New York, Feb 3, 2026, 11:37 (ET) — Regular session.
- Lam Research shares slipped roughly 1.2% in late morning trading, reversing an early gain
- Chip stocks mostly edged higher on earnings news; equipment makers fell behind
- After-hours earnings from AMD and Super Micro are drawing close attention from traders for potential market cues
Lam Research (LRCX.O) shares dropped 1.2% to $234.61 in late morning Tuesday, after fluctuating between $246.49 and $231.31. Trading volume hit roughly 3.8 million shares.
The slip came as the Philadelphia Semiconductor Index, a key gauge for chip stocks, climbed 0.7%, fueled by investors hunting for earnings and signs that heavy AI spending might pay dividends. “Expectations are really high … priced for perfection,” said John Campbell, senior portfolio manager at Allspring Global Investments. Advanced Micro Devices and Super Micro Computer are set to report after the bell, while a government shutdown has delayed important economic data, Reuters reported. Reuters
Shares of other chip-equipment makers fell too. Applied Materials (AMAT.O) dropped roughly 1.0%, while KLA (KLAC.O) slipped around 3.4%.
Lam closed Monday with a 1.73% gain, settling at $237.50, yet it still fell short of its recent 52-week peak of $251.87, MarketWatch data shows.
Last week, the company posted revenue of $5.34 billion and non-GAAP diluted earnings of $1.27 per share. It expects revenue around $5.7 billion, plus or minus $300 million, for the quarter ending March 29. Non-GAAP figures exclude certain items. “With AI accelerating, we are ramping execution velocity,” CEO Tim Archer said in the earnings release. Lam Research Newsroom
Lam sells wafer-fab equipment—tools that etch and deposit layers on silicon wafers—and related services. Its shares frequently serve as a barometer for chipmakers’ confidence in upcoming factory investments.
Right now, there’s a clear tug-of-war. Some investors are snapping up the “AI trade” fueled by robust software and chip demand, while others pull back from pricey hardware stocks as more earnings reports loom.
Lam flagged a risk in its quarterly filing: tariffs and export controls could disrupt supply chains and curb its ability to sell products or offer services, especially when export licenses are involved.
After-hours will bring earnings from AMD and Super Micro. Then comes a jam-packed week of tech giants reporting — numbers that could swiftly shake up forecasts for chip demand and, with it, the outlook for chipmaking equipment.
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