Lam Research Corporation (LRCX) is Benefitting from Cyclical Demand

Core Insights - Bailard Technology Strategy generated a net return of 9.36% in Q3 2025, underperforming compared to the S&P North American Technology Index's 13.14% return and other benchmarks [1] - The quarter showed improved technology fundamentals driven by structural demand trends and evolving regulations [1] Company Overview: Lam Research Corporation - Lam Research Corporation (NASDAQ:LRCX) reported a one-month return of 15.04% and a 52-week gain of 146.81%, closing at $178.07 per share with a market capitalization of $224.552 billion on December 27, 2025 [2] - The company is benefiting from cyclical demand in wafer equipment and U.S. semiconductor onshoring, positioning itself well in memory fabrication tools amid accelerating AI infrastructure investment [3] - Lam Research reported revenue of $5.3 billion in Q3 2025, reflecting a 3% increase from the previous quarter [3] Investment Sentiment - Lam Research is not among the 30 most popular stocks among hedge funds, with 93 hedge fund portfolios holding the stock at the end of Q3, up from 85 in the previous quarter [3] - While Lam Research is acknowledged as a potential investment, the company believes certain AI stocks may offer greater upside potential with less downside risk [3]