After a rough 2024 that saw Lam Research Corporation (LRCX) decline 7.8%, the stock has staged an impressive comeback in 2025, rising 15.5% year to date. This rebound has placed Lam ahead of key semiconductor peers like Marvell Technology, Inc. (MRVL) , Broadcom Inc. (AVGO) and Cirrus Logic, Inc. (CRUS) , all of which have struggled to match its momentum.YTD Price Return PerformanceImage Source: Zacks Investment ResearchWhile the broader Zacks Electronics – Semiconductors industry has declined 6% this year, ...

Lam Research Corporation (NASDAQ:LRCX) Investor Day 2025 Conference February 19, 2025 9:00 AM ET Company Participants Ram Ganesh - VP of IR Timothy Archer - President and CEO Sesha Varadarajan - SVP Global Products Group Douglas Bettinger - EVP, CFO Conference Call Participants Srinivas Pajjuri - Raymond James Harlan Sur - J.P. Morgan Mehdi Hosseini - Susquehanna Vijay Rakesh - Mizuho Securities Craig Ellis - B. Riley Securities Charles Shi - Needham Brian Chin - Stifel Vivek Arya - Bank of America Securiti ...

wm TWO CRITICAL ENABLERS. ONE PROVEN LEADER. INVESTOR DAY 2025 NEW YORK CITY 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 relat ...

Core Viewpoint - Lam Research (LRCX) has shown strong performance in the market, with shares rising nearly 2% following an upgrade from Susquehanna Research and several price-target increases from other analysts, outperforming the S&P 500 index which fell by 0.4% [1] Group 1: Analyst Recommendations - Susquehanna Research upgraded Lam Research from a neutral to a buy rating, raising its price target to $125 per share [2] - Other analysts also raised their price targets after Lam's investor day, with TD Cowen's Krish Sankar increasing his fair value assessment by $10 to a new level of $110 while maintaining a buy recommendation [4] Group 2: Company Performance and Market Position - The positive evaluation from Susquehanna was based on Lam's successful expansion into new markets and management's efforts to diversify revenue according to device type [3] - Lam Research is positioned as a manufacturer of cutting-edge equipment for computer chip production, aligning well with current industry demands [5]

Core Insights - Zacks Premium offers various tools and resources for investors to achieve long-term success in the stock market [1] - The Focus List is a curated portfolio of 50 stocks expected to outperform the market over the next 12 months [3][4] Performance Metrics - In 2020, the Focus List gained 13.85% on an annualized basis, outperforming the S&P 500's return of 9.38% [5] - Cumulatively, the Focus List has returned 2,519.23% from February 1, 1996, to March 31, 2021, compared to the S&P 500's return of 854.95% [5] Methodology - The selection for the Focus List relies on earnings estimate revisions, which are critical for predicting future growth and profitability [6][7] - The Zacks Rank, a proprietary stock-rating model, uses earnings estimate revisions to help investors build a successful portfolio [8] Factors Influencing Stock Selection - The Zacks Rank is based on four primary factors: Agreement, Magnitude, Upside, and Surprise, which classify stocks into five groups from "Strong Buy" to "Strong Sell" [9] - Stocks in the Focus List are primarily from 1 (Strong Buy) or 2 (Buy) ranked companies, indicating a bullish consensus among analysts [9] Case Study: Lam Research - Lam Research Corporation, added to the Focus List on December 5, 2016, has seen its shares increase by 772.24% from $10.05 to $87.66 [12][13] - The stock currently holds a 3 (Hold) rating, with nine analysts revising earnings estimates higher for fiscal 2025 [13]

Core Viewpoint - Lam Research has shown strong performance in the stock market in 2025, with a year-to-date share price increase of 22% as of February 19, driven by positive quarterly results and outlook [1][2] Financial Performance - In the fiscal quarter ending December 29, Lam's revenue rose 16% year over year to $4.4 billion, while net income grew 28% [3] - The company anticipates revenue of $4.65 billion for the current quarter, representing a 20% year-over-year increase, with a similar 28% growth in net income [7] Market Demand and Growth Drivers - The memory market is a significant growth area for Lam, with $1 billion in revenue from gate-all-around (GAA) and advanced packaging technologies, expected to triple this year [4] - Increased capital investments by memory manufacturers, such as Micron Technology's projected 73% capex increase, are expected to benefit Lam, which derives half of its revenue from memory manufacturing equipment [5] Industry Outlook - The semiconductor equipment spending environment is projected to improve, with SEMI forecasting a 6.8% increase in equipment spending in 2025, followed by a 14% increase in 2026 [6] - Major foundries and tech companies are planning to boost capital spending to support AI infrastructure development [6] Earnings Growth Potential - Analysts forecast a 23% increase in Lam's earnings per share to $3.73 for the current fiscal year, with expectations of a dip in fiscal 2026 followed by a rebound in fiscal 2027 [8] - If Lam achieves $4.80 per share in earnings in the coming years and trades at 28 times earnings, the stock price could rise to $134, representing a 52% increase from current levels [9][10] Valuation - Lam Research is currently trading at approximately 27 times trailing earnings and close to 24 times forward earnings, indicating an attractive valuation for potential investors [10]

