And right now we are 2 minutes away from the end of the trading day. Romaine Bostick alongside Katie Greifeld, taking you through to that closing bell with a global simulcast. We're joined now by Carol Massar and Tim Stenovec, both in the radio booth as we welcome our audiences across all of our platforms, including our partnership with YouTube, to parse the most crucial moments of the day.And Carol, nothing is more crucial right now than the news that just crossed the wire that Charlie xcx is back in the s ...

Core Insights - Lam Research Corporation (NASDAQ:LRCX) has shown strong quarterly earnings, with Q4 2025 earnings reaching $1.33 per share, surpassing the consensus estimate of $1.2 per share [2] - The company's revenue for the quarter increased to $5.17 billion, and its annual revenue for FY25 was reported at $18.44 billion, up from $14.91 billion the previous year [2][3] - Analyst opinions are mixed, with Morgan Stanley upgrading the stock while KeyBanc downgraded it, reflecting differing views on the stock's recent performance [3] Financial Performance - Q4 2025 earnings per share: $1.33, exceeding the estimate of $1.2 [2] - Quarterly revenue: $5.17 billion [2] - Annual revenue for FY25: $18.44 billion, compared to $14.91 billion in the previous year [2] Analyst Opinions - Morgan Stanley upgraded LRCX from Underweight to Equal Weight and raised the price target from $92 to $125 [3] - KeyBanc downgraded the stock from Overweight to Sector Weight, citing a significant recent rally in shares [3] Market Position - Lam Research has a market capitalization of $161.83 billion, indicating strong demand in the semiconductor equipment sector [3] - The company is recognized as a leading global supplier of wafer fabrication equipment and services, specializing in critical manufacturing processes for integrated circuits [4]

Trade Policy & Semiconductor Industry Impact - The Trump administration is considering tariffs on foreign electronic devices based on the number of chips they contain, aiming to incentivize companies to shift production to the US [1] - The US Department of Commerce would impose tariffs equivalent to a percentage of the estimated value of the chips in imported products [1] - The proposed plan could affect a wide range of consumer products, from toothbrushes to laptops [1] Potential Compliance & Supply Chain Adjustments - A new plan under consideration aims for chip companies to match the number of semiconductors produced in the US with the number their customers import from overseas [2] - Companies might face tariffs if they fail to maintain a 1:1 ratio of US-made to imported chips in the long term [2] - Companies like Apple would need to track the origin of all chips and collaborate with chip manufacturers to gradually match US and overseas production volumes [2]

Group 1 - Xiaomi is planning to develop a new high-end chip for its smartphones, but it will not release one annually like Apple does [4] - Xu Fei, the vice president at Xiaomi, discussed the company's ambitions in the semiconductor industry [4]

Market Overview - The Shanghai Composite Index experienced slight fluctuations in the morning, while the ChiNext Index surged over 2%, with major stocks like CATL rising over 5% [1] - As of the midday close, the Shanghai Composite Index rose by 0.16%, the Shenzhen Component Index increased by 1.14%, and the ChiNext Index gained 2.22% [1] - The trading volume in the Shanghai and Shenzhen markets reached 1.54 trillion yuan, an increase of 134.8 billion yuan compared to the previous trading day [1] Sector Performance AI Industry - The AI industry chain led the market, with stocks like Inspur Information and Yonyou Network hitting the daily limit [1] Gaming Sector - Gaming stocks showed strong performance, with Ice Glacier Network rising over 8% [1][5] - In September, 156 games were approved, indicating a robust supply-demand dynamic in the gaming industry [5] Nonferrous Metals - The nonferrous metals sector saw an initial rise, with stocks like Precision Instrument and Northern Copper hitting the daily limit [3] - A recent landslide at Freeport McMoRan's Grasberg mine has raised global copper prices significantly, with LME copper rising by 3.27% to $10,320 per ton [3] Nuclear Fusion - The nuclear fusion sector remained active, with stocks like Hahai Huaton and Hezhu Intelligent hitting the daily limit [4] - China's fusion company plans to build a high-temperature superconducting fusion device, indicating a long-term growth trend in the industry [4] Wind Power - The wind power sector was active, with stocks like Jixin Technology hitting the daily limit [7] - A report from Wood Mackenzie predicts that global annual wind power installations will exceed 170 GW over the next five years [7] Institutional Insights Market Trends - Dongfang Securities noted that the market is in a "slow bull" trend, with technology stocks, especially in the semiconductor sector, remaining strong due to breakthroughs in domestic photolithography [8] - Xinda Securities predicts that the stock market is likely entering a main upward wave, with increased resident capital expected [9] AI Hardware and Chip Demand - Tianfeng Securities highlighted the growth in demand for chips driven by AI hardware penetration, with optimistic future prospects for domestic chip suppliers [10] Long Video Industry - CITIC Securities anticipates policy benefits for the long video industry, which may enhance production capacity and improve financial performance for content creators [11]

