Lam Research (LRCX) just released its September 2025 quarter earnings. Can the wafer fab equipment leader sustain its run?

<br>We break down the critical China sales concern (43% of revenue) and the US BIS affiliate rule impact, which forecasts a $200 million revenue hit in the December quarter and $600 million for calendar year 2026. Management expects demand from other regions (U.S., Taiwan, Korea) to offset these restrictions.

<br>Foundry, led by TSMC and other chip fabs, drove 60% of sales. Rising NAND demand is a key long-term tailwind. Q3 revenue was $5.32 billion. Lam’s large customer service revenue (roughly one-third of the business) remains a vital asset for customers repurposing equipment.

<br>We discuss why we're now advocating for patience with the stock after a 40% run-up, while noting the 2026 outlook may be stronger than current forward valuations imply.

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<br>Nick and Kasey own shares of Lam Research