Lam Research reported FY2025 revenue of $18.4 billion and fiscal Q3 2026 revenue of $5.8 billion. The thesis turns on wafer-fab equipment demand, memory spending, China restrictions, service durability and cash conversion.
LRCX: wafer-fab upside still has to survive the memory cycle
NASDAQLRCXCoverage BootstrapLam Research Corporation
Thesis summary
Lam Research reported FY2025 revenue of $18.4 billion and fiscal Q3 2026 revenue of $5.8 billion. The thesis turns on wafer-fab equipment demand, memory spending, China restrictions, service durability and cash conversion.
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