Core Insights - Lam Research Corporation (LRCX) has achieved revenues exceeding $5 billion for three consecutive quarters, with Q2 fiscal 2026 revenues increasing by 22% to $5.34 billion, driven by strong demand in the wafer fabrication equipment market [1][10] Financial Performance - In Q2 fiscal 2026, Systems revenues rose 28% year over year to $3.36 billion, with the foundry business contributing 59% of total Systems sales, up from 35% in the previous year [2][10] - Analysts project Q3 fiscal 2026 revenues for Lam Research at $5.74 billion, indicating a year-over-year increase of 21.7%, with Systems revenues expected to grow by 22% [5][10] Market Position and Technology - Lam Research's foundry business benefits from increased investments in advanced chip manufacturing, particularly for AI and high-performance computing applications [2][4] - The company is gaining traction with new technologies such as the Aether dry resist EUV patterning solution and the Akara conductor etch system, which enhance pattern precision and process efficiency [3] Competitive Landscape - Major competitors in the foundry equipment market include Applied Materials, Inc. and KLA Corporation, with Applied Materials directly competing in deposition and etch technologies [6][7] Valuation and Earnings Estimates - Lam Research's shares have increased by 200.4% over the past year, outperforming the Zacks Electronics – Semiconductors industry's gain of 50.4% [8] - The forward price-to-earnings ratio for Lam Research is 39.75, significantly higher than the industry average of 32.07 [11] - Earnings estimates for fiscal 2026 and 2027 imply year-over-year increases of approximately 27.1% and 25.6%, respectively, with recent upward revisions in estimates [14]

Investment Rating - The report maintains an "Overweight" rating for the semiconductor industry [1] Core Insights - The storage supercycle remains a key theme for the semiconductor industry in 2026, driven by strong demand and limited supply [20][21] - Major technology companies are increasing their capital expenditure (Capex) forecasts, which supports the positive outlook for the storage market [22] - The report highlights the importance of advanced packaging and the potential for new technologies like CPO (Chiplet Packaging Optimization) to enhance system performance [15][14] Summary by Sections Storage Market - The storage market is entering a seller's market characterized by rising prices and demand, with DRAM ASPs increasing approximately 40% for Samsung and 20% for SK Hynix in Q4 2025 [4][20] - The report anticipates that DRAM prices will continue to rise in Q1 2026, with a forecasted increase of 90-95% for conventional DRAM [25] - Supply constraints are expected to persist, with capital expenditures focused on HBM and advanced processes rather than broad capacity expansion [21][4] Advanced Packaging - Advanced packaging is becoming a critical area of focus, with companies like Intel and Samsung investing in 2.5D/3D packaging technologies [14] - The demand for advanced packaging is expected to grow as cloud service providers increase their capital expenditures and accelerate in-house chip development [15] CPO (Chiplet Packaging Optimization) - CPO is projected to gain traction, with NVIDIA showcasing its CPO solutions that significantly enhance system-level efficiency [15] - The report notes that CPO applications are expected to transition from scale-out to scale-up, improving bandwidth density and energy efficiency [15] Capital Expenditure Trends - North American tech giants are significantly increasing their Capex forecasts for 2026, with estimates reaching approximately $655 billion, a 60% year-over-year increase [22] - This increase in Capex is expected to support ongoing demand for high-performance storage solutions and AI applications [22][24]

Vi e w p o i n t | 20 Feb 2026 11:21:44 ET │ 17 pages US Semiconductor Equipment SPIE 2026 Investor Packet CITI'S TAKE We will be attending the SPIE Advanced Lithography conference from Feb 22-26 in San Jose, California, and hosting meetings with Lam Research, KLA and Applied Materials management teams. The conference features keynotes by a) SK Hynix on HBM technology evolution b) high-NA EUV/process control updates by ASML/IBM/TSMC, and c) Advanced packaging solutions presentations by Rapidus/Micron. Moreo ...

21 February 2026 | 12:05PM EST Equity Research GLOBAL TECHNOLOGY: SEMICONDUCTOR CAPITAL EQUIPMENT Raising 2026/27 WFE estimates, driven by memory and foundry strength Bottom Line: Positive semiconductor CapEx datapoints during 4Q earnings season drive our WFE estimates meaningfully higher. We raise our 2026/27/28 WFE estimates to $132/$160/$174 bn (+20%/+21%/+9%) from $124/$132/$144 bn (+11%/+6%/+9%) previously, reflecting recent CapEx revisions and a more constructive outlook from SPE suppliers. We see mem ...

Key Takeaways Lam Research and ASML are benefiting from AI-driven chip demand and capacity expansion.LRCX projects 20% revenue growth in fiscal 2026-2027 with faster EPS gains than ASML.LRCX trades at a lower forward P/E than ASML, offering stronger upside potential.Lam Research Corporation (LRCX) and ASML Holding N.V. (ASML) are leading semiconductor equipment manufacturers that supply critical tools used in chip production. The two companies are playing a critical role in powering the artificial intellige ...

