Lam Research (LRCX) closed the latest trading day at $752.02, indicating a -0.68% change from the previous session's end. The stock's performance was behind the S&P 500's daily loss of 0.15%. Elsewhere, the Dow lost 0.42%, while the tech-heavy Nasdaq added 0.09%.The semiconductor equipment maker's shares have seen an increase of 2.93% over the last month, surpassing the Computer and Technology sector's gain of 1.19% and falling behind the S&P 500's gain of 3.5%.The investment community will be closely monit ...

The most recent trading session ended with Lam Research (LRCX) standing at $736.93, reflecting a -1.65% shift from the previouse trading day's closing. The stock trailed the S&P 500, which registered a daily loss of 0.8%. At the same time, the Dow lost 0.76%, and the tech-heavy Nasdaq lost 1.18%.Shares of the semiconductor equipment maker witnessed a gain of 7.48% over the previous month, beating the performance of the Computer and Technology sector with its gain of 2.11% and the S&P 500's gain of 3.4%.Mark ...

The market has been pleased with top memory chipmaker Micron Technology's (MU 1.18%) mounting comeback. Memory chip inventories skyrocketed in 2022 as PC and smartphone sales dropped and Micron's customers pared back spending to manage their cash during the downturn. However, as the generative AI hype has developed into a full-fledged industry with massive growth potential, demand for bleeding-edge memory has ratcheted back up. In anticipation of a multi-year run-up for Micron's sales, especially for AI app ...

Summary of Lam Research Corporation Conference Call Company Overview - **Company**: Lam Research Corporation (NASDAQ:LRCX) - **Date**: November 28, 2023 - **Participants**: Tim Archer (President and CEO), Doug Bettinger (CFO) Key Industry Insights - **Market Trends**: - NAND market is experiencing a downturn, with WFE (Wafer Fabrication Equipment) share expected to be lower due to unfavorable mix [4][5] - DRAM pricing is strengthening, particularly driven by High Bandwidth Memory (HBM) [3] - Foundry logic remains strong at the leading edge, but weaker at mature nodes [3] - **WFE Share Dynamics**: - Current WFE share is at a seven-year low, primarily due to mix issues rather than a loss of market share at the application level [4][6] - NAND WFE is down more than 75% year-over-year, impacting revenue significantly [7] - **Future Opportunities**: - Lam sees potential growth in markets that have fallen the furthest, anticipating a rebound [3] - The company has identified several tech inflections (e.g., advanced packaging, gate-all-around, backside power delivery) that represent $1 billion+ market share growth opportunities [10] Financial Performance and Projections - **Revenue Growth**: - Lam's revenue could continue to grow even if NAND WFE does not return to previous peaks, due to higher capture rates from tech conversions [17][18] - The installed base has grown by approximately 40% since 2019, providing a solid foundation for future revenue generation [36] - **Service Business**: - The customer support business group (CSBG) is a significant revenue generator, with spares and service upgrades being key components [32] - Tools have a long lifespan, often generating more revenue over their lifetime than at initial sale [35] Competitive Landscape - **China Market Dynamics**: - The Chinese market has shown strong growth, particularly in the second half of the year, but there are concerns about sustainability [22][23] - Local Chinese companies are expected to capture a growing share of the WFE market, but Lam believes its technological edge will maintain its competitive advantage [28][30] - **Technology Leadership**: - Lam's access to leading-edge customers is crucial for innovation and maintaining market leadership [30] - The company is focused on advancing technology faster than competitors, particularly in high-tech areas [28] Strategic Focus - **R&D Investment**: - Lam is committed to investing in R&D to expand its served available market (SAM) in foundry logic, which is currently underexposed [50] - The company aims to leverage its expertise in 3D technologies to capture more market share across various device types [15] - **Long-term Growth Potential**: - The company anticipates significant growth opportunities by 2030, projecting a $1 trillion semiconductor industry with a larger share of WFE [51] - Lam's unique position allows for selective growth in underdeveloped areas of the market, presenting a favorable outlook for future profitability [51] Conclusion - Lam Research Corporation is positioned to capitalize on emerging market trends and technological advancements, despite current challenges in the NAND sector. The company's strategic focus on R&D, service revenue, and competitive technology leadership suggests a robust growth trajectory in the coming years.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 24, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-12933 ___________________________________________________________ LAM RESEARCH CORPORATION (Exact name of registrant as specif ...

