Lam Research Corporation September quarter 2025 financial results October 22, 2025 Cautionary statement regarding forward-looking statements This presentation and the accompanying discussion contain "forward-looking statements" under U.S. securities laws. Forward-looking statements include any statements that are not statements of historical fact. Examples of forward-looking statements include, but are not limited to: (1) anticipated business, balance sheet, cash flow and financial measures and results and ...

Core Viewpoint - Lam Research Corp (NASDAQ:LRCX) is positioned favorably due to its strong link to memory spending, which is expected to increase in the second half of 2026, alongside gaining market share and introducing new products [1][2]. Group 1: Company Performance - Lam Research is a global leader in wafer fabrication equipment for semiconductor production, particularly in the memory (NAND and DRAM) and foundry/logic markets [3]. - The company was purchased by Artisan Value Fund at approximately $60, nearly 50% below its July 2024 highs, indicating a strategic investment during a market downturn [3][4]. - Lam Research has a solid financial condition with a net cash balance sheet and returns 100% of earnings to shareholders through share repurchases and dividends [3]. Group 2: Market Trends - Analysts predict that memory spending will need to increase due to supply constraints, which bodes well for Lam Research's future performance [2]. - The semiconductor and semiconductor equipment sectors faced significant pressure at the beginning of the year, creating potential long-term buying opportunities for value investors [3].

Group 1: Lam Research (LRCX) - Lam Research is essential to the semiconductor industry, providing crucial equipment for wafer fabrication, particularly in etch and deposition [2][3] - The company reported a record earnings per share (EPS) and a gross margin exceeding 50% for the fourth consecutive quarter [3] - Despite its strong fundamentals, LRCX stock is likely to remain rangebound, with recent price action constrained by Bollinger Bands and limited momentum indicators [4][6] Group 2: Arista Networks (ANET) - Arista Networks has benefited from significant capital expenditure by AI hyperscalers, positioning itself as a market leader in data center switching [7][8] - The stock has risen over 73% in the past 12 months, but trades at a high valuation of over 55x earnings, raising concerns about its premium compared to historical averages [8][10] - ANET stock is currently facing resistance near its all-time high, with momentum indicators suggesting it may be approaching oversold territory [10] Group 3: Shopify (SHOP) - Shopify is a leading e-commerce company, but its stock has declined over 7.5% in the 30 days ending September 9, despite a 32% increase following a strong earnings report [11][12] - The stock trades at approximately 92x earnings, significantly higher than its three-year average, indicating potential for further profit-taking [12][14] - Analysts are raising price targets for SHOP stock, with firm support around $137, suggesting that investors may not have to wait long for a positive turn [14][15]