Let's get to Jim at stock trading. So, the stock that's down the most today is Lamb Search Research, and that's because it's an analog to ASML, but ASML is really hobbled. They they are like uh misery.James Con and misery. Okay, these guys are not. And Lamb is the best.Uh they do a fantastic job. By the end of the day, you'll flush out the sellers who don't know that they're different situations, and you probably pick up some lamb. Uh Tim Marcher is an amazing person, an amazing guy, the CEO, and uh there's ...

Core Insights - Lam Research Corporation (LRCX) is experiencing strong momentum in its systems business, with third-quarter fiscal 2025 systems revenues reaching $3.04 billion, a 15.6% sequential increase and a 27% year-over-year growth, contributing approximately 64% of total revenues [2][11] Group 1: Business Performance - The growth in systems revenue is driven by advanced products that cater to next-generation memory and logic technologies, particularly the Striker SPARC atomic layer deposition (ALD) tool, which has secured multiple wins in spacer applications [3] - The ALTUS Halo system is gaining traction, supporting barrierless atomic layer deposition of molybdenum, which reduces resistance in interconnect layers by 50% compared to legacy technologies, crucial for high I/O performance in 3D NAND for AI workloads [4] - The Akara system is also gaining traction with major DRAM customers, enhancing etch selectivity and precision, which aligns with Lam Research's long-term DRAM roadmaps [5] Group 2: Future Outlook - Lam Research projects fourth-quarter revenues to be approximately $5.0 billion (±$300 million), while management remains cautious about macroeconomic factors that could affect customer spending trends [6] - The strong adoption of Striker, Halo, and Akara, along with rising demand for advanced NAND and DRAM nodes, positions Lam Research's systems business for long-term growth [6] Group 3: Competitive Landscape - Competitors like Applied Materials and ASML Holding are also witnessing strong momentum, with Applied Materials projecting over 40% revenue growth from advanced DRAM customers in fiscal 2025, driven by investments in DDR5 and high-bandwidth memory [7] - ASML Holding reported that 42% of its net system sales came from memory, highlighting strong customer demand for its products [8] Group 4: Valuation and Estimates - Lam Research's shares have gained 40.8% year to date, outperforming the Zacks Electronics – Semiconductors industry's growth of 14.1% [9] - The forward price-to-earnings ratio for Lam Research is 25.34, significantly below the industry's average of 33.24 [13] - The Zacks Consensus Estimate for Lam Research's fiscal 2026 earnings has been revised upward to $4 per share, indicating flat growth compared to fiscal 2025 [16]

Market Overview - The three major U.S. stock indexes closed lower last week, with the Dow Jones Industrial Average down 1%, the S&P 500 down 0.3%, and the Nasdaq Composite down 0.1% [1] - The market pullback was influenced by renewed U.S. tariff threats, particularly higher levies on Canada and the European Union, raising concerns about economic growth and inflation [2] Earnings Performance - Despite tariff concerns, many investors focused on strong earnings reports from airlines and consumer stocks, indicating a resilient economy [2] - The second-quarter earnings season is critical for assessing the impact of tariffs on corporate profits [3] Zacks Research Performance - Mogo Inc. shares surged 81.8% since being upgraded to Zacks Rank 2 (Buy) on May 8, significantly outperforming the S&P 500's 11.1% increase [4] - ATI Inc. also saw a 32.6% return since its upgrade to Zacks Rank 2 on May 6, compared to the S&P 500's 10.7% increase [5] - A hypothetical portfolio of Zacks Rank 1 (Strong Buy) stocks returned +6.51% in May 2025, outperforming the S&P 500's +4.47% [5] Zacks Recommendations - Amarin Corporation and European Wax Center shares increased by 62.6% and 49.9%, respectively, after being upgraded to Outperform on May 12, against the S&P 500's 10.5% rise [8] - The Zacks Focus List portfolio returned 8.84% in 2025 (through June 30) compared to the S&P 500's +6.21% [12] Portfolio Performance - The Zacks Earnings Certain Admiral Portfolio (ECAP) returned +3.20% in Q1 2025, outperforming the S&P 500's -4.30% decline [16] - The Zacks Earnings Certain Dividend Portfolio (ECDP) returned +5.74% in Q1 2025, compared to the S&P 500's -2.41% [20] - The Zacks Top 10 Stocks portfolio delivered +11.8% year-to-date through June 2025, outperforming the S&P 500's +6.2% [22] Long-term Performance - Since 2004, the Zacks Focus List portfolio has produced an annualized return of +11.60%, compared to +10.22% for the S&P 500 [15] - The Top 10 portfolio has generated a cumulative return of +2,246.8% since 2012, significantly outperforming the S&P 500's +502.3% [24]