Core Insights - Sterling Infrastructure, Inc. (STRL) is establishing a significant presence in the development of America's digital infrastructure, with Q2 2025 revenues increasing by 21% year-over-year to $614.5 million and adjusted EPS rising by 41% to $2.69, alongside meaningful margin expansion [1][11] E-Infrastructure Solutions - The E-Infrastructure Solutions segment is experiencing explosive demand, particularly from data centers and e-commerce facilities, with data centers now representing 62% of the E-Infrastructure backlog and revenues from this market more than doubling year-over-year [2][11] Backlog and Acquisitions - STRL has a robust backlog of $2 billion, including $1.2 billion in E-Infrastructure, providing multiyear visibility. The upcoming acquisition of CEC Facilities Group will enhance Sterling's electrical and mechanical capabilities, positioning the company as a strategic partner in complex facility development [3][11] Macro Trends - Favorable macro trends include rising capital expenditures from hyperscale tech firms, a pipeline of semiconductor plants, and accelerating e-commerce buildouts, aligning with Sterling's strengths. Although there are near-term challenges in the Building Solutions segment, the diversified portfolio mitigates risks [4][11] Competitive Landscape - STRL faces competition from major players like Quanta Services and MasTec, both of which are well-positioned in the digital and clean energy sectors. Quanta Services focuses on utility and grid modernization, while MasTec is expanding in telecommunications and renewable infrastructure [6][8][9] Stock Performance - STRL's stock has surged by 59.9% over the past three months, outperforming the Zacks Engineering - R and D Services industry, the broader Zacks Construction sector, and the S&P 500 index [10] Valuation and Earnings Estimates - Sterling's stock is trading at a premium with a forward 12-month P/E ratio of 32.96. Earnings estimates for 2025 and 2026 have increased to $9.57 and $10.98 per share, reflecting year-over-year growth of 56.9% and 14.7%, respectively [12][14]

Core Viewpoint - Lam Research (LRCX) is a leading global supplier of wafer fabrication equipment and services to the semiconductor industry, currently valued at $151.9 billion [1]. Group 1: Company Overview - Lam Research provides products and services that enable customers to create smaller and higher-performing electronic devices used in mobile phones, personal computers, servers, wearables, automotive vehicles, and data storage devices [2]. - The customer base includes major semiconductor memory, foundry, and integrated device manufacturers producing non-volatile memory, dynamic random-access memory, and logic devices [2]. Group 2: Stock Performance - LRCX has shown strong technical momentum, gaining 58% over the past year and 14.56% since a "buy" signal was issued on September 8 [3][6]. - The stock reached an all-time high of $121.26 during intraday trading on September 17 [5]. - In the last month, LRCX made 13 new highs and increased by 21.77% [7]. Group 3: Technical Indicators - Lam Research maintains a 100% "Buy" rating from Barchart, with a Weighted Alpha of +79.18 [6][7]. - The stock is trading above its 20-, 50-, and 100-day moving averages, indicating strong performance [7]. - The Relative Strength Index (RSI) is at 78.75%, suggesting the stock is in a strong upward trend [7].

