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Against the backdrop of an AI-driven supply squeeze that has pushed DRAM and NAND flash prices up 500% in a single year, according to Tom's Hardware, Lam Research (NASDAQ: LRCX) is drawing fresh attention as a direct equipment supplier to the manufacturers scrambling to close the gap.
The company reported fiscal 2026 revenue of $23.2 billion, a 26% year-over-year increase, with earnings per share rising 39% to $5.76.
The capex cycle behind the numbers Forty-six percent of Lam's revenue comes from memory equipment sales, placing its order book squarely inside what Deloitte projects will be one of the industry's largest spending cycles.
Deloitte estimates that combined capital expenditure by memory manufacturers could climb from $58 billion in 2025 to $97 billion this year and $146 billion in 2027.
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