Lam Research: AI Manufacturing Complexity And Installed-Base Growth Support A Cautious Buy Lam Rese...

Lam Research: AI Manufacturing Complexity And Installed-Base Growth Support A Cautious Buy Lam Research is rated a cautious Buy, with long-term upside driven by demand for advanced chip production and packaging equipment. LRCX's growth is underpinned by increasing chip complexity, which requires more processing steps and drives both equipment and recurring service revenue. At ~$340, LRCX trades at 35.9x forward EPS—well above its five-year average—so valuation already anticipates robust earnings growth.