LRCX — Lam Research Corporation

Technology · Semiconductor Equipment & Materials

About Lam Research Corporation

Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits in the United States, China, Korea, Taiwan, Japan, Southeast Asia, and Europe.

The semiconductor-equipment industry

Semiconductor-equipment makers sell the machines and materials that chip factories use to actually build chips — deposition, etch, lithography, cleaning, inspection and process control. It is a highly concentrated, high-margin industry in which a handful of firms are effectively unavoidable for anyone building leading-edge capacity: a “picks-and-shovels” layer one level below the chipmakers themselves. As AI pushes fabs to expand, move to more advanced nodes and ramp high-bandwidth memory, equipment demand rises — though the business is cyclical and heavily exposed to China export restrictions. Lam Research specializes in etch and deposition — steps that matter especially for the advanced memory and 3D chip structures used in AI.

Key data · delayed ~15 min, as of 10 July 2026

Valuation read

What the price implies: the market is pricing in roughly ~19%/yr earnings growth (punchy), on a reverse-DCF of forward earnings ($8.03). Run your own assumptions in the fair-value calculator.

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Market data is delayed ~15 minutes and provided for education, not as financial advice. "Hot" means attention, not direction.