Core Insights - The article provides a snapshot of the market capitalization changes of major global technology and internet companies as of July 14, 2025, highlighting both increases and decreases in value across various firms [1]. Market Capitalization Changes - Tesla's market cap increased by 1.17%, reaching $100.98 billion [3]. - Alibaba saw a slight increase of 0.08%, with a market cap of $255.2 billion [3]. - AMD experienced a rise of 1.57%, bringing its market cap to $23.74 billion [3]. - Companies like Oracle and SAP reported declines of 1.89% and 1.75%, respectively, with market caps of $64.76 billion and $35.31 billion [3]. - Notable declines included Adobe, which fell by 2.18%, with a market cap of $15.41 billion [4]. Noteworthy Performers - PayPal showed a significant increase of 5.73%, with a market cap of $6.3 billion [6]. - SMIC reported a rise of 2.07%, reaching a market cap of $607 million [6]. - Circle Internet PNG Group had a notable increase of 7.67%, with a market cap of $463 million [7]. Overall Trends - The overall trend indicates mixed performance among technology companies, with some experiencing growth while others face declines in market capitalization [1][3].

Summary of Key Points from the Conference Call Industry Overview - The focus is on the U.S. semiconductor industry and semiconductor capital equipment, particularly in light of potential new tariffs announced by the Trump administration targeting imports from several countries including Japan, South Korea, Thailand, and Malaysia [1][3][13]. Key Insights and Arguments - **Tariff Announcement**: New tariffs on imports to the U.S. are set to begin on August 1, with rates generally aligning with previous reciprocal rates [1][3][14]. - **Import Statistics**: In 2024, the U.S. imported $148 billion from Japan and $132 billion from South Korea, with vehicles, machinery, and electrical equipment making up approximately 70% of these imports [2][16][21]. - **Semiconductor Imports**: The U.S. imported around $45 billion in semiconductors in 2024, which could rise to $82 billion when including NAND/SSDs and photovoltaics [3][47][51]. - **Potential Impact of Tariffs**: The actual impact of the new tariffs remains uncertain, as it is unclear if they will be implemented or how long they will last. This uncertainty may lead to increased market volatility [4][3]. Additional Important Information - **Sectoral Tariffs**: The new tariffs are separate from potential sectoral tariffs under Section 232, which is currently under investigation for semiconductor imports [3][4]. - **Investor Sentiment**: There is a belief that investors may have become desensitized to tariff discussions, but the upcoming headlines regarding tariffs could reignite interest and concern [3][4]. - **Market Performance Ratings**: Various semiconductor companies have been rated based on their expected performance, with AMD, ADI, and INTC rated as Market-Perform, while AVGO and NVDA are rated as Outperform due to strong growth prospects [6][8][10][9]. Conclusion - The U.S. semiconductor industry is facing potential new tariffs that could impact import dynamics and market volatility. The import statistics highlight the significant role of Japan and South Korea in the U.S. semiconductor supply chain, while the uncertainty surrounding the tariffs may affect investor sentiment and market performance in the sector [1][3][4][6].

Core Viewpoint - Lam Research has experienced a significant stock price increase of 60% over the past three months, outperforming the Nasdaq Composite index's 31% returns, while still trading at attractive levels [1][2]. Company Performance - Lam Research's revenue for fiscal 2025 is projected to be $18.3 billion, representing a 23% increase year-over-year, with earnings per share expected to rise by 33% to $4.01 [5][6]. - Despite a 9% decline in revenue from the Chinese market, which previously accounted for over 43% of its top line, Lam has achieved healthy growth [5][6][7]. Industry Dynamics - The semiconductor industry is witnessing aggressive investments in manufacturing capacity, with Taiwan Semiconductor Manufacturing Company (TSMC) planning to increase its capital expenditure to $40 billion in 2025, a $10 billion increase from the previous year [9]. - The demand for advanced chips is expected to drive semiconductor industry capital expenditures to $194 billion by 2030 and $705 billion by 2035, with an estimated $1 trillion investment in new plants through 2030 [10]. Valuation and Growth Potential - Lam Research is currently trading at 27 times earnings, with a forward earnings multiple of 23, indicating it is undervalued compared to the Nasdaq-100 index's average earnings multiple of 32 [13]. - If Lam achieves earnings of $4.75 per share in the next fiscal year and trades in line with the Nasdaq-100's earnings multiple, its stock price could potentially increase by 52% to $152 [14].

