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Lam Research Corporation: How Does Its Global Manufacturing Footprint De-Risk the Next Capex Cycle?

Lam Research Corporation’s recent earnings report for the December 2025 quarter presents a mixed but predominantly positive financial and operational performance. The company reported revenues exceeding the midpoint of its guidance, with gross margins, operating margins, and earnings per share outperforming the high end of expectations. This performance reflects a robust execution in a rapidly growing semiconductor demand landscape, bolstered by an increase in artificial intelligence-driven market activity. Positive elements from the report include the company’s record revenue achievement of over $20 billion for calendar year 2025, marking a 27% increase year-over-year. Lam Research demonstrated significant growth in its served available market share, now in the mid-30% range of the wafer fabrication equipment (WFE) market. The Customer Support Business Group (CSBG) also observed an impressive 90% revenue growth year-over-year, driven by an increasing installed base.