 2% and marking a 28% increase from $4.17 billion in the same quarter last year [2][8] Revenue Breakdown - Systems revenues accounted for $3.55 billion, representing 66.6% of total revenues, which is a 3% increase from the previous quarter and a 48% year-over-year growth [3] - Customer Support Business Group revenues were $1.77 billion, making up 33.4% of total revenues, with a 2.5% rise from the previous quarter and a slight 0.1% increase year-over-year [4] Geographic Contribution - In Q1 FY26, China contributed 43% of total revenues, followed by Taiwan at 19% and Korea at 15% [4] Operating Metrics - Non-GAAP gross margin improved to 50.6%, up 30 basis points from the previous quarter, while non-GAAP operating margin increased to 35% [5] - Non-GAAP operating expenses rose to $831.92 million, but as a percentage of revenues, they decreased to 15.6% [5] Cash Flow and Shareholder Returns - As of September 28, 2025, Lam Research held $6.69 billion in cash and cash equivalents, an increase from $6.39 billion in the prior quarter [6] - Cash flow from operating activities decreased to $1.78 billion, down from $2.55 billion in the previous quarter [6] - The company paid dividends totaling $291.9 million and repurchased shares worth $975.8 million during the quarter [6] Future Guidance - For Q2 FY26, Lam Research projects revenues of $5.2 billion (+/- $300 million), indicating a year-over-year growth of 9.8% [7][8] - The company expects a non-GAAP gross margin of 48.5% (+/-1%) and a non-GAAP operating margin of 33% (+/-1%) [7]

Core Insights - Lam Research is a significant player in the semiconductor industry, providing essential equipment and services for chip fabrication, with a notable dividend yield of 0.74% and a history of doubling dividends over the past five years [1][2] Company Overview - Lam Research specializes in manufacturing equipment for foundries that produce microprocessors, memory devices, and other semiconductor products used in various computing devices [2] - The company’s products are crucial for processes such as thin film deposition, plasma etching, photoresist stripping, and wafer cleaning [2] Financial Performance - For the quarter ending September 28, Lam Research reported record revenue of $5.32 billion, reflecting a nearly 3% increase year-over-year, with an operating margin of 35% [5] - Earnings per share decreased from $1.35 in Q3 2024 to $1.24 in the recent quarter [5] Market Outlook - The semiconductor industry is valued at $627.76 billion in 2023 and is projected to grow to $1.2 trillion by 2034, with a compound annual growth rate (CAGR) of 7.5% [3] - Management anticipates revenue exceeding $105 billion for water fabrication equipment in 2025, driven by strong investments in high-bandwidth memory products and AI-related demand expected to boost revenue in 2026 [6] Guidance - Lam Research provided guidance for the December quarter, projecting revenue between $4.9 billion and $5.5 billion, and earnings per share ranging from $1.05 to $1.25 [7] Market Concerns - China is the largest market for Lam Research, accounting for 43% of sales in the third quarter, but trade tensions are expected to reduce this share to less than 30% by 2026 [9]