Core Insights - Lam Research Corp. has introduced ALTUS® Halo, the first atomic layer deposition (ALD) tool utilizing molybdenum for advanced semiconductor production, marking a significant advancement in semiconductor metallization technology [1][2][4] - ALTUS Halo is designed to address the scaling challenges faced by chipmakers, enabling the production of next-generation memory and logic chips essential for AI, cloud computing, and smart devices [1][3][4] Group 1: Product Features and Innovations - ALTUS Halo offers high-precision deposition of low resistivity, void-free molybdenum metallization, which is crucial for the performance of leading-edge semiconductor devices [1][6] - The tool is optimized for various metallization needs, allowing for conformal or selective deposition with bottom-up feature fill, enhancing manufacturing efficiency [7] - Compared to conventional tungsten metallization, ALTUS Halo provides over 50% improvement in resistance, making it a superior choice for next-generation applications [6] Group 2: Industry Impact and Adoption - The introduction of molybdenum metallization is seen as a pivotal shift in the semiconductor industry, moving away from tungsten to meet the increasing performance demands of advanced applications [3][5] - Early adoption of ALTUS Halo has commenced with leading 3D NAND manufacturers in Korea and Singapore, indicating strong market interest and potential for widespread implementation [8] - Micron has highlighted the integration of molybdenum metallization through ALTUS Halo as a key factor in achieving industry-leading I/O bandwidth and storage capacity in their latest NAND products [8]

Core Insights - Lam Research Corp. has introduced Akara, an advanced conductor etch tool designed for 3D chipmaking, which enhances etch precision and performance [1][3] - Akara builds on over 20 years of Lam's leadership in conductor etch technology, succeeding the Kiyo etch tool with over 30,000 chambers in production [2][3] - The new tool is essential for scaling gate-all-around (GAA) transistors and advanced memory devices, requiring precise etch steps and EUV lithography [4][5] Product Features - Akara utilizes Lam's proprietary DirectDrive technology, achieving plasma responses that are 100 times faster, enabling atomic-scale feature creation [3][9] - The tool is designed for high-volume production, optimizing wafer output with millisecond response times and ensuring uniformity across wafers [6] - Integrated with Lam's Sense.i platform, Akara employs Equipment Intelligence solutions for automated maintenance, enhancing overall equipment efficiency [6] Market Validation - Leading device manufacturers have selected Akara as the production tool of record for advanced DRAM and GAA applications, indicating strong market demand [7] - The introduction of Akara, alongside the ALTUS Halo tool, reflects Lam's commitment to innovation in response to evolving semiconductor industry needs [8]

Core Viewpoint - Lam Research Corporation will host an Investor Day on February 19, 2025, in New York City to provide updates on market trends, opportunities, products, strategies, and financial targets [1]. Group 1: Event Details - The Investor Day will take place from 9:00 a.m. to noon Eastern Time at the Mandarin Oriental, New York [1]. - A live webcast and replay of the meeting will be available on the company's website for public access [1]. Group 2: Company Overview - Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry [3]. - The company's technology is integral to the production of nearly every advanced chip, enabling customers to build smaller and better-performing devices [3]. - Lam Research is a FORTUNE 500® company headquartered in Fremont, California, with global operations [3].

Group 1: Nvidia - Nvidia plays a crucial role in the AI supply chain, holding 98% of data center GPU sales and 95% of AI accelerator sales [3][4] - The company has a competitive advantage through its full-stack product strategy, integrating hardware and software to build entire data centers [4] - Nvidia's CUDA ecosystem enhances its dominance in AI chips, providing tools for various AI applications [5] - The investment thesis is based on the expected steep demand for accelerated computing systems driven by AI technologies, with spending projected to grow at 36% annually through 2030 [6] - Wall Street anticipates a 50% increase in Nvidia's adjusted earnings over the next four quarters, making its current valuation appear attractive [7] - The median target price for Nvidia is $175 per share, indicating a 53% upside from the current price of $114 [11] Group 2: Lam Research - Lam Research is the second-largest supplier of wafer fabrication equipment (WFE) and leads in etch systems for semiconductor manufacturing [8] - The investment thesis for Lam is based on the growing demand for powerful semiconductors driven by technologies like cloud computing and AI [9] - WFE spending is expected to increase at 7% annually through 2030, with Lam consistently outperforming the broader market [10] - The median target price for Lam Research is $95 per share, suggesting a 20% upside from the current price of $79 [11] - Wall Street expects Lam's adjusted earnings to grow at 13% over the next four quarters, making its current valuation reasonable [13]