NEW YORK, Dec. 28, 2025, 10:58 a.m. ET — Market Closed
Lam Research Corporation (NASDAQ: LRCX) heads into the final week of 2025 with its stock hovering near record territory after finishing the post-Christmas session at an all-time-high closing level. With U.S. markets shut on Sunday, the latest official reference point for investors is Friday’s close: $178.07. Lam’s investor relations data shows the stock traded between $177.80 and $179.80 on Dec. 26, with volume of about 5.21 million shares. [1] That close also matches third-party market-history trackers that list $178.07 as Lam Research’s highest closing price to date. [2]
The year-end setup matters because Lam is one of the semiconductor equipment names most closely tied to the market’s “AI infrastructure” trade—especially as chipmakers ramp spending for advanced memory and more complex manufacturing steps. On the sentiment side, Lam has also been repeatedly cited as a momentum stock during the late-December push to new highs, helped by strength across parts of the semiconductor complex. [3]
What’s new in the last 24–48 hours
1) A quiet, light-volume tape—but LRCX stayed in the spotlight.
In a daily “stock movers” roundup tied to Friday’s post-holiday session, Barron’s noted that U.S. stocks traded on light volume and highlighted Lam Research as one of the notable names, with shares up about 0.9% and “nearing a record close.” [4]
2) Fresh institutional-positioning headlines landed Sunday.
A MarketBeat report published Sunday said Valley National Advisers Inc. increased its Lam Research stake during the third quarter, citing the firm’s SEC filing. MarketBeat reported the investor bought 16,747 shares and ended the quarter with 60,019 shares, valued at about $8.04 million at that time. [5]
While one institutional filing rarely moves a mega-cap by itself, these updates can shape the narrative into Monday—especially when a stock is already extended after a major run.
Why LRCX has been riding the “AI chip equipment” wave
Lam is a global supplier of wafer fabrication equipment—particularly in deposition and etch—where chip complexity tends to translate into more process steps, more tools, and higher spending intensity. In a Dec. 22 analysis published on Nasdaq, Zacks writer Anirudha Bhagat framed Lam as a major beneficiary of the AI boom, pointing to demand for advanced fabrication technologies used in high-bandwidth memory (HBM) and advanced packaging. The same piece stated Lam shares were up 138.5% year to date at the time and highlighted how the company has outpaced several large peers during 2025. [6]
Separately, a Zacks Research Daily recap published on Nasdaq on Dec. 26 (written by Mark Vickery) summarized the Zacks analyst view that Lam has benefited from strength in 3D DRAM and advanced packaging, with rising etch and deposition intensity driven by more complex 3D architectures. The piece also pointed to improving memory spending and solid demand for HBM, while flagging risks tied to weaker spending on mature nodes and ongoing U.S.–China trade/tariff tension. [7]
Analyst targets: bullish upgrades, but consensus varies by dataset
One reason Lam remains a headline name is the steady drumbeat of analyst commentary tied to the AI-and-memory capex cycle.
- Fintel / Nasdaq summary (via a Dec. 23 Nasdaq article): As of Dec. 21, the average one-year price target cited in the piece was $173.27, with forecasts ranging from $117.48 to $220.50. The same article said UBS maintained a Buy recommendation (as reported by Fintel). [8]
- MarketBeat’s consensus snapshot (cited in its Dec. 28 filing story): MarketBeat reported a consensus rating of “Moderate Buy” and referenced a consensus target around the low $160s. [9]
(Investors should note that “consensus” figures can differ meaningfully depending on which firms are included, how frequently targets are refreshed, and whether the dataset is delayed.) - Recent named upgrade example (Mizuho): A Yahoo Finance item dated Dec. 18 said Mizuho analyst Vijay Rakesh raised Lam Research’s price target to $200 from $170 and maintained an Outperform rating. [10]
Taken together, the analyst landscape looks like this: the most optimistic targets continue to cluster around the $200+ zone, but many published “average target” numbers sit closer to—or even below—where the stock has already traded in late December. That mismatch is a common feature of fast-moving momentum runs: targets often lag the price.
Insider trading: the filing investors keep referencing
A separate, widely discussed catalyst in recent days has been executive selling—particularly because it occurred as the stock pushed to new highs.
