News Summary
PositiveLam Research delivered record FY2026 results with $23.2B revenue and $5.82 diluted EPS (41% YoY growth), significantly outperforming guidance with a 52% gross margin in Q4—the highest in 20 quarters. Strong NAND demand and AI infrastructure buildout drove sequential revenue growth of 15% to $6.72B, and the company is backing this momentum with a $3B five-year R&D investment while raising its 2026 WFE market outlook to ~$140B.
Red flags
- •AI-reliance risk disclosure: uncertain effectiveness and reliability of AI tools across R&D, manufacturing, and compliance with potential legal exposure from software license breaches and privacy violations
- •China revenue concentration risk remains, though mitigated to <30% of total revenue due to export restrictions
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 | -30.5% |
| 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
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 |
|---|---|---|---|---|---|---|---|
| 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.