ASML's latest results underline how deeply artificial intelligence spending is reshaping the semiconductor supply chain. The Dutch chip equipment maker reported a sharp jump in orders and issued stronger-than-expected guidance for 2026, signalling that demand from chipmakers building AI capacity remains resilient. ...

Core Insights - The Artisan Value Fund's third-quarter 2025 performance was positive, with returns of 0.83% for Investor Class ARTLX, 0.91% for Advisor Class APDLX, and 0.90% for Institutional Class APHLX, compared to a 5.33% return for the Russell 1000 Value Index [1] Company Highlights - Lam Research Corporation (NASDAQ:LRCX) was highlighted as a significant stock in the Artisan Value Fund's third-quarter 2025 investor letter, with a one-month return of 15.04% and a 52-week gain of 146.81% [2] - As of December 26, 2025, Lam Research Corporation's stock closed at $178.07 per share, with a market capitalization of $224.552 billion [2] Investment Strategy - The Artisan Value Fund made three new purchases in Q2 2025, including Lam Research Corporation, which became a top contributor to returns in Q3 [3] - Lam Research is recognized as a key global supplier of semiconductor equipment, particularly in the memory (NAND and DRAM) and foundry/logic markets [3] - The company has a solid financial condition with a net cash balance sheet and returns 100% of earnings to shareholders through share repurchases and dividends [3] - At the time of initial purchase, Lam Research was valued at a 17X P/E on cyclically depressed earnings, which was considered an attractive valuation given the business's compounding nature [3]

Core Viewpoint - Applied Materials' shares experienced a significant decline of over 7% in premarket trading due to warnings about stricter US export controls impacting spending in China next year [1] Company Summary - Applied Materials is a chip equipment manufacturer facing challenges from new US export regulations [1] - The company anticipates that these regulations will lead to reduced capital expenditures in China, a key market for its products [1] Industry Summary - The semiconductor equipment industry is likely to be affected by tightening export controls, which may hinder growth prospects in major markets like China [1] - Stricter regulations could lead to a slowdown in investment and spending within the semiconductor sector, impacting overall industry performance [1]

Core Viewpoint - Applied Materials shares fell by 5% prior to market opening on Friday due to a forecast indicating reduced spending in China next year, attributed to stringent U.S. export restrictions [1] Group 1 - The company is a chip equipment maker facing challenges in the Chinese market [1] - The forecasted reduction in spending is a direct consequence of U.S. export curbs [1]

Core Viewpoint - In April, Japan's semiconductor equipment sales reached a record high, marking a significant year-on-year increase, indicating strong growth in the industry [1] Group 1: Sales Performance - Japan's semiconductor equipment sales amounted to 447.038 billion yen in April, setting a historical record since statistics began in 1986 [1] - The sales figure represents a year-on-year increase of 14.9%, continuing a growth trend for the 16th consecutive month [1]