Lam Research’s NAND Bet: Can 200+ Layer Chips Supercharge Its Growth Cycle?

Lam Research Corporation reported strong financial and operational performance in the March 2026 quarter, with revenues reaching a record $5.84 billion—an increase of 9% sequentially and 24% year-over-year. The company’s earnings per share of $1.47 exceeded the high end of its guidance range. The Customer Support Business Group (CSBG) contributed significantly to this growth, delivering its first $2 billion-plus revenue quarter with 6% sequential and 25% year-over-year increases, supported by strong demand for spares, upgrades, and services. Gross margin was at 49.9%, near the high end of guidance, driven by favorable product mix and improved factory efficiencies, while operating expenses rose moderately due to seasonal and headcount increases. The operating margin was 35%, also at the high end of guidance. Lam Research’s outlook for the June 2026 quarter anticipates revenues around $6.6 billion, with gross margin expanding slightly to approximately 50.5%. The company projects operating margins near 36.