Group 1: Tariff Expansion - The U.S. government has expanded the scope of tariffs on steel and aluminum imports, imposing a 50% tariff on hundreds of derivative products [1][2] - The expanded tariff list will officially take effect on August 18, 2024, and includes 407 product codes due to their steel and aluminum content [2] - The increase in tariffs is expected to raise prices on a wide range of goods, impacting U.S. businesses and consumers, and contributing to global economic uncertainty [2] Group 2: Semiconductor Tariffs - President Trump announced plans to impose tariffs on semiconductor imports, with rates potentially reaching up to 300% [3] - Initial lower rates are intended to encourage domestic manufacturing, but will increase significantly over time [3] - The impact on China's semiconductor exports to the U.S. is expected to be limited, as the exposure is only about 1% [3] Group 3: Inflation Concerns - Recent inflation indicators show a rise in consumer price expectations, with a one-year inflation forecast increasing from 4.5% to 4.9% [4] - The Producer Price Index (PPI) for July showed a significant increase of 0.9%, the largest rise since June 2022, raising concerns about the inflationary impact of tariffs [4][5] - Companies are beginning to pass on tariff costs to consumers, indicating that consumers may soon feel the effects of these tariffs directly [5] Group 4: Economic Outlook - The uncertainty surrounding tariffs and mixed inflation data has led to hesitance regarding interest rate cuts among Federal Reserve officials [6] - The overall economic environment remains volatile, with manufacturing output showing signs of weakness [5]

Core Viewpoint - Lam Research Corporation (LRCX) experienced a significant stock price decline of 7.33% on August 15, primarily due to the weak revenue guidance issued by Applied Materials, which projected revenues of $6.7 billion ± $500 million, falling short of market expectations of $7.33 billion [1] Group 1: Company Impact - The stock price drop of Lam Research is a direct consequence of the disappointing revenue forecast from Applied Materials, which has triggered a chain reaction affecting the semiconductor equipment manufacturing sector [1] - Lam Research's stock showed a pre-market decline of 5.1%, mirroring the performance of other industry peers like KLA Corporation, indicating a broader industry weakness [1] Group 2: Industry Context - The semiconductor equipment manufacturing industry is facing challenges due to weak demand from the Chinese market, which has historically been a significant consumer of semiconductor equipment [1] - The overall revenue expectations for semiconductor equipment manufacturers are being negatively impacted by the ongoing demand slowdown in China, adding to the industry's struggles [1]

Core Viewpoint - Applied Materials' warning about declining revenue and profits in Q4 2025 has negatively impacted Lam Research's stock performance, raising concerns among investors about potential similar outcomes for Lam [1][4][6] Group 1: Applied Materials Performance - Applied Materials reported Q3 fiscal 2025 earnings of $2.48 per share on sales of $7.3 billion, exceeding analyst expectations of $2.36 per share and $7.2 billion in sales [3] - However, the company projected Q4 profits to drop to approximately $2.11 per share, below Wall Street's forecast of $2.38 per share [4] - Q4 revenue is expected to decline to $6.7 billion, an 8% decrease compared to Wall Street expectations, attributed to "digestion of capacity in China" and "non-linear demand from leading-edge customers" [5][6] Group 2: Impact on Lam Research - Lam Research's stock fell by 6.9% following Applied Materials' announcement, reflecting investor concerns about the semiconductor equipment market [1][6] - The current valuation of Lam Research at 26 times earnings raises questions about its attractiveness as an investment, suggesting it may be time for investors to consider selling [6]

Market Overview & Stock Performance - Applied Materials gave weak guidance, leading to a stock decline and impacting other chip equipment and semiconductor companies [1] - SMH (Semiconductor ETF) recently reached a record high [1] - The market is experiencing stock trading in baskets, where stocks get caught in the crossfire due to ETFs and other factors [3][4] Lamb Research Analysis - Lamb Research has been a top-performing stock, consistently rallying after earnings reports [2] - A buying opportunity arose when the stock fell below $100 [2] - The stock price dropped from $102 to $99+ after running up to $107, triggering a buy [5] - The stock's strong performance is attributed to its earnings, revenue results, and forward guidance [5] - The recent selling pressure on Lamb Research is considered misplaced and incorrect, likely due to concerns about AAT's export licensing issues with China [6] Investment Strategy & Risk Assessment - Chip equipment companies are considered great businesses but are also high beta [7] - Lam Research trades at a 30% premium to its 10-year average [8] - AAT faces significant headwinds from China [7]

