News Summary
PositiveLam Research delivered record Q4 FY2026 results with $6.72B revenue (up 15% sequentially) and raised Q1 2027 guidance to $2.00-$2.30 EPS well above consensus, driven by strong NAND and AI-related demand. However, material headwinds include China revenue expected to fall below 30% of total due to U.S. export restrictions (estimated $600M impact in 2026), and recent analyst downgrades citing valuation concerns after the stock's strong run.
Red flags
- •China revenue exposure declining sharply due to export restrictions; estimated $600M sales impact in 2026
- •Multiple analyst downgrades in recent months despite strong fundamentals, citing valuation concerns and near-term pause risk
- •COO retirement and leadership transition in February 2026 (though managed succession, not crisis)
Funds Buying (3)
| Fund | Manager | Shares Held | ∆ Shares | Position Value | % of Fund | QoQ | Status |
|---|---|---|---|---|---|---|---|
| Altimeter Capital | Brad Gerstner | 394K | +394K | $171M | 1.7% | — | NEW |
| Duquesne Family Office | Stanley Druckenmiller | 44K | +44K | $19M | 0.4% | — | NEW |
| Maverick Capital | Lee Ainslie | 4K | +4K | $2M | <0.1% | — | NEW |
Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter. % of Fund is the position's share of the fund's reported equity portfolio — it drives the size weighting in the conviction score.
Portfolio Context
Where LRCX ranks in each buying fund's book, and the positions immediately around it. What a holding sits next to often says more about the thesis than the position size does.
position #16 of this fund's book
- 13MICRON TECHNOLOGY INC$242M
- 14APPLIED MATLS INC$189M
- 15KLA CORP$174M
- 16LAM RESEARCH CORP$171M
- 17ROBINHOOD MKTS INC$90M
- 18ALPHABET INC$63M
- 19SYNOPSYS INC$63M
Values are quarter-end position sizes. Shown only for funds where LRCX ranks inside their 40 largest equity positions — below that, neighbouring names carry no signal. Adjacency is an inference about a fund's reasoning, not a disclosure of it.
Signal History
| Quarter | Direction | Funds | Score | vs SPY |
|---|---|---|---|---|
| Q2 2026 | LONG | 3 | 3.34 | -32.9% |
| Q1 2026 | LONG | 3 | 3.39 | +36.0% |
Same issuer appearing in consecutive quarters — persistent institutional conviction. Returns are frozen at each archived quarter's last refresh.
Insider Activity
| Name | Title | Type | Shares | Price | Value | Filed | Src |
|---|---|---|---|---|---|---|---|
| ARCHER TIMOTHY | President and CEO | SELL | 30K | $319.26 | $9.58M | 2026-09-09 | ↗ |
| Mayer Bethany | — | SELL | 10K | $314.74 | $3.01M | 2026-09-09 | ↗ |
| Varadarajan Seshasayee | Senior Vice President | SELL | 20K | $291.32 | $5.83M | 2026-09-02 | ↗ |
| Varadarajan Seshasayee | Senior Vice President | SELL | 12K | $291.32 | $3.57M | 2026-09-02 | ↗ |
| Varadarajan Seshasayee | Senior Vice President | SELL | 27K | $291.32 | $8.01M | 2026-09-02 | ↗ |
| Harter Ava | Chief Legal Officer | SELL | 5K | $302.46 | $1.51M | 2026-08-31 | ↗ |
| ARCHER TIMOTHY | President and CEO | SELL | 30K | $300.00 | $9.00M | 2026-08-06 | ↗ |
| TALWALKAR ABHIJIT Y | — | SELL | 18K | $335.00 | $6.12M | 2026-07-13 | ↗ |
| ARCHER TIMOTHY | President and CEO | SELL | 30K | $390.01 | $11.70M | 2026-07-02 | ↗ |
Beneficial Ownership (13D/13G)
| Filer | Form | Shares | % of Class | Filed | Src |
|---|---|---|---|---|---|
| Vanguard Capital Management | SC 13G | 93.6M | 7.5% | 2026-04-30 | ↗ |
SC 13D = active intent to influence control (10-day filing deadline after crossing 5%). SC 13G = passive accumulation, no intent to influence control.
Congressional Trading
| Member | Chamber | State | Type | Amount Range | Transaction Date | Filed | Src |
|---|---|---|---|---|---|---|---|
| Sheldon Whitehouse | senate | — | SELL | $1,001 - $15,000 | 2026-08-13 | 2026-09-02 | ↗ |
| Alan Armstrong | senate | — | BUY | $1,001 - $15,000 | 2026-03-27 | 2026-07-21 | ↗ |
Periodic Transaction Reports filed under the STOCK Act. Amounts are disclosed as ranges, not exact dollar figures.