Lam Research Corp Goldman Sachs Communacopia + Technology Conference 2026
Review the key takeaways and the transcript of this earnings call.
- Lam Research reported extremely strong demand with customers wanting products sooner than the company can deliver due to tight supply and cleanroom availability constraints.
- The company is focused on operational execution including on-time delivery, managing lead times and quality, and hiring to support new fabs globally.
- Lam Research achieved its highest gross margin in 20 years at 52% and guided to maintain this level, with long-term gross margin targets in the mid-50% range.
- The Customer Support Business Group (CSPG) posted its third consecutive record quarter with nearly $2.5 billion in revenue, driven by spares, service, equipment upgrades, and mature node investments.
- Demand is driven by architectural innovations in etch and deposition, especially for leading edge foundry logic and DRAM, with strong growth expected in both segments and NAND.
- Lam Research is investing heavily in the US, including a $3 billion lab investment in Oregon, to support customers like TSMC, Samsung, and Intel expanding US fab capacity.
- China's wafer fab equipment spending is growing slightly but at a slower rate than other regions, with export controls limiting Lam's ability to serve certain Chinese customers.
- The company is leveraging AI internally to improve engineering productivity and service efficiency, including AI tools for field engineers to troubleshoot equipment.
- Lam Research does not anticipate significant M&A activity, focusing instead on organic growth and small tuck-in acquisitions.
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Transcript
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All right. It looks like we're starting time, but I don't have any cell site support here. Anybody have any questions in the room? Listen, I know Jim is probably on his way over. I'll start with everybody please have a look at the safe harbor language that's up on the screen right now. By the way, I do not intend to make any new statements today, so I don't think this is all that important. To the extent that I do talk about any forward-looking statements, it's protected by the safe harbor language that you see on the screen and that you will also find on the investor relations portion of our website. I don't know where Jim Schneider is.
Jim is coming. Probably coming from the NVIDIA.
Yeah, he's probably on his way.
I know. Okay, I'm going to do an audible.
Anybody in the room have any questions you'd like to ask me to get us going?
Oh. Oh, there's Jim. There you go.
I know you're moving from room to room, Jim.
Apologies. I understand. I'm. All right.
Okay. I got us going with the safe harbor.
How are you? Very well.
Good to see you. Yeah.
Sorry to be late. Welcome, everybody. I think you've already done the intros and safe harbor, Doug.
I did that, yeah. Okay, excellent.
I got going without you.
Okay, excellent. Thanks everybody, Jim Schneider from Goldman Sachs. Thank you for being here, guys, at Lam.
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