NEW YORK, January 3, 2026, 10:49 ET — Market closed
- Lam Research ended Friday up 8.1%, outpacing a broad semiconductor rally on the first trading day of 2026.
- Chip-equipment shares tracked policy headlines after the U.S. shifted how it licenses tool shipments tied to China operations.
- Investors now look to next week’s U.S. labor-market data, export-rule headlines and the company’s next earnings timing.
Lam Research Corp shares closed up 8.1% on Friday at $185.06, finishing the first session of 2026 with one of the strongest large-cap moves in semiconductor equipment.
The jump matters now because investors are repricing the 2026 outlook for chipmaking tools just as Washington’s China policy keeps shifting. Equipment demand can change quickly when trade rules change how easily tools move across borders.
Lam sells wafer fabrication equipment — the machines that etch and deposit materials on silicon wafers to make chips. Orders for those tools typically follow customers’ capital-spending plans, and they can be sensitive to export controls.
Chip stocks powered much of Friday’s rebound even as the broader market finished mixed. The Philadelphia Semiconductor Index, a basket of chip stocks, rose about 4% as investors looked ahead to U.S. labor-market data next week and weighed the risk of fresh tariffs under President-elect Donald Trump; “buy the dip, sell the rip has been working pretty well,” said Joe Mazzola, head trading and derivatives strategist at Charles Schwab. 1
Policy headlines also fed the bid. The United States granted Taiwan Semiconductor Manufacturing Co an annual license to import U.S. chipmaking equipment for its China operations, and Samsung Electronics and SK Hynix received similar approvals, Reuters reported. 2
The licenses replace a “validated end-user” designation that had previously allowed certain shipments without separate vendor licenses. Investors took the shift as near-term clarity on how tool shipments tied to China fabs will be handled in 2026.
Peers moved sharply higher, underscoring the sector-wide bid. Applied Materials gained 4.6%, KLA rose 4.9% and ASML jumped 8.7%, while the iShares Semiconductor ETF added 4.2%.
Lam’s move also highlights how tightly the stock trades with policy and capex expectations, rather than day-to-day company headlines. When investors see less risk of shipment disruptions, they tend to mark up the whole tool group.
Before the next regular session, traders will watch for follow-on details around export licensing and any early-quarter signals from chipmakers on 2026 spending. Fresh policy surprises can move equipment shares quickly because they can change delivery timing and order visibility.
Lam’s next earnings date has not been formally confirmed by the company, but market calendars point to late January and early February. Zacks’ earnings calendar flags February 4, while Investing.com lists January 28. 3
Another near-term calendar item is the dividend. Lam said its board approved a $0.26-per-share payout due January 7. 4
From a chart perspective, traders will watch whether the stock holds above $180 after Friday’s surge. A slip back toward the prior close near $171 would test near-term support, while another push higher would keep the stock in new-high territory.
For now, Lam’s price action suggests investors are leaning back into semiconductor capital spending — with policy stability and customer budgets set to decide whether the rally extends into the first full week of 2026.