Core Insights - Tradr ETFs is set to launch two new leveraged single-stock ETFs focused on MongoDB (MDB) and Lam Research (LRCX), expanding its offerings to a total of 23 funds, with 18 being single-stock strategies [1][2] - The new funds are part of Tradr's strategy to cater to sophisticated investors and professional traders, particularly in the context of the growing AI infrastructure market [2] - As of August 13, 2025, the assets under management for Tradr's recently launched 2X long daily leveraged ETFs have surpassed $400 million [2] Company Overview - Tradr ETFs specializes in providing ETFs designed for sophisticated investors and professional traders, focusing on high conviction investment strategies [4] - The company has recently launched fourteen 2X long daily leveraged ETFs targeting key players in the tech sector [2] Market Context - The introduction of the new ETFs aligns with the increasing interest in AI-related stocks, positioning Tradr ETFs to capitalize on market trends [2] - The leveraged ETFs are intended for short-term trading, reflecting the company's focus on active management and high-risk investment strategies [4]

Core Viewpoint - Lam Research and Tokyo Electron (TEL) are competing for orders from Samsung Electronics for the next-generation 400-layer NAND Flash manufacturing process, having both passed performance evaluations for new technology [2][3] Group 1: Competitive Landscape - Lam Research has successfully completed quality assessments for Samsung's 10th generation NAND Flash (V10) low-temperature etching equipment, which allows for finer circuit patterns [2] - TEL completed its performance evaluation approximately three months prior to Lam Research, receiving Process of Record (POR) approval in April [3] - Both companies are now in a competitive phase for supply, as Samsung is expected to consider both Lam Research and TEL when building production infrastructure for V10 NAND [3] Group 2: Technological Advancements - The low-temperature etching process operates at -60 to -70 degrees Celsius, which is 30 to 40 degrees lower than traditional methods, making it a highly specialized technology [2] - The increase in NAND layers necessitates deeper channel holes with a higher aspect ratio, prompting the need for new processing technologies [2] Group 3: Market Expectations - With the completion of equipment performance evaluations, Samsung is anticipated to initiate procurement orders soon, aiming to establish V10 NAND production lines in the first half of next year [3] - Following trial production, Samsung plans to commence mass production in the latter half of the year [3]

Core Insights - Lam Research (LRCX) is enhancing its position in molybdenum (moly) deposition technology, which is expected to increase its market share in the chip equipment sector [1] - Molybdenum is becoming increasingly important as the semiconductor industry progresses below the 2nm node, addressing resistance-capacitance issues associated with traditional tungsten films [2] - The adoption of moly deposition is anticipated to significantly expand Lam Research's served available market (SAM) for metal deposition per wafer at advanced nodes [2][5] Company Developments - Lam Research's Halo ALD Moly tools are being adopted by multiple NAND customers, with expectations of increased usage as manufacturers scale NAND capacity beyond 200 layers [3] - A significant win was secured in Q4 of fiscal 2025 from a leading foundry for next-generation applications, showcasing Lam's multi-station architecture that supports both plasma and thermal processing [4] - Moly adoption, along with advanced packaging and high-bandwidth memory, is projected to expand Lam Research's SAM to the high-30% range of wafer fabrication equipment in the coming years [5] Competitive Landscape - Competitors like Applied Materials (AMAT) and ASML Holding (ASML) are also experiencing growth as memory manufacturers invest in next-generation technologies [6] - Applied Materials is seeing a resurgence in NAND investment, with projected revenue growth exceeding 40% in fiscal 2025 due to customer upgrades [7] - ASML Holding reported that 31% of its net system sales were derived from memory, driven by strong demand from DRAM and logic customers [8] Financial Performance - Lam Research's shares have increased by 41.9% year-to-date, outperforming the Zacks Electronics – Semiconductors industry's growth of 19.7% [9] - The forward price-to-earnings ratio for Lam Research stands at 23.03, significantly lower than the industry's average of 34.32 [12] - The Zacks Consensus Estimate for Lam Research's fiscal 2026 earnings has been revised upward to $4.38 per share, indicating a year-over-year growth of 5.8% [15]

