What smart money is saying about Lam Research
13 funds in our archive have pitched Lam Research — most recently ACATIS in July 2026.
Lam Research Corporation is a prominent supplier of equipment vital for semiconductor processing, encompassing its design, production, sales, repair, and ongoing maintenance. These sophisticated systems are fundamental for the creation of integrated circuits. The company's extensive product catalog features a variety of deposition technologies. For tungsten metallization, they provide ALTUS systems that deposit conformal films. SABRE products excel in electrochemical deposition, crucial for copper interconnect transitions and enabling copper damascene manufacturing. SOLA utilizes ultraviolet thermal processing for film treatments, while VECTOR delivers plasma-enhanced chemical vapor deposition (CVD) and atomic layer deposition (ALD) solutions. Furthermore, SPEED addresses gapfill applications with its high-density plasma CVD products, and Striker is engineered for single-wafer atomic layer deposition of dielectric films. Beyond deposition, Lam Research offers a comprehensive suite of etching tools. Flex is designed for dielectric etch applications, Kiyo handles conductor etch processes, Syndion specializes in through-silicon via etching, and Versys metal products are used for metal etch processes. The company's offerings also extend to specialized solutions like Coronus, which enhances die yield through bevel cleaning. For various wafer cleaning requirements, Lam Research supplies multiple product lines, including Da Vinci, DV-Prime, EOS, and SP series. Additionally, Metryx mass metrology systems provide precise, in-line mass measurement capabilities for semiconductor wafer manufacturing. Lam Research serves the global semiconductor industry, distributing its technologies and services across the United States, China, Europe, Japan, Korea, Southeast Asia, Taiwan, and other international markets. Established in 1980, the company maintains its corporate headquarters in Fremont, California.
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Position history
Between Q4 2024 and Q3 2026, 21 fund letters reported a position in Lam Research — 1 opened or added to the position, 7 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 4 | 0 | 0 | 2 |
| Q2 2026 | 16 | 1 | 6 | 3 |
| Q1 2026 | 1 | 0 | 1 | 4 |
| Q4 2025 | 0 | 0 | 0 | 1 |
| Q3 2025 | 0 | 0 | 0 | 1 |
| Q2 2025 | 0 | 0 | 0 | 1 |
| Q4 2024 | 0 | 0 | 0 | 1 |
Fund activity · 21 positions · 8 moves
- August 2026
“KLA (-39.4% USD), Lam Research (-32.4% USD), Applied Materials (-29.8% USD) It was an extraordinary H1 for the Fund’s three semiconductor equipment manufacturers, each of which delivered returns over 100%. However, they ended July as the Fund’s bottom-performing holdings in the context of a broad pull-back in semiconductor sentiment, with the Philadelphia Semiconductor Index (the ‘SOX’) falling 20.6%. Over 2026, these stocks were viewed as some of the key beneficiaries of rising capex expectations from the hyperscalers. Each is exposed to a different area of the semiconductor manufacturing value chain and is an industry leader in its space. Lam Research is a specialist in etch and deposition (adding, patterning, and removing materials on a silicon wafer). KLA is focused on process control (monitoring and identifying areas to increase yield and ensure quality), and Applied Materials is a larger but broader player, which competes not only in etch and deposition and process control, but also front-end (transistor and interconnect formation, chemical mechanical planarization, etc.) and back-end processes (advanced packaging). The AI infrastructure build-out is a significant tailwind for these firms as hyperscalers require greater volumes of increasingly complex chips, driving chipmakers to invest heavily in capacity and cutting-edge technologies. STOCK PERFORMANCE OVER JULY 14 Guinness Global Innovators August 2026 Source: Bloomberg. Data as of 31.07.2026 As discussed earlier in this commentary, semiconductor sentiment suffered during the month amid concerns that the AI rally had run too far too fast, questions over the sustainability of hyperscaler capex, the risk of future oversupply as chipmakers unveiled aggressive expansion plans, and continued progress from Chinese AI players – in particular, Moonshot, whose latest model, Kimi K3 introduced questions over the trajectory of hyperscaler spending plans. These concerns were compounded by the unwind of the highly leveraged hedge fund Situational Awareness. From a stock-specific perspective, however, fundamentals remained strong, with both KLA and Lam Research reporting robust results during the month. KLA delivered another beat-and-raise quarter, supported by strong growth in its core process-control business, services and advanced packaging, while management once again upgraded its expectations for industry spending on wafer fabrication equipment (WFE). Importantly, KLA’s backlog rose materially, and management expects growth to accelerate into 2027 as new fab capacity comes online and spending broadens across leading-edge logic, DRAM/HBM and advanced packaging. Lam Research also reported an exceptional quarter, with record revenues, 20-year-high gross margins and guidance materially ahead of consensus.”
