New York, Feb 12, 2026, 13:57 EST — Regular session
- Lam Research stock slipped in the afternoon, following a bumpy trading range earlier.
- Chip-tool names are drawing attention after Applied Materials got caught up in a U.S. export-controls case.
- Friday’s CPI inflation report looms, with chip-equipment earnings updates also on trader radars.
Lam Research (LRCX.O) slipped 0.2% to $234.76 on Thursday, with shares bouncing from a session low of $229.73 up to $240.25.
Chip-equipment stocks barely budged, even as traders juggled shifting rate expectations and the specter of new U.S.-China trade rules—factors that usually spark much sharper moves. Key inflation figures land Friday, and a heavyweight rival is set to report earnings Thursday, leaving investors reluctant to stake out aggressive positions right now.
Technology stocks dragged Wall Street lower, with investors on edge ahead of the consumer price index (CPI) report that could sway the outlook for Federal Reserve moves. “The bull case on the Fed cutting was pretty much centered around the weak employment picture, so that case was challenged,” said Jay Hatfield, CEO and CIO of Infrastructure Capital Advisors. 1
Lam shares finished Wednesday up 3.76% at $235.12, notching a gain that stood out against the uneven performance across major U.S. indexes. 2
Chip stocks faced another compliance headache after the U.S. Commerce Department slapped Applied Materials (AMAT.O) with a $252 million penalty tied to illegal equipment exports to China’s SMIC, according to Reuters. Applied, for its part, welcomed the settlement, noting that both the Justice Department and SEC wrapped up related investigations without taking further steps. 3
China’s SMIC flagged tightening margins as it ramps up capacity, saying its aggressive capital investment is piling on depreciation costs. “We maintained high capital spending, which drove rapid revenue growth but also placed considerable depreciation pressure on gross profit margins,” co-CEO Zhao Haijun told analysts on an earnings call. 4
Back on Jan. 28, Lam told investors it was expecting third-quarter revenue to land around $5.7 billion, give or take $300 million. Adjusted earnings? $1.35 per share, with a 10-cent swing either way. At the time, CEO Tim Archer pointed to 2026, saying the company’s lineup of products and services was driving the shift toward tinier, more intricate 3D devices and packaging. 5
Applied Materials reports fiscal first-quarter earnings after the bell Thursday, with the call set for 4:30 p.m. ET. Wall Street will be watching those numbers. 6
Still, Lam investors have a clear risk to watch. A CPI reading that comes in above forecasts might send yields climbing, putting pressure on high-multiple tech stocks. On top of that, if export restrictions get stricter or enforcement ramps up, demand for chip tools tied to China could take a hit.
Lam’s next big test comes quickly. Applied Materials reports after Thursday’s bell, with Friday’s CPI following right behind. Investors are eyeing whether AI-driven demand across the sector holds up, especially as rates climb and export rules tighten.
