NEW YORK, Jan 28, 2026, 18:55 EST — After-hours
- Shares of LRCX climbed in after-hours trading following Lam’s forecast of March-quarter results that topped estimates
- Chip-equipment maker reported December-quarter revenue hitting $5.34 billion, with adjusted EPS coming in at $1.27
- Investors are focused on demand for AI servers and memory, along with potential impacts from export controls
Lam Research shares climbed in after-hours trading Wednesday following a quarterly earnings beat and an upbeat forecast that surpassed expectations. 1
Lam’s results hold weight as a key indicator of wafer-fab spending—the capital budgets fueling orders for chip-making tools. Traders see this spending cycle as a gauge of the AI buildout’s staying power and a test of whether memory makers are genuinely easing up on their budgets.
Broader markets held steady earlier following the Federal Reserve’s decision to keep interest rates unchanged. Investors targeted segments of the semiconductor supply chain connected to data centers and storage. 2
Lam reported $5.34 billion in revenue for the December quarter and posted adjusted earnings of $1.27 per share. Looking ahead, the company expects March-quarter revenue around $5.7 billion, plus or minus $300 million, with adjusted EPS near $1.35, plus or minus $0.10. CEO Tim Archer highlighted that entering 2026, “AI accelerating” and increasingly complex chip designs are driving demand for Lam’s etch and deposition equipment. 3
During the earnings call, Archer estimated the wafer-fab equipment market at around $110 billion for 2025. Lam’s preliminary forecast for 2026 sits near $135 billion, with growth expected to pick up in the second half as clean-room capacity remains tight. CFO Doug Bettinger noted “slight headwinds from customer mix” in the March quarter. 4
Lam’s shares closed the regular session at $239.58, ticking up roughly 0.5%, and hovered near that price in after-hours trading.
One risk for the stock is that a large portion of Lam’s business hinges on export regulations and how fast customers expand their factory capacity. A delay in tool shipments or a change in demand from China could quickly impact results in this phase of the cycle.
The next checkpoint arrives Thursday, Jan. 29, at the U.S. open. Investors will weigh if Lam’s outlook holds firm enough to push the stock past the upcoming round of chip-sector reports.