Lam Research - HoldsBlueBox Global Technology FundAugust 2026
Listed in BlueBox Global Technology Fund’s reported holdings.
Lam Research - July 2026
“Lam Research (+39.1%):The company‘s addition to the Russell Top 50 Index and a series of bullish analyst upgrades were the reason for the continued strong performance.”
Lam Research - July 2026
Listed in Guinness Global Innovators Fund’s reported holdings.
Lam Research - ExitedVlatava fund Vltava Fund SICAV, plcJune 2026
“We sold the troika Lam Research, Applied Materials, and KLA Corporation, all of which are key suppliers of manufacturing equipment and process control solutions for the semiconductor industry.”
Lam Research - June 2026
“The Fund benefited from strong performance from its top-performing stock, LAM Research (+23.4%) and new holding AMD (+14.8%), which was purchased during the month.”
Lam Research - TrimmedHosking PartnersJune 2026
Listed in Hosking Partners’s reported holdings.
Lam Research - June 2026
“Performance commentary The performance of the fund was behind the benchmark over the quarter. The relative high weighting in the energy sector contributed to the underperformance during a period in which energy stocks gave back some gains from the previous quarter, after agreement appeared to have been struck to end the US conflict with Iran and the ‘war premium’ in commodity prices faded. Some of the fund’s best performers over the quarter were stocks benefiting from investors’ increasingly positive view on the semiconductor cycle and AI-related demand. Holdings in Micron, Applied Materials, KLA Corp and Lam Research were among the main positive contributors.”
Lam Research - June 2026
“We exited our position in Lam Research.”
Lam Research - June 2026
“We exited our position in Lam Research.”
Lam Research - June 2026
“We exited our position in Lam Research.”
Lam Research - June 2026
“Our top contributors in Q2 were AMD, Lam Research and Taiwan Semiconductor Manufacturing (TSMC). AMD is a leading semiconductor company focused on high-performance computing and AI infrastructure. Shares rose following a strong quarter, with revenue and guidance exceeding expectations, driven by continued strength in data center demand. Management raised its long-term outlook for the server CPU market, reflecting the growing role of CPUs in inference and agentic AI workloads. We continue to believe AMD is well positioned to benefit from increasing compute intensity across AI infrastructure and cloud computing. After adding to the position ahead of the stock’s rally, we trimmed our exposure as the valuation moved beyond our reasonable expectations, consistent with our valuation discipline. Lam is a leading supplier of semiconductor manufacturing equipment, with dominant positions in etching and deposition. The company delivered results that exceeded elevated expectations, with margins remaining above anticipated levels and guidance pointing to continued momentum. In response to rising semiconductor capital spending, particularly in memory, management increased its outlook for 2026 wafer fabrication equipment spending to approximately $140 billion, representing roughly 27% year-over-year growth. Given the stock's recent appreciation and valuation approaching the upper end of our target range, we trimmed the position to manage risk and position size.”
Lam Research - June 2026
“AS OF: MAY 31, 2026 MARKET COMMENTARY With a May gain of 3.9%, the fund has achieved a performance of 8.8% in the current year, an all-time high. Since the fund was launched, the share price has risen by 1283.7%. Electricity and computers were the unifying themes that characterised the top performers in the fund in May. Lam Research (suppliers) was in first place, followed by Infineon (chips for cars and data centres), Jenoptik (chip inspection), Naura (suppliers), Aixtron (chip vapour deposition), TSMC (the world's largest chip producer), Prysmian (high-voltage cables) and Nvidia (AI chips) are all names in the top 10 that have significantly driven performance. We think this hype is a little exaggerated and reduced some positions slightly in June.”
Lam Research - HoldsACATIS InvestmentJune 2026
“Electricity and computers were the unifying themes that characterised the top performers in the fund in May. Lam Research (suppliers) was in first place, followed by Infineon (chips for cars and data centres), Jenoptik (chip inspection), Naura (suppliers), Aixtron (chip vapour deposition), TSMC (the world's largest chip producer), Prysmian (high-voltage cables) and Nvidia (AI chips) are all names in the top 10 that have significantly driven performance. We think this hype is a little exaggerated and reduced some positions slightly in June.”
Lam Research - June 2026
“Baron Technology Strategy Top contributors to performance for the quarter Contribution to Return (%) Lam Research Corporation 5.64 Micron Technology, Inc. 4.30 Taiwan Semiconductor Manufacturing Company Limited 3.45 Broadcom Inc. 2.82 Coherent Corp. 2.36 Shares of Lam Research Corporation, a leading supplier of etch and deposition equipment to the semiconductor industry, contributed to performance during the quarter as revenue, margins, and earnings all exceeded guidance, driven by accelerating memory investment and rising process intensity at the leading edge.”
