Lam Research2026-10-23 05:29:15Lam Research posts record $8.22 billion quarter as China revenue share rebounds to 35%Lam Research reported record results for the quarter ended Sept. 27, with revenue reaching $8.22 billion, up 22% from $6.72 billion in the June quarter and above $5.32 billion a year earlier. The company said revenue, profit and diluted earnings per share all set records. Under U.S. GAAP, gross margin came in at 52.3%, operating margin at 40.0%, and diluted EPS at $2.19. CEO Tim Archer said rising AI-driven semiconductor demand and growing chip complexity helped support the quarter, while strategic investments in technology transitions and capacity are beginning to pay off. Regional disclosures in Lam Research’s 10-Q showed China accounted for 35% of revenue in the September quarter, up from 26% in the prior quarter, while Taiwan fell to 18% from 27%. The filing also said expanded U.S. export licensing requirements have already reduced the market for Lam products in China and hurt revenue, with the impact potentially increasing. For the December quarter, Lam Research guided for $8.6 billion in revenue, plus or minus $400 million.30
Bernstein2026-10-23 05:00:16Bernstein keeps Outperform on Lam Research after earnings beat, says 2027 WFE outlook is capped by cleanroom limitsLam Research posted fiscal 2027 first-quarter results slightly above consensus, with revenue of $8.222 billion, EPS of $2.20, and gross margin of 52.4%, the company’s highest level in 20 years. Bernstein said the upside was driven mainly by systems revenue, with foundry revenue up 41% quarter over quarter, NAND up 52%, DRAM up 17%, and logic up 8%. China revenue rose to 35% of total sales from 26% in the prior quarter, though the firm said that concentration looks like quarterly volatility rather than a lasting shift. For the fiscal second quarter, Lam guided to $8.6 billion in revenue, in line with consensus, while management said supply-chain constraints weighed on shipments and any delayed deliveries from the December quarter would be completed in the March quarter. Lam also introduced a calendar 2027 wafer fab equipment, or WFE, outlook of at least $200 billion. Bernstein argued that demand is not the issue; cleanroom space remains the hard constraint. The broker raised its revenue and EPS forecasts for fiscal 2027 through 2029, but cut its valuation multiple to 30x from 35x and lowered its price target to $350 from $385, while maintaining an Outperform rating.20
Meta2026-10-22 11:52:21Meta capex hits $34.91 billion as DeepSeek is reportedly raising $15 billionMeta’s third-quarter capital spending climbed to $34.91 billion, topping its $32.786 billion in operating cash flow and pushing free cash flow from a positive $10.625 billion a year earlier to negative $2.12 billion. The company reported $64.601 billion in revenue, up 26% year over year, while operating profit fell about 37% to $12.988 billion, with a $9.89 billion legal settlement weighing on the quarter. Excluding that item, operating profit was about $22.878 billion. Meta also narrowed its full-year capex guidance to $135 billion-$145 billion from $130 billion-$145 billion. DeepSeek, according to Bloomberg and Reuters reports citing people familiar with the matter, is close to completing a roughly RMB 100 billion financing round, or about $15 billion, at a pre-money valuation of around RMB 500 billion, or about $74.9 billion. Tencent and CATL were named as key investors. The reports said the company has been increasing spending on AI data centers and open-source model development while preparing for a potential IPO. In semiconductor equipment, Lam Research posted record quarterly revenue of $8.219 billion, up about 54% year over year, while Besi reported third-quarter orders of €342.6 million, up 96% from a year earlier, though some deliveries have been pushed into the first half of 2027.00
advanced pack2026-10-19 03:09:11ASML, Applied Materials and Lam Research Push Deeper Into Advanced Packaging as Besi Faces PressureAdvanced packaging is turning into a new battleground for semiconductor equipment makers, and the pressure is already showing up in the market. In early October, Bank of America cut its rating on Dutch packaging equipment supplier Besi, citing concerns that ASML could enter the hybrid bonding equipment market and that demand for HBM-related tools may be delayed. Besi shares fell 5.39% on Oct. 6 and another 8.49% the next day after UBS also downgraded the stock, leaving the company down about 13.4% over two trading sessions. At the same time, Applied Materials and Lam Research are expanding their positions through different routes. Applied Materials widened its work with Besi and Intel in the first week of October, covering hybrid bonding, thermocompression bonding, chip-to-panel integration and Intel’s Foveros 3D packaging. Lam Research is building out its presence in TSV and 3D interconnect equipment through etch, deposition and copper plating. ASML, for its part, has already delivered its TWINSCAN XT:260 system for advanced packaging and has been reported to be developing hybrid bonding equipment. The result is a shift in an industry that once had a clearer split between front-end and back-end tools. As packaging moves closer to wafer-level precision and materials engineering, the contest is no longer limited to traditional packaging specialists.340
Lam Research2026-08-26 20:57:10Lam Research begins work on AI semiconductor R&D lab in OregonLam Research has started construction on a new research and development laboratory in Oregon focused on artificial intelligence semiconductors, according to Techub News, which cited Crypto Briefing. The chip equipment maker said the facility is intended to speed up innovation in AI semiconductors. The report also said the lab could reshape industry standards and the global market structure tied to the sector. No additional construction details, investment size, or timeline were disclosed in the brief.1010
Lam Research2026-08-24 13:54:01Lam Research posts record $6.72 billion fourth-quarter revenue as AI demand lifts outlookTechub News reported that semiconductor equipment maker Lam Research posted fourth-quarter revenue of $6.72 billion, up 30% from a year earlier and a record for the company. Lam Research also said it expects first-quarter revenue in fiscal 2027 to reach $8.1 billion. The company tied that outlook to accelerating demand for artificial intelligence.1070
Lam Research2026-07-30 00:42:18Lam Research rises 6.58% after hours as earnings and outlook beat estimatesLam Research reported results for the fourth quarter of fiscal 2026 that came in above market expectations, sending its shares up 6.58% in after-hours trading at the time of writing. The semiconductor equipment maker posted earnings per share of $1.82, ahead of the $1.69 consensus estimate, while revenue reached $6.72 billion versus an expected $6.66 billion. The company also issued guidance for the first quarter of fiscal 2027 that topped forecasts on both profit and sales. Lam Research said it expects EPS of $2.00 to $2.30, above the market estimate of $1.81, and revenue of $7.7 billion to $8.5 billion, compared with an expectation of $7.0 billion. The company said ongoing AI data center buildouts, demand for memory chips, and continued growth in semiconductor capital spending remain the main drivers of its business.2360
Bernstein2026-07-13 10:33:30Bernstein says chip equipment stocks may hold up even if memory pulls backBernstein said in a July 13 report that memory stocks have outperformed semiconductor equipment names by 661 percentage points since June 2025, raising a market concern over whether equipment shares would fall if memory reverses. Looking at a decade of historical data, the firm said the two groups have not been tightly linked over the long run, with correlation staying low and equipment stocks twice posting independent gains during weaker periods for memory. Those divergence windows lasted about two years each, according to the report. Bernstein also pointed to a longer stretch from 2019 to mid-2025, when memory lagged equipment for six years, only catching up in February 2026 after reaching a 36x cumulative gain over 15 years. The report said memory then accelerated and built up excess returns to an extreme level. If mean reversion takes place, equipment names could see relative outperformance. Bernstein cited SK Hynix’s $67 billion expansion plan and said equipment orders represent more certain revenue. It kept Outperform ratings on Applied Materials, Lam Research and ASML, with price targets of $525, $340 and €2,300, respectively.2100
