New York, Feb 9, 2026, 18:52 EST — After-hours
- Lam Research slipped 0.75% at the close, then edged up a bit in the after-hours session
- Director Eric Brandt unloaded 35,000 shares on Feb. 6, according to an SEC filing.
- Eyes are on U.S. jobs and inflation numbers due this week, along with Applied Materials’ earnings landing soon.
Lam Research dropped 0.75% to close at $229.28 on Monday, but managed to claw back roughly 0.5% after the bell. Investors were reacting to an insider-trading disclosure from late last week—a board member unloading shares. 1
Timing is crucial here. Investors in chip-equipment stocks have already been pricing in forecasts about 2026 factory outlays, and with rate jitters still fresh in the market’s memory, there isn’t much appetite for unexpected turns.
Attention swings back to U.S. numbers this week—watch for the January jobs report hitting Wednesday, CPI following on Friday, both out at 8:30 a.m. Eastern. Big macro readings can jolt rate expectations fast, and chips usually catch the move. 2
Lam director Eric Brandt unloaded 17,000 shares at $220.95 and another 18,000 at $230 on Feb. 6, according to a Form 4 filed with the U.S. Securities and Exchange Commission. After these sales, Brandt’s stake stands at 253,705 shares. The filing notes both transactions were executed as part of a Rule 10b5-1 trading plan, which lets insiders schedule share sales in advance. 3
Shares of Lam fell, even as some chip-equipment stocks caught a bid. Applied Materials gained 2.50%, ending at $330.57, MarketWatch data showed. 1
The story really still hinges on Lam’s numbers and guidance from late January. The company reported roughly $5.34 billion in revenue for the December quarter, with non-GAAP EPS coming in at $1.27. For the March quarter, Lam is projecting revenue around $5.7 billion, give or take $300 million. CEO Tim Archer pointed to “ramping execution velocity across the company” and said “AI accelerating” is pushing customer demand. 4
During the earnings call, Lam addressed the spending outlook, saying, “Our initial 2026 view is for WFE to be in the $135 billion range.” The company pointed to cleanroom capacity as a limiting factor for wafer fab equipment, the chipmaking machinery. 5
Late in the session, chip-equipment bellwethers showed a mixed picture. ASML picked up roughly 1.1%, while KLA hovered near its previous level, according to the most recent data.
Even so, insider sales aren’t unusual—10b5-1 plans typically lock in trades ahead of time. What really matters for the group is if chipmakers stick with or even boost their spending plans as the year moves on, or if costlier financing and steeper rates prompt delays on some projects.
A jump in inflation could send yields higher, squeezing valuations on pricey semiconductor names. If customers, particularly in memory or leading-edge foundry, start to pull back, bookings and outlooks would likely take a hit fast.
Applied Materials is set to release its fiscal first-quarter numbers and hold its earnings call this Thursday, Feb. 12. Traders watching for signals, particularly on 2026 spending forecasts, tend to extend those takeaways to Lam and KLA as well. 6
