Lam Research: China Risks vs. NAND Demand (LRCX Stock Analysis)

Lam Research (LRCX) just released its September 2025 quarter earnings. Can the wafer fab equipment leader sustain its run?

<br>We break down the critical China sales concern (43% of revenue) and the US BIS affiliate rule impact, which forecasts a $200 million revenue hit in the December quarter and $600 million for calendar year 2026. Management expects demand from other regions (U.S., Taiwan, Korea) to offset these restrictions.

<br>Foundry, led by TSMC and other chip fabs, drove 60% of sales. Rising NAND demand is a key long-term tailwind. Q3 revenue was $5.32 billion. Lam’s large customer service revenue (roughly one-third of the business) remains a vital asset for customers repurposing equipment.

<br>We discuss why we're now advocating for patience with the stock after a 40% run-up, while noting the 2026 outlook may be stronger than current forward valuations imply.

<br>Join us on Discord with Semiconductor Insider, sign up on our website: www.chipstockinvestor.com/membership

<br>Supercharge your analysis with AI! Get 15% of your membership with our special link here: https://fiscal.ai/csi/

<br>Sign Up For Our Newsletter: https://mailchi.mp/b1228c12f284/sign-up-landing-page-short-form<br>If you found this video useful, please make sure to like and subscribe!

<br>*********************************************************<br>Affiliate links that are sprinkled in throughout this video. If something catches your eye and you decide to buy it, we might earn a little coffee money. Thanks for helping us (Kasey) fuel our caffeine addiction!

<br>Content in this video is for general information or entertainment only and is not specific or individual investment advice. Forecasts and information presented may not develop as predicted and there is no guarantee any strategies presented will be successful. All investing involves risk, and you could lose some or all of your principal.

<br> #lamresearch #lrcxstock #wfecompanie #fabequipment #semiconductors #chips #investing #stocks #finance #financeeducation #silicon #artificialintelligence #ai #financeeducation #chipstocks #finance #stocks #investing #investor #financeeducation #stockmarket #chipstockinvestor #fablesschipdesign #chipmanufacturing #semiconductormanufacturing #semiconductorstocks

<br>Nick and Kasey own shares of Lam Research