Group 1 - The semiconductor sector is experiencing significant interest from investors, with the China-Korea Semiconductor ETF (513310) attracting a net inflow of 267 million yuan over four trading days, reaching a record high of 1.206 billion yuan in total assets [1] - The trading volume of the China-Korea Semiconductor ETF has also increased, maintaining daily trading volumes above 4 billion yuan during the same period, indicating strong liquidity [1] - The underlying index of the ETF, which tracks 15 leading semiconductor companies in China and Korea, has seen a 36.62% increase over the past six months, outperforming major technology indices [1] Group 2 - Recent events in the semiconductor industry include China's anti-dumping investigation into imported analog chips from the U.S. and the launch of self-developed chips by domestic internet leaders, indicating a steady push for domestic substitution [2] - The China-Korea Semiconductor ETF is the first product to adopt a cross-border index, reflecting trends in both countries' semiconductor industries and offering investors a unique opportunity to capitalize on growth in this sector [2] - The ETF supports T+0 trading, providing investors with flexibility, and is positioned to benefit from the ongoing advancements in both Chinese and Korean semiconductor technologies [2] Group 3 - The China-Korea Semiconductor ETF was established on November 2, 2022, and has reported returns of 27.70%, 15.87%, and 17.10% for the years 2023, 2024, and the first half of 2025, respectively [3] - The performance of the ETF has been competitive compared to its benchmark, which had returns of 27.94%, 16.80%, and 16.90% during the same periods [3] - The fund has been managed by Liu Jun and Li Mu Yang since its inception [3]

Core Thesis - Lam Research Corporation (LRCX) is viewed positively due to its strong market position in the semiconductor equipment sector, particularly in etching and deposition technologies, with significant market shares of approximately 55% in etch and 24% in deposition [2][4] Company Overview - Founded in 1980, Lam Research has established itself as a leader in advanced etch technologies, holding over 90% market share in high-margin segments such as HAR etch for 3D-NAND and selective etch at the atomic scale [2] - The company operates with an asset-light model, maintaining capital expenditures typically below 6% of revenue, which enhances operational efficiency compared to competitors like Applied Materials and Tokyo Electron [3] Financial Performance - LRCX's complex etch segment accounts for 40-45% of total etch revenue and is considered non-discretionary for customers, providing insulation from semiconductor cycle volatility [3] - The Customer Support Business Group contributes 30-35% of high-margin recurring revenue, further stabilizing the company's financial performance [3] - Current market pricing reflects only about 9% free cash flow growth, while forecasts suggest a more reasonable 20% compound annual growth rate (CAGR) before moderating [4] Investment Potential - LRCX is positioned to capture substantial high-margin revenue growth as semiconductor demand increases, particularly in advanced etch for next-generation logic and memory [4] - The company boasts top-tier returns on invested capital exceeding 30% and superior efficiency among peers, making its current trading multiple attractive relative to its capital productivity [4] - The stock has appreciated approximately 21% since previous bullish coverage, indicating a positive market response to its growth potential [5]

Market Overview - The three major A-share indices showed mixed results on the 15th, with the Shanghai Composite Index down by 0.26%, the Shenzhen Component Index up by 0.63%, and the ChiNext Index up by 1.52% [2] - The total trading volume in the Shanghai and Shenzhen markets was 23,031 billion yuan, a decrease of 2,452 billion yuan compared to the previous day [2] Sector Performance - Over 3,300 stocks in the market experienced declines [2] - The gaming, pork, film and television, automotive parts, and CRO concept stocks saw the largest gains [2] - Conversely, the precious metals, military equipment, and copper cable high-speed connection sectors faced the most significant declines [2] Notable Stocks - The automotive parts sector had multiple stocks surge, with companies like Shanzhi Gaoke, Zhejiang Sebao, and Wanxiang Qianchao hitting the daily limit [2] - The gaming sector experienced high volatility, with Xinghui Entertainment reaching the daily limit and Perfect World also closing strong [2] - Pork stocks saw afternoon gains, with Aonong Biological and Delisi hitting the daily limit, while Tiankang Biological, Lihua Shares, and Longda Meishi showed notable increases [2] Sector Movements - Semiconductor, battery, and computing power sectors exhibited fluctuations during the trading session [2] - On the downside, the precious metals sector saw multiple stocks adjust, with Xiaocheng Technology dropping over 5% at the close [2] - The military equipment sector also faced downward pressure, with China Satellite, Aerospace Hongtu, and LIGONG Navigation showing significant declines [2]