New York, Jan 28, 2026, 11:37 EST — Regular session
Lam Research shares slipped 0.1% to $238.15 by 11:37 a.m. EST, retreating from an early gain and edging toward session lows ahead of the chip equipment maker’s quarterly report scheduled after the bell.
The setup is straightforward but tense. Chip-tool makers are benefiting from a surge in AI-driven spending, yet their fate hinges on customer guidance about factory plans over the coming quarters.
Options traders are pricing in a big move. According to TipRanks, implied volatility suggests Lam’s stock could swing roughly 7.9% up or down after the earnings report, reflecting sharp expected market reactions. 1
Analysts surveyed by Seeking Alpha forecast Lam will report earnings of $1.17 per share on roughly $5.24 billion in revenue. 2
Lam will conduct its December 2025 earnings call this Wednesday at 2:00 p.m. Pacific, the company’s investor relations page shows. 3
Mizuho boosted its price target on Lam from $220 to $265 in a bullish note ahead of earnings. The broker projects wafer fab equipment (WFE) spending—the gear used to build and expand chip factories—will climb 13% in 2026 and 12% in 2027, describing the growth as a “significant acceleration.” 4
Chip stocks have found support as the broader market pushes higher. The S&P 500 surpassed the 7,000 mark on Wednesday, buoyed by semiconductor gains ahead of the U.S. Federal Reserve’s rate decision, Reuters noted. “These big round numbers can be difficult psychological tests for the market,” said Jeff Buchbinder, chief equity strategist at LPL Financial. 5
Applied Materials climbed 1.2% in chip-equipment stocks, with KLA adding 0.3%. Meanwhile, ASML’s shares listed in the U.S. dipped 1.9%. The VanEck Semiconductor ETF moved higher by roughly 1.9%.
Investors are watching closely for shifts in tone on foundry and memory demand, the speed of new tool orders, and the split between Lam’s growth from recurring services versus new systems. Often, the guidance carries more weight than the quarter’s raw numbers.
The stock has hit the print with expectations already high. Even a slight sign of customers putting off factory spending, or pressure on margins, could quickly drag shares down — notably since the options market points to a potentially sharp move.
The company’s results arrive after the U.S. close on Jan. 28, with a keen focus on management’s outlook for the spending cycle through 2026.
