Lam Research

LRCX

Market cap $418B

Lam Research Corporation (LRCX) Presents at Bank of America 2026 Global Technology Conference Transcript

Finding strong, market-beating stocks with a positive earnings outlook becomes easier with the Focus List, a top feature of the Zacks Premium portfolio service.

The smartest technology analyst you've probably never heard of just published a presentation that reframes the entire AI investment thesis — and if you're still thinking about this as a software story, you're already behind.

A $10,000 position in Invesco Semiconductors ETF (NASDAQ:PSI) on the last trading day of 2025 was worth ~$20,496 by the close on May 26, 2026, and that is the kind of arithmetic that ruins dinner parties.

Lam Research NASDAQ: LRCX President and CEO Tim Archer said AI demand is reshaping the semiconductor equipment market across logic, memory, storage and packaging, creating what Bernstein analyst Stacy Rasgon described as a “renaissance” for wafer fab equipment.

Jim Cramer called it “the greatest time in the history of the industry” on Mad Money Thursday night, and the data is screaming the same thing: Applied Materials (NASDAQ:AMAT | AMAT Price Prediction) is up 75% year to date as the AI data center buildout has triggered shortages across every node, every fab, and every piece of capital equipment that touches a wafer.

Lam Research Corporation (LRCX) Presents at Bernstein 42nd Annual Strategic Decisions Conference Transcript

During the first quarter, we initiated a position in Alphabet Inc., the parent company of Google and one of the world's most valuable technology franchises. We added to our position in Shopify Inc., the leading global operating system for commerce, after shares pulled back in a broader software sell-off. We exited our investment in Microsoft Corporation due to a combination of near-term execution shortfalls and longer-term structural concerns about its competitive positioning in AI.

Semiconductor stocks have looked virtually unstoppable this year, and while the year-to-date rally looks unsustainable and adds more air into a bubble that was already on the verge of becoming far larger than in any other corners of the AI trade, questions linger as to what could prick the bubble.

Applied Materials CEO Gary Dickerson said the semiconductor industry is experiencing its strongest period ever. He said artificial intelligence is driving unprecedented computing demand and long-term growth.