Core Insights - Lam Research (LRCX) and Applied Materials (AMAT) are key players in the semiconductor manufacturing equipment sector, significantly contributing to the AI-driven growth in chip fabrication [2][3] - Both companies are benefiting from industry trends, but they present different risk-reward profiles for investors [3] Lam Research Overview - Lam Research is leveraging AI trends by providing essential tools for manufacturing next-generation semiconductors, crucial for AI and cloud data centers [4] - The company’s innovative products, such as the ALTUS ALD tool and Aether platform, enhance chip production efficiency and performance [5] - In 2024, Lam Research's shipments for gate-all-around nodes and advanced packaging surpassed $1 billion, with expectations to exceed $3 billion in 2025 [6] - For Q4 fiscal 2025, Lam Research reported revenues of $5.17 billion, a 34% year-over-year increase, and a non-GAAP EPS of $1.33, reflecting a 64% rise [7] Applied Materials Overview - Applied Materials is a leader in semiconductor fabrication equipment, focusing on deposition, etching, and inspection processes [8] - The company is experiencing strong demand for its technologies, including the Sym3 Magnum etch system and Cold Field Emission eBeam technology, driven by AI adoption [9] - Since its launch in February 2024, the Sym3 Magnum etch system has generated over $1.2 billion in revenues, with projected DRAM revenue growth exceeding 40% in fiscal 2025 [10] - In 2024, revenues from advanced semiconductor nodes for Applied Materials surpassed $2.5 billion, with expectations to double in fiscal 2025 [11] Growth Profiles - Both companies show similar growth profiles, with Lam Research's fiscal 2026 and 2027 revenue estimates indicating mid-single-digit growth, while non-GAAP EPS is expected to grow in the mid-high single-digit range [13] - Applied Materials also anticipates mid-single-digit revenue growth for fiscal 2025 and 2026, with EPS growth in the mid to high-single-digit range [14] Valuation Comparison - Lam Research trades at a higher forward P/E of 23.02 compared to Applied Materials' 18.74, indicating a larger premium for LRCX despite similar growth profiles [15] - Lam Research's business model is more concentrated in memory markets, making it more susceptible to cyclical downturns, while Applied Materials has a more diversified revenue base [17] Conclusion - Both companies are positioned to benefit from the AI-driven semiconductor investment cycle, but Applied Materials is viewed as a more attractive option due to its diversified product portfolio and better valuation [19]

Core Insights - Lam Research's international operations are crucial for understanding its financial resilience and growth potential [1][2] - The company's total revenue for the quarter reached $5.17 billion, marking a 33.6% year-over-year increase [4] International Revenue Breakdown - China contributed 35.5% of total revenue, amounting to $1.84 billion, exceeding expectations by +8.65% [5] - Southeast Asia generated $126.85 million, representing 2.5% of total revenue, falling short of projections by -58.25% [6] - Taiwan's revenue was $966.22 million, accounting for 18.7% of total revenue, surpassing estimates by +11.78% [7] - Korea contributed $1.12 billion, making up 21.8% of total revenue, exceeding expectations by +7.99% [8] - Japan accounted for 14.3% of total revenue, translating to $741.29 million, significantly surpassing expectations by +88.29% [9] - Europe contributed $89.85 million, representing 1.7% of total revenue, missing projections by -46.46% [10] Future Revenue Projections - Analysts expect total revenue for the current fiscal quarter to be $5.22 billion, a 25.2% increase from the previous year [11] - Projected contributions from various regions include: China (29.5% or $1.54 billion), Southeast Asia (5.1% or $264.9 million), Taiwan (16.1% or $842.65 million), Korea (19.5% or $1.02 billion), Japan (7.3% or $381.88 million), and Europe (3.1% or $162.61 million) [12] - For the entire year, total revenue is forecasted at $19.49 billion, a 5.7% improvement from the previous year, with regional contributions expected from China (31.3% or $6.1 billion), Southeast Asia (5.4% or $1.05 billion), Taiwan (18% or $3.52 billion), Korea (21.3% or $4.16 billion), Japan (8.1% or $1.57 billion), and Europe (3.2% or $621.65 million) [13] Conclusion - Lam Research's reliance on global markets for revenue presents both opportunities and challenges, making the monitoring of international revenue trends essential for predicting future performance [14]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 29, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 0-12933 LAM RESEARCH CORPORATION (Exact name of registrant as specified in its charter) Delaware 94-2634797 (State or ot ...