Lam Research - June 2026
Listed in Hosking Partners Strategy’s reported holdings.
Lam Research - June 2026
“Recent Activity During the second quarter, we initiated a new position in the aerospace and defense focused proprietary component manufacturer, Arxis. We took advantage of market volatility to add to our electrical systems and components designer and manufacturer, Amphenol, and also continued building our recently initiated position in the semiconductor equipment manufacturer, Lam Research.”
Lam Research - June 2026
“Another semiconductor equipment company, Lam Research, was also a large contributor.”
Lam Research - HoldsHomestead Advisers Value FundJune 2026
“Lam Research Corp., a semiconductor equipment company, reported better-than-expected earnings and raised guidance, which included lifting its 2026 wafer fabrication equipment (WFE) industry capital spending projection.”
Lam Research - HoldsHomestead Advisers FundsJune 2026
Listed in Homestead Advisers Funds’s reported holdings.
Lam Research - March 2026
“Relative results were partially offset by Lam Research, KLA, and Costco Wholesale.”
Lam Research
Also mentioned · 10
These funds discuss Lam Research — as a competitor, benchmark or comparable — without disclosing a position in it.
- June 2026
“The largest relative detractors included Netflix and Intuitive Surgical as well as not holding Advanced Micro Devices, Lam Research and KLA.”
Lam Research - June 2026
“At the end of June, Korean memory giants Samsung Electronics and SK Hynix both announced massive investment plans stretching through 2040, likely coerced by the strong invisible hand of the Korean government, with a mandate to spread their newfound memory-driven wealth across the nation. Samsung announced plans to invest 2,450 trillion won (US$1.6 trillion) between 2026 and 2040, of which 2,100 trillion is related to semiconductor production (though this seems to consolidate previously announced long-term investment plans). SK Group, the chaebol under which SK Hynix sits, announced 2,100 trillion won of investments, of which 1,100 trillion would be for semiconductor production and 1,000 trillion for AI data centre investments. The most concrete incremental capital investment appears to be 800 trillion won (400 trillion each) to develop a new semiconductor cluster in the southwest of the country. Spread over a decade, this translates to 80 trillion won of incremental capex per year. Sell-side consensus already has Samsung and . Bristlemoon Global Fund | Quarterly Report | June 2026 www.bristlemoon.com 12 Bristlemoon Global Fund SK Hynix spending north of 150 trillion won in each of the next two years – figures that are likely to increase – and these new investment plans should be largely incremental. However, we’d note that incremental capex over the next few years under these expansion plans will most likely go towards site preparation and fab construction, with equipment installation (when ASML recognises revenue) following thereafter. We also recognise that when/if this memory supercycle ends with a bang, these quadrillion-won plans will inevitably get shelved. In terms of nearer-term upside to expectations for ASML, we highlight that Samsung and SK Hynix have both pulled forward the completion of currently under construction fab projects: Pyeongtaek P5 Fab 1 for Samsung and Yongin Fab 1 for SK Hynix, both targeting wafer production in 2027/28, which means equipment installation commencing in 2027. Micron, the third member of the memory oligopoly, guided to north of $45 billion capex for FY27, which would exceed the cumulative capex spent from FY22-FY25. The company also pulled forward first wafer output from its new Idaho fab ID1 to mid-2027 from H2 2027, as well as meaningful volume contribution from its recently acquired Tongluo, Taiwan facility in mid-2027, a quarter earlier than scheduled. With this aggressive memory capacity buildout, ASML likely becomes the most memory-exposed semicap vendor over the next few years largely due to the rising EUV intensity of 1d and 0a DRAM nodes. Having the highest memory exposure is usually a dubious distinction considering the historical volatility of memory cycles, but the magnitude of the capex this time should provide a very strong tailwind to orders over the next two to three years. And yet, Lam Research and Applied Materials have rerated sharply on the strength of their deep aspect ratio etch and thin film deposition franchises respectively, while ASML’s rerating has been muted, despite the rising importance of EUV in DRAM.”
Lam Research - MentionedBlue Whale Growth FundJune 2026
“Company: Lam Research Sector: Technology Company Size: $542bn Dominant supplier of critical equipment that allows semiconductor engineering at the atomic scale Lam is a supplier of semiconductor manufacturing equipment, focused on meeting the industry’s escalating demands.”
Lam Research - June 2026
“Much of the negative attribution over the quarter came from stocks that we do not own, especially those related to the AI-memory boom. Not holding Lam Research and KLA Corp had a negative effect on relative returns.”
Lam Research - MentionedRoyal London AM US Equity Fund (IRL)June 2026
“Not holding Lam Research and KLA Corp had a negative effect on relative returns.”