Company Overview - Lam Research Corporation (NASDAQ: LRCX) is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry [3] - The company is headquartered in Fremont, California, and operates globally [3] - Lam Research is recognized as a FORTUNE 500® company [3] Financial Conference Call - Lam Research will host its quarterly financial conference call and webcast on July 30, 2025, at 2:00 p.m. Pacific Daylight Time [1] - The conference call will be accessible via the Investors section of Lam's website [2] - A replay of the webcast will be available approximately three hours after the call concludes [2]

Core Insights - Lam Research Corporation (LRCX) is expanding its operations in India, with a significant increase in capital expenditures for land purchases aimed at lab expansions [1][11] - The company plans to invest over $1.2 billion to build a manufacturing facility in India, enhancing its existing engineering center focused on software and hardware [2] - This expansion aligns with LRCX's strategy to create a flexible supply chain and manufacturing network, allowing it to respond effectively to geopolitical uncertainties and trade restrictions [3][5] Group 1: Expansion and Investment - LRCX reported capital expenditures of $288 million in Q3 of fiscal 2025, marking a $100 million increase from the previous quarter, primarily for land acquisition in India [1][11] - The planned manufacturing facility in India is part of a broader strategy to diversify production and strengthen competitive positioning in a complex market [6][11] Group 2: Industry Context - Other semiconductor companies, such as Applied Materials and Micron Technology, are also increasing their investments in India, indicating a trend among semiconductor players to establish a presence in the region [7][8] - Applied Materials is investing $400 million in a new engineering center, while Micron is setting up a facility with an investment of $825 million, further highlighting the growing semiconductor ecosystem in India [7][8] Group 3: Financial Performance - LRCX shares have increased by 38.3% year-to-date, outperforming the Zacks Electronics – Semiconductors industry's growth of 13.3% [9] - The forward price-to-earnings ratio for LRCX is 24.91, which is below the industry average of 33.07, suggesting potential valuation opportunities [13] - The Zacks Consensus Estimate for LRCX's fiscal 2026 earnings has been revised upward to $4 per share, indicating a slight year-over-year decline of 0.2% [16]

Market Capitalization Changes - The market capitalization of major global technology and internet companies has shown varied changes as of July 9, 2025, with notable increases in companies like Tesla, which rose by 1.32% to reach $959.2 billion, and Alibaba, which increased by 1.62% to $257.6 billion [3][4][5]. - Companies such as Netflix and Shopify experienced declines, with Netflix decreasing by 1.11% to $548.8 billion and Shopify dropping by 3.58% to $619.1 billion [3][4]. Notable Performers - AMD saw a significant increase of 2.24%, bringing its market cap to $223.4 billion, while Intel had a remarkable rise of 7.23%, reaching $102.8 billion [5][6]. - Other companies with positive performance include Adobe, which increased by 1.41% to $162.1 billion, and ASML, which rose by 1.15% to $312.2 billion [3][4]. Decliners - Companies like Robinhood and Sea Limited faced declines, with Robinhood decreasing by 2.34% to $824 million and Sea Limited dropping by 1.32% to $894 million [6][7]. - FICO experienced a significant drop of 8.91%, bringing its market cap down to $455 million [7]. Overall Trends - The overall trend indicates a mixed performance across the technology sector, with some companies gaining market value while others are experiencing losses [3][4][5][6].

Core Insights - Lam Research Corporation is positioned to benefit from increased capital expenditures driven by the generative AI industry, contrasting with the soaring valuations of companies like Nvidia [2] - The global capital expenditure on advanced chip-making equipment is expected to nearly double from 2023 to 2028, with spending anticipated to exceed $100 billion in 2025 [3] - Lam's primary clients include major players like TSMC, Samsung, and Intel, and the company is expanding its focus from memory chips to advanced logic chips and packaging technologies [3] Financial Performance - Lam's stock has decreased by approximately 9% over the past 12 months, trading at around 24 times forward earnings, compared to Nvidia's 35 times [4] - Revenue growth for Lam is projected at around 22% for FY25, but is expected to cool to roughly 2% in FY26 due to challenges related to the Chinese market [4] - If demand related to AI continues and export restrictions to China are relaxed, Lam's revenue could increase by approximately 1.8 times over the next three years [5] Market Dynamics - The U.S. and China have established a trade framework that may lead to a relaxation of technology restrictions, potentially benefiting companies like Lam [6] - The chip manufacturing process is becoming more capital-intensive, which favors companies that produce manufacturing equipment like Lam [6] - Advanced packaging methods for AI tasks are expected to boost demand for Lam's high-end machinery [7] Competitive Landscape - Lam faces competition from companies like Applied Materials and Tokyo Electron, but the long-term outlook for the semiconductor market remains strong, with forecasts suggesting it will surpass $1 trillion in annual revenue by 2030 [8] - The demand for sophisticated manufacturing tools is likely to remain high as chip manufacturers adopt next-generation technologies to enable AI [8]