$135 Billion WFE Outlook With Spillover Into 2027Arya said meetings with Lam CFO Doug Bettinger reinforced management's confidence that clean-room constraints — not demand — will limit the upcycle.The semiconductor sector is witnessing a remarkable upswing in demand, particularly in wafer fabrication equipment (WFE), the analyst said.This surge is mainly capacity-driven, suggesting a strong year ahead for companies like Lam and Applied Materials, Inc (NASDAQ:AMAT) , which are well-prepared to meet this risi ...

Group 1 - Whales have adopted a bearish stance on Lam Research, with 52% of trades being bearish and only 26% bullish, indicating a cautious outlook among large investors [1] - The total amount for put options is $1,474,210, while call options total $1,682,957, suggesting a higher interest in bearish positions [1] - Analysts have set an average price target of $276.2 for Lam Research, reflecting a potential upside from the current trading price [5] Group 2 - The price of Lam Research (LRCX) is currently at $234.6, down by 2.29%, with a trading volume of 2,571,424 [6] - The projected price range targeted by whales over the last three months is between $120.0 and $270.0, indicating a wide range of expectations [2] - The next earnings report for Lam Research is anticipated in 62 days, which could influence future trading activity [6]

Core Viewpoint - Lam Research Corp. is expanding its operations in Boise, Idaho, to support the growth of U.S. semiconductor manufacturing, particularly in collaboration with Micron Technology, Inc. [1] Group 1: Company Expansion - Lam Research has opened a new 9,200 sq. ft. office in Boise, which will initially support approximately 150 personnel focused on research, development, and manufacturing of advanced memory technology [1] - This expansion is part of a multi-year strategy to enhance operational and innovation capabilities to support chipmakers in the AI era [1] Group 2: Collaboration with Micron - Micron Technology, headquartered in Boise, has recognized Lam Research as the Outstanding Front End Equipment Supplier of the Year in 2025, highlighting the strong partnership between the two companies [1] - Micron's operations in Boise are crucial for U.S. technology leadership, and Lam's advanced tools enable the production of high-performance memory chips with atomic-level precision [1] Group 3: Economic and Community Impact - The new office and fabrication equipment from Lam Research are expected to strengthen Idaho's position in semiconductor manufacturing, contributing to job creation and economic growth in the region [1] - Local leaders, including U.S. Senator Jim Risch, emphasized the importance of American-made semiconductors for national security and economic stability [1]

Core Viewpoint - Applied Materials (NASDAQ: AMAT) is gaining renewed interest from analysts, who believe the company is well-positioned for growth in both market-driven and share-driven scenarios [1]. Group 1: Analyst Insights - TD Cowen analyst Krish Sankar raised the price target for Applied Materials to $450.00 from $315.00 while maintaining a "Buy" rating [1]. - The research firm anticipates stronger semiconductor equipment demand in 2026, with over 20% system growth expected for both Applied Materials and Lam Research, surpassing competitors ASML and KLAC [2]. Group 2: Market Position - Applied Materials and Lam Research together account for approximately 30% of the global wafer fabrication equipment (WFE) market, raising questions about whether the overall WFE market will grow by 20% or if share gains will be driven by increased deposition and etch intensity due to DRAM node complexity and GAA foundry transitions [3]. - Regardless of the growth driver, Applied Materials is seen as well-positioned to benefit from these trends, with a price target set at $450 [3]. Group 3: Company Overview - Applied Materials, Inc. is a leader in materials engineering solutions, providing manufacturing equipment, services, and software to the semiconductor, display, and related industries [4].

达利欧（Ray Dalio）最新观点和持仓都来了！ 近日，全球最大的对冲基金桥水基金创始人、亿万富翁瑞·达利欧正在向充斥着资产价格飙升的市场传递一个 简单却令人不安的信息：财富只是一个数字，除非它能转化为你真正能花费的现金。他表示，今天美国的"财 富与货币（wealth to money）"比例约为850%。这一水平类似于1929年金融危机前和2000年互联网泡沫破裂前 的峰值。 与此同时，桥水基金最新披露的美股持仓报告显示，2025年第四季度大举加码科技股与黄金概念股，包括英伟 达、亚马逊与美光科技，同时增持全球大型黄金生产商纽蒙特。减持幅度最大的五只股票包括Uber、费哲金融 服务、Google、Meta以及微软。 达利欧预警 全球最大对冲基金桥水基金近日披露了其最新的13F表格文件，详细说明了其在美国的股票持股情况。 桥水基金在第四季度增持了以人工智能为核心的股票，如NVIDIA、亚马逊和美光科技，以及全球最大黄金生 产商之一纽蒙特的股票。另外，第四季度投资组合总市值达到274亿美元，较上一季度增长7.4%。前十名持仓 占总投资组合价值的36.33%，其中NVIDIA和亚马逊的持仓数量显著增加。 近日， ...