Company Overview - Lam Research Corporation has transformed its business model, moving beyond its traditional focus on NAND technology to diversify its portfolio into new growth areas [4] Industry Insights - The semiconductor and semi-cap industry is experiencing a renaissance, with significant growth and increased capital intensity observed over recent cycles [3] - There is a growing perception among investors that the industry is shifting from a purely cyclical nature to a more secular growth trajectory, driven by new technology inflection points [5] Market Position - Contributions from companies like Lam Research are becoming increasingly vital for sustaining industry growth [3]

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Lam Research (LRCX) FY 2025 Conference May 28, 2025 10:00 AM ET Speaker0 I cover The US semiconductor and semi cap space here at Bernstein. And it's my great honor to introduce our guest, the president and CEO of GLAM Research. I'm mister Tim Archer. Before I start, I wanna mention thank you. Before I start, I wanna mention, if you have questions you'd like me to ask during the presentation, you have a link to the pigeonhole form where you can submit those. We will have time for q and a at the end. Now look ...

Core Viewpoint - Lam Research Corporation (LRCX) has experienced an 18.4% increase in share price over the past month, outperforming the broader Zacks Computer and Technology Sector, which gained 11% during the same period [1][2]. Group 1: Market Dynamics - The recent surge in Lam Research's stock is attributed to improved sentiment regarding U.S.-China trade relations, with a temporary tariff rollback where the U.S. reduced tariffs on Chinese imports from 145% to 30%, and China cut duties on U.S. goods from 125% to 10% for 90 days [2][3]. - This trade truce has revived hopes for smoother international trade, leading to a rally in equities, particularly in the tech and semiconductor sectors [3]. Group 2: Industry Performance - Other semiconductor companies, including NVIDIA, Broadcom, and Advanced Micro Devices, have also seen significant stock price increases, with NVIDIA up 24.3%, Broadcom up 23.4%, and AMD up 19.3% over the past month [4]. - The demand for artificial intelligence (AI) and datacenter chips is expected to support Lam Research's long-term growth, as the company provides critical technologies for advanced chip fabrication [5]. Group 3: Financial Performance - In the third quarter of fiscal 2025, Lam Research reported revenues of $4.72 billion, a 24.5% year-over-year increase, and a non-GAAP EPS increase of 33.5% [10]. - The company's non-GAAP operating margin rose to 32.8%, an increase of 210 basis points year over year, reflecting improved margins and efficiency [9]. Group 4: Strategic Positioning - Lam Research's investments in research and development, particularly its Cryo 3.0 technology and Aether dry-resist system, have provided a competitive edge and are gaining adoption in memory applications [8]. - The company's expansion in Asia has further enhanced its operational efficiency and market presence [9]. Group 5: Valuation Metrics - Despite the recent stock rally, Lam Research's forward price-to-earnings (P/E) ratio stands at 21.17, lower than the sector average of 25.72 and below major competitors like AMD, NVIDIA, and Broadcom [12][13]. - The discounted valuation aligns with the company's long-term growth potential, making it an attractive investment option [12][14].

It has been about a month since the last earnings report for Lam Research (LRCX) . Shares have added about 16.5% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Lam Research due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.How Have Estimates Been Moving Since Then?I ...

Today, I want to take a look at a company that I hold in my personal portfolio, Lam Research (NASDAQ: LRCX ). I have covered Lam about two months ago, giving it a BUY rating, and since then, it is upI am a value dividend investor with an eye for heavy long term compounding. Whenever I see a company that is heavily undervalued with large upside, I always jump in to take my share of the riches. I have been investing since I can remember, specialising in long term growth dividend companies, so that one day I w ...

Core Insights - Lam Research Corporation (NASDAQ: LRCX) is identified as a leading firm in the semiconductor equipment manufacturing sector [1] Company Overview - The article focuses on Lam Research Corporation, highlighting its significant role in the semiconductor equipment market [1] Investment Focus - PropNotes aims to identify high-yield investment opportunities for individual investors, emphasizing the importance of expert research in making informed market decisions [2]

Lam Research Corporation (NASDAQ:LRCX) 53rd Annual JPMorgan Global Technology, Media and Communications Conference Call May 13, 2025 2:30 PM ET Company Participants Ram Ganesh - Vice President of Investor Relations Timothy Archer - President and Chief Executive Officer Conference Call Participants Harlan Sur - JPMorgan Harlan Sur Great. Why don't we go ahead and get started? Good afternoon, and welcome to the first day of JPMorgan's 53rd Annual Technology, Media and Communications Conference. My name is Har ...

Summary of Lam Research (LRCX) FY Conference Call Company Overview - Lam Research is the third largest semiconductor capital equipment company globally, specializing in etch deposition and benefiting from trends in next-generation transistors, memory cells, and advanced packaging [2][6][10]. Industry Insights - Wafer equipment spending has shown a steady increase, with a CAGR of 11% over the past eleven years, compared to 7% for the semiconductor industry. Lam's revenue has outpaced this growth with a 14% CAGR [6][9]. - The company targets $25 billion to $27 billion in revenues by 2028, with a goal of achieving 50% gross margins and 34-35% operating margins [7][10]. Financial Performance - Lam reported the highest gross margin since 2012 and guided for the highest operating margin since the late 1990s [10]. - The company aims for a revenue outlook of 13% per year and an 18% EPS CAGR through 2028 [6][10]. Market Dynamics - The shift from 2D to 3D architectures in semiconductor manufacturing is a significant trend, with Lam positioned to benefit from this transition [11][12]. - The company has diversified its business mix, increasing its foundry logic exposure from 20-30% to over 50% in recent years, anticipating a long-term split of two-thirds foundry logic and one-third memory [13][16]. Technology Migration - Lam is focusing on technology migrations such as gate-all-around and advanced packaging, which are expected to drive significant growth [30][40]. - The NAND upgrade cycle is projected to create a $40 billion upgrade opportunity as customers transition to higher layer counts [52][55]. Customer Engagement and Market Strategy - Despite trade and tariff uncertainties, customer plans have remained stable, with strategic investments continuing in advanced technology areas [19][20]. - Lam's geographic manufacturing strategy allows it to respond effectively to shifts in customer locations, particularly in Asia and the U.S. [21][27]. Operational Efficiencies - The company has improved operational efficiencies, contributing to a consistent increase in gross margins from 45-46% to 49% over the past decade [63][66]. - Lam is undergoing a digital transformation to enhance operational efficiency, expected to yield significant benefits by 2028 [67][69]. Conclusion - Lam Research is well-positioned to capitalize on emerging trends in the semiconductor industry, with a strong focus on technology migration, operational efficiency, and a balanced business mix. The company anticipates continued growth and profitability in the coming years, driven by strategic investments and market dynamics [10][30][36].

From a technical perspective, Lam Research (LRCX) is looking like an interesting pick, as it just reached a key level of support. LRCX recently overtook the 200-day moving average, and this suggests a long-term bullish trend.A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or res ...