- Prev close
- $185.20
- Day range
- $198.07 – $209.20
Lam Research’s 2026-11-06 close rose +8.2% on a sharp AI/semiconductor rerating, but the move looks more sector-driven than company-specific and comes after a prior stretch of elevated AI-trade volatility.
LRCX
LAM RESEARCH CORP
As of Nov 7, 2026
66/100
Worth keeping an eye onHealth ScoreWhy it moved
Lam Research rose +8.2% on 2026-11-06 while the S&P 500 gained +0.3% and the Nasdaq 100 gained +1.4%, so the move was much larger than the broad market and points to sector-specific re-pricing rather than a general index effect. The most plausible driver is the semiconductor/AI trade unwind and reset: the facts cite “The AI Trade Just Had Its Worst Day Since The Pandemic” and “Lam Research Stocks Fall 13.5% as Equipment Investors Reassess AI Spending,” which frame LRCX as part of a volatile AI-capex complex rather than reacting to a new company-only disclosure on that session.
Volatility check
This is more than ordinary volatility in absolute terms, but it is not inconsistent with the stock’s fundamentals. Revenue is +33.4% YoY (TTM), the latest quarter is +54.4% YoY, EPS is +48.1% YoY (TTM), and margins remain strong at gross +51.0%, operating +37.0%, and net +32.3%. The valuation is not cheap at PE 27.4 and forward PE 22.6, with a PEG of 0.97 — P/E divided by growth, so investors are paying just under 1.0x the growth rate — and beta is 2.08, which means the shares are structurally more volatile than the market. Bottom line: the swing is sizable, but the business still shows strong growth and profitability, so the move reads as a high-beta rerating around AI spending rather than a clear deterioration in operating performance.
Earnings preview
The next earnings date is not available this period, so I cannot anchor the preview to a confirmed reporting day. The market will still be focused on the same core items implied by the facts: whether revenue growth stays near the latest +54.4% YoY pace, whether EPS growth can sustain the +48.1% YoY TTM rate, and whether margins hold around gross +51.0%, operating +37.0%, and net +32.3%. Because the stock already trades at PE 27.4 and forward PE 22.6, investors will also be looking for evidence that AI-related wafer-fab equipment demand remains durable and that capital spending expectations have not been pulled forward too aggressively.
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