According to a Form 4 filing on SEC EDGAR tied to President and CEO Timothy Archer, the filing reflects transactions dated Dec. 17, 2025 and filed Dec. 18, 2025. The document shows:
- A sale of 163,300 shares at $163.86; and
- An option exercise of 113,300 shares at $17.675, followed by a sale of those shares at $163.86.
The filing’s footnote indicates the activity was executed pursuant to a Rule 10b5-1 trading plan adopted on Aug. 19, 2025. [11]
Insider sales can mean many things—taxes, diversification, scheduled plans—and the 10b5-1 notation matters because it indicates the sale timing/structure was set in advance. Still, in a stock that has already delivered outsized gains in 2025, investors often watch insider activity closely as a sentiment signal.
Fundamentals check: what the company last guided—and why Dec. 28 matters
Lam’s most recent earnings release (for the quarter ended Sept. 28, 2025) reported revenue of $5.32 billion and provided forward guidance for the quarter ending Dec. 28, 2025. In that Oct. 22 release, Lam guided to:
- Revenue: $5.20B ± $300M
- Diluted EPS: $1.15 ± $0.10
- Gross margin: 48.4% ± 1% (GAAP)
Lam also disclosed that, in the September quarter, revenue was heavily international, with China listed at 43% of revenue, followed by Taiwan (19%) and Korea (15%)—a geographic mix that keeps export controls and geopolitics on the watch list. [12]
Reuters’ Oct. 22 coverage of that update highlighted that Lam’s outlook topped analyst expectations at the time, citing LSEG-compiled estimates (including revenue and adjusted EPS comparisons). [13]
Sunday is also the quarter-end date referenced in Lam’s guidance, which can sharpen attention around the name into Monday’s open—particularly if any new checks, channel commentary, or peer headlines emerge as investors position for the next earnings cycle.
If you’re watching LRCX into the next session: key things to know before Monday’s open
With the market closed today, the next actionable window is Monday, Dec. 29, starting with premarket trading and then the regular session. Here are the practical themes investors tend to monitor in a setup like this:
1) Year-end positioning can amplify moves.
Late December can bring thinner liquidity, portfolio rebalancing, and “window dressing.” That can exaggerate both breakouts and pullbacks—especially in high-momentum winners.
2) Watch the semiconductor “capex complex,” not just LRCX.
Lam’s stock often trades in sympathy with other toolmakers and key AI/memory beneficiaries. The market’s view of memory capex (HBM, DRAM upgrades, advanced packaging) can move the whole group, even without company-specific headlines. [14]
3) The next earnings date is still an estimate across major calendars.
Different data providers list different projected reporting dates for Lam’s next results—generally clustering in late January to early February 2026. For example, Nasdaq’s earnings page shows an estimated date (algorithm-derived), while other major finance platforms show a late-January estimate. [15]
Bottom line: treat specific dates as tentative until the company confirms timing.
4) Upside narrative vs. risk list remains the same—and both are credible.
Bullish analysts continue to emphasize Lam’s positioning in etch/deposition intensity, advanced packaging, and HBM-linked demand. Bears and cautious voices focus on valuation after a huge run, sensitivity to memory cycles, mature-node softness, and geopolitics—particularly where U.S.–China trade restrictions can affect demand. [16]
5) Insider-plan selling is in the background, but it’s documented and widely known.
The Form 4 details (including the 10b5-1 plan note) are now part of the public record and likely to remain part of the conversation as long as the stock stays near highs. [17]
The near-term takeaway
Lam Research stock enters Monday’s session with strong technical momentum and a powerful AI/memory equipment narrative—yet also faces a classic late-cycle question: can fundamentals and forward estimates keep catching up to a share price that has already sprinted to record levels?
For traders, the immediate focus is whether LRCX can hold above recent breakout levels when liquidity normalizes after the holiday. For longer-term investors, the next major checkpoint is the company’s upcoming earnings cycle and any signals that memory/AI capex remains strong enough to justify the 2025 rerating. [18]
References
1. investor.lamresearch.com, 2. www.macrotrends.net, 3. www.barrons.com, 4. www.barrons.com, 5. www.marketbeat.com, 6. www.nasdaq.com, 7. www.nasdaq.com, 8. www.nasdaq.com, 9. www.marketbeat.com, 10. finance.yahoo.com, 11. www.sec.gov, 12. investor.lamresearch.com, 13. www.reuters.com, 14. www.nasdaq.com, 15. www.nasdaq.com, 16. www.nasdaq.com, 17. www.sec.gov, 18. www.nasdaq.com
