Lam Research Posts Fiscal Q1 Revenue Surge on Memory Demand

Lam Research reported fiscal first-quarter revenue of $8.22 billion, up nearly 55% from the year-ago period, propelled by robust artificial intelligence infrastructure demand across the memory chip manufacturing equipment market.

### Session Tape - Lam Research: +1.68%

## Catalyst Analysis: Equipment Demand and Financial Performance The company posted non-GAAP operating margin expansion of 5.2 percentage points year over year to reach 40.2% last quarter. Diluted earnings per share jumped by almost 75% from the comparable period to $2.20, outperforming Wall Street expectations of $2.18. Management guidance anticipates continued year-over-year revenue growth of 52% and an 84% jump in earnings per share for the upcoming period.

Industry projections indicate total manufacturing equipment sales could increase 23% in 2026 to $166 billion. Within this expansion, DRAM equipment sales are projected to climb 39% in 2026, 27% next year, and 15% in 2028, while NAND flash equipment sales track a 31% increase in 2026 and 2027 followed by 14.5% growth in 2028. With memory applications accounting for 46% of its revenue, Lam Research participates directly in these multi-year hardware cycles.

## Impact on Semiconductor Equipment and Memory Sectors Broader semiconductor capital expenditures remain tied to artificial intelligence buildouts across advanced logic and memory foundries. Continued supply constraints in DRAM and NAND markets support ongoing equipment orders for wafer fabrication tools, bolstering backlog visibility for suppliers positioned within the global semiconductor supply chain.