Lam Research: Down 29% Since My Sell Call, But The Math Has Changed (Upgrade)

Impact · against what's priced in

The upgrade to Lam Research is not a catalyst because the $200 billion fab boom is already a known industry tailwind and the stock's 29% decline simply resets the valuation entry point rather than changing the underlying business fundamentals. The market continues to discount the sustained growth required to justify high multiples, a sentiment this article does not materially shift.

LRCX+0.00

Already priced in

The price assumes

Avoidance of a cyclical downturn or HBM overbuild

The mentioned $200 billion wafer fabrication boom supports the ongoing AI and memory demand that the market already assumes in its current valuation of record revenues.

What LRCX's price assumes · Sep 4

• LRCX▲4050%
• earnings▲39%
• valuation
• semiconductors
• analysis
• tech
• wafer fabs

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