Lam Research - June 2026
“Performance commentary (continued) Performance and activity PA Performance Fund (%) Benchmark (%) Relative (%) Quarter 15.65 14.93 0.72 YTD 11.28 11.25 0.03 1 Year 23.39 23.67 (0.28) 3 Years (p.a.) 19.68 19.68 (0.00) Since inception (p.a.) 12.57 11.30 1.27 Past performance is not a guarantee or reliable indicator of future returns. The impact of fees or other charges, including tax, where applicable, can be material on the performance of your investment. The impact of fees reduces your investment. Please refer to the Glossary for the basis of calculation and impact of fees. Performance and since inception date based on Z Acc USD. Source: Royal London Asset Management; Gross performance; Since inception date of the share class is 20 July 2021. Performance commentary The fund outperformed its benchmark over the quarter, which was mainly the result of positive stock selection. Holdings in the healthcare and information technology sectors proved particularly beneficial. Some of the best performers were stocks benefiting from investors’ increasingly positive view on the semiconductor cycle and AI-related demand. Holdings in the Intel, SK Hynix and Micron Technology were among the fund's strongest contributors. Much of the negative attribution over the quarter came from stocks that we do not own, especially those related to the AI-memory boom. Not holding LAM Research, ASML or KLA Corp hit relative returns.”
Lam Research - MentionedDeep Sail Capital PartnersJune 2026
“Within the ATS segment, Celestica supports highly complex capital equipment, aerospace, and defense programs for Tier-1 customers such as Applied Materials, Honeywell, Lam Research, and Raytheon.”
Lam Research - June 2026
“Our top five contributors to return in Q2 were Texas Instruments, Lam Research, NXP Semiconductors, Elevance Health and Alphabet.”
Lam Research - MentionedBuffalo funds Blue Chip Growth FundJune 2026
“The largest relative detractors also included portfolio underweights to strong benchmark performers. Lam Research and KLA each benefited from improving semiconductor capital-equipment sentiment, and the funds underweights detracted approximately 82 basis points and 61 basis points, respectively, from relative results.”
Lam Research - MentionedPolen 5Perspectives Large GrowthJune 2026
“The most significant detractors from the Portfolio’s relative performance were Palantir Technologies, Lam Research (not owned), and Cameco.”
Lam Research
Fund coverage · 13 theses
- ACATISJuly 2026
Lam Research is a picks-and-shovels supplier to chip-factory capacity expansion and benefits from the AI boom.
Read the full thesis - Guinness Global Innovators FundJuly 2026
Lam Research is supported by accelerating memory demand, resilient China revenues, and a growing high-margin services business.
Read the full thesis - Baron Durable Advantage FundJune 2026
Lam Research Corporation is a semiconductor equipment supplier benefiting from AI-driven WFE demand and stronger etch and deposition intensity.
Read the full thesis - Baron Technology ETFJune 2026
Lam Research Corporation is a leading semiconductor equipment supplier with a compounding installed-base advantage and secular demand tailwinds that should support strong earnings growth.
Read the full thesis - Blue Whale Growth FundJune 2026
Lam Research supplies critical semiconductor equipment positioned to benefit from rising demand driven by AI, HPC and 5G.
Read the full thesis - Baron Technology ETFMarch 2026
Lam Research Corporation is a leading deposition and etch provider leveraged to rising layer counts, dominant HBM share, and a recovering NAND capex cycle.
Read the full thesis - Polen Focus GrowthMarch 2026
Lam Research is a semiconductor equipment supplier with high switching costs, stable share, margin expansion, and AI-driven demand visibility.
Read the full thesis - Baron Durable Advantage FundMarch 2026
Lam Research is a leading semiconductor equipment supplier with strong switching costs, recurring revenue, and AI-driven secular tailwinds.
Read the full thesis - Baron Opportunity FundMarch 2026
Lam Research is a wafer fabrication equipment leader with AI-driven layer-count tailwinds, switching costs, and recurring revenue.
Read the full thesis - Guinness Global InnovatorsDecember 2025
Lam Research Corp is a leading semiconductor equipment maker benefiting from AI-driven capex with strong margins, a sticky services business, and a durable competitive moat.
Read the full thesis - Heartland Mid Cap Value FundSeptember 2025
Lam is well-positioned to capitalize on the structurally profitable SemiCap industry, leveraging its dominance in the Etch market and strong relationships with Memory customers to gain market share amid a recent upcycle.
Read the full thesis Lam Research is a leading semiconductor equipment vendor poised to gain market share as the industry undergoes an equipment upgrade cycle and spending on NAND memory is set to recover.
Read the full thesis- Vltava fundDecember 2024
Lam Research is a leading wafer fabrication equipment manufacturer for the semiconductor industry with strong profitability and effective capital allocation through share buybacks.
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