Financial Data and Key Metrics - September quarter diluted earnings per share was $6.85, exceeding the high end of the guided range [1] - Diluted share count was 133 million shares, down from the June quarter [1] - Inventory turns remained flat at 1.5 times compared to the prior quarter [2] - Non-cash expenses for the September quarter included $67 million for equity compensation, $76 million in depreciation, and $14 million in amortization [2] - Capital expenditures for the September quarter were $77 million, consistent with the June quarter [2] - Revenue for the September quarter was $3.48 billion, up 9% from the prior quarter but down over 30% year-over-year [122] - Deferred revenue balance at quarter end was $1.69 billion, a decrease of approximately $150 million from the June quarter [122] Business Line Data and Key Metrics - Systems revenue in the memory segment was 38% of total revenue, up from 27% in the prior quarter, driven by DRAM growth [123] - DRAM represented 23% of systems revenue, up from 9% in the June quarter [123] - NAND spending was at historic lows, representing 15% of systems revenue, down from 18% in the prior quarter [123] - Foundry segment revenue was 36% of systems revenue, down from 47% in the prior quarter, primarily due to timing of leading-edge investments [124] - Logic and other segments represented 26% of systems revenue, flat with the prior quarter [114] Market Data and Key Metrics - China region revenue reached a high of 48% of total revenue, up from 26% in the prior quarter, with the majority coming from domestic Chinese customers [115] - Korea region revenue was 16% of total revenue, down from 24% in the prior quarter [132] - Customer Support Business Group (CSBG) revenue was $1.4 billion, down 5% sequentially and 25% year-over-year, impacted by low fab utilization rates [132] Company Strategy and Industry Competition - The company is focusing on R&D spending growth in 2024 to capitalize on future opportunities, which may temporarily pause historic leverage [4] - Long-term profitability objectives remain unchanged, with continued emphasis on operational efficiencies [4] - The company is investing in technology inflections such as gate-all-around, dry EUV photoresist, advanced packaging, and backside power distribution, which are expected to drive significant revenue growth [26][27] - The company is expanding its manufacturing, supply chain, and warehousing capabilities in Asia to better serve regional customers [118] Management Commentary on Operating Environment and Future Outlook - Management expects solid performance in both revenue and profitability for the December quarter, with earnings per share guidance of $7 plus or minus $0.75 [3] - The company anticipates that 2024 may be a year of R&D spending growth to take advantage of future opportunities, which could temporarily impact leverage [4] - Management believes that China will remain a strong market, albeit potentially not as strong as in September, and expects other markets to recover, mitigating the China mix [6] - The company sees strong demand for high-bandwidth memory (HBM) and expects this business to grow significantly in the next year [20] Other Important Information - The company returned over 120% of free cash flow to shareholders in the September quarter, including $830 million in share repurchases and $230 million in dividends [127] - The company expects deferred revenue to trend toward more normalized levels within calendar year 2024 [122] - The company is investing in advanced packaging, which is expected to become a $1 billion-plus opportunity over the next several years [26] Q&A Session Summary Question: Impact of China Market on Business - Management believes China will remain strong, though potentially not as strong as in September, and expects other markets to recover, which will help balance the China mix [6] - The company does not see a material impact from recent regulations on its forecasted business, as it has already been restricted in shipping certain technologies to China [7] Question: High-Bandwidth Memory (HBM) and Advanced Packaging - The company sees strong demand for HBM, driven by AI-related applications, and expects this business to grow significantly in the next year [20] - Advanced packaging is expected to become a $1 billion-plus opportunity for the company over the next several years [26] Question: Gross Margin and R&D Spending in 2024 - Management expects gross margins to face headwinds in 2024 due to a potential normalization of customer mix, but long-term profitability objectives remain unchanged [129] - The company plans to increase R&D spending in 2024 to capitalize on future technology inflections, which may temporarily flatten operating leverage [40] Question: DRAM Uptick in the Quarter - The DRAM uptick was driven by strong demand for high-bandwidth memory and increased investment from domestic Chinese customers [110] - The company expects DRAM spending to continue to grow, particularly as the industry transitions from DDR4 to DDR5 [29] Question: Impact of Export Restrictions on Business - The company does not see a material incremental impact from recent export restrictions, as it had already factored in the restrictions on certain technologies [161] - The company expects to continue shipping to China, as customers there have long-term investment roadmaps [57] Question: Timing of Memory Spending Recovery - Management expects memory spending recovery to follow a phased approach, starting with increased utilization, followed by technology upgrades, and then capacity expansion [184] - The company anticipates that spares and upgrades will recover first, followed by new equipment purchases as demand improves [184]

Days Sales Outstanding 73 Days 80 Days $3.7B +/- $300M Elective deferred compensation ("EDC") related liability valuation (decrease) increase - cost of goods sold (591) 4,288 Net income tax benefit on non-GAAP items (3,098) (1,146) Pre-tax non-GAAP items: EDC related liability valuation decrease (increase) 1,773 (12,865) Depreciation Expense $76M $76M LAM LAM RESEARCH Product rationalization - selling, general and administrative — (2,891) LAM R E S E AR C H U.S. GAAP gross margin as a percentage of revenue ...

Lam Research Corporation (NASDAQ:LRCX) Evercore ISI 2023 Semiconductor & Semiconductor Equipment Conference September 6, 2023 10:00 AM ET Company Participants Douglas Bettinger - Executive Vice President and Chief Financial Officer Conference Call Participants C.J. Muse - Evercore ISI Joe McCormack - Evercore ISI C.J. Muse There you go. Perfect. Good morning, everyone. Thanks all for your time. Really delighted to have with us Doug Bettinger, Chief Financial Officer of Lam Research, for our next keynote. Jo ...

Lam Research Corporation (NASDAQ:LRCX) Deutsche Bank 2023 Technology Conference Call August 30, 2023 3:30 PM ET Company Participants Doug Bettinger - CFO Conference Call Participants Sidney Ho - Deutsche Bank Amy Sutter - Deutsche Bank Sidney Ho Okay. Well, good afternoon, everyone. I am Sidney Ho. I cover Semiconductor Semi-Cap Equipment and IT Hardware at Deutsche Bank. The next company we have on stage is Lam Research. Lam is a leading semiconductor capital equipment supplier across memory and foundry a ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 25, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number: 0-12933 LAM RESEARCH CORPORATION (Exact name of registrant as specified in its charter) Delaware 94-2634797 (State or ot ...