Investment Rating - The report does not explicitly state an investment rating for Lam Research, but the strong performance and growth indicators suggest a positive outlook for the company. Core Insights - Lam Research delivered a strong performance in 4Q2025, with revenue reaching $5.17 billion, up approximately 9.5% quarter-over-quarter, and non-GAAP EPS hitting a record high of $1.33, significantly up from $1.04 in 3Q [1][7] - The company is experiencing robust growth momentum, with FY2025 revenue reaching $18.44 billion, a year-over-year increase of about 23.7% [1][7] - The balance sheet remains sound, with net accounts receivable of $3.228 billion and inventory of $4.463 billion [1][7] Summary by Sections Financial Performance - In 4Q, Lam Research's systems revenue was dominated by the foundry segment, accounting for 52% of total revenue, driven by AI-related transistor performance demands [3][9] - Non-volatile memory (NVM) contributed 27%, aligning with NAND customers converting capacity to ≥200 layers, while DRAM made up 14% [3][9] - The customer support business group generated $1.73 billion in 4Q revenue, maintaining stable performance with a 3% quarter-over-quarter increase [3][10] Market Trends and Technology - The company continues to make breakthroughs in critical technology areas, with significant momentum in Equipment Intelligence-enabled Dextro cobots and investments in GAA, advanced packaging, HBM, and NAND layer conversions [2][8] - The 2025 served available market (SAM) is expected to account for over 30% of wafer fabrication equipment (WFE) [2][8] - ALTUS Halo ALD Mo technology is rapidly being adopted, driving a threefold increase in metallization SAM per wafer [2][8] Outlook - Lam Research raised its 2025 WFE spending forecast to approximately $105 billion, primarily driven by increased domestic spending in China [4][11] - For 1Q2026, the company projects revenue of $5.2 billion ± $300 million, with a non-GAAP gross margin of 50.0% ± 1% [4][11] - Long-term, the company anticipates expanding its SAM to over 30% of WFE and capturing more than 50% of incremental SAM [4][11]