Lam Research 주가 2026년 139.25% 급등, AI 인프라 수혜 지속될 전망
Lam Research Stock Is Up 114% So Far in 2026. This AI Infrastructure Stock Is Far From Finished.
인공지능 기반 수요 증가로 매출이 급증하고, 반도체 공급망에서의 전략적 위치가 추가 상승을 뒷받침하고 있습니다.
핵심 요약
Lam Research 주가 2026년 139.25% 급등하며 AI 인프라 수혜 지속될 전망
핵심요약
- Lam Research 주가 2026년 139.25% 급등
- 3월 분기 매출 58.4억 달러, 전년 동기 대비 24% 증가
- 메모리 부문 시스템 매출 39% 차지, 34% 증가
- 조정 당기 순이익 1.47달러, 전년 동기 대비 16% 증가
- AI 인프라 수요 증가로 성장 가능성 지속
도입
Lam Research의 주가 급등은 AI 인프라 수요 증가와 직접적으로 연결됩니다. 반도체 제조 장비 공급업체로서의 전략적 위치가 더욱 부각되며, 투자자들에게는 장기적인 성장 가능성을 제시합니다. 이러한 동향은 기술 산업의 구조적 변화와도 밀접한 연관이 있습니다.
본문 1: AI 인프라 수요 증가와 Lam Research의 성장 동력
Lam Research의 3월 분기 매출이 58.4억 달러에 달하며 24% 증가한 것은 AI 인프라 수요의 급증과 무관하지 않습니다. 특히 메모리 부문에서 시스템 매출의 39%를 차지하며 34% 증가한 점은 DRAM 수요가 급증하고 있음을 시사합니다. 이는 AI 서버와 데이터센터의 확장에 따른 반도체 수요 증가를 반영한 것입니다. Lam Research는 이러한 수요 증가에 효과적으로 대응하며 성장세를 유지하고 있습니다.
본문 2: Lam Research의 전략적 위치와 경쟁 우위
Lam Research는 반도체 제조 장비 공급업체로서의 전략적 위치를 확고히 하고 있습니다. Micron, TSMC, Samsung 등의 주요 고객사들과의 협력을 통해 시장에서의 경쟁 우위를 유지하고 있습니다. Lam Research의 장비는 반도체 제조 과정에서 필수적이며, 이를 대체하기 위해서는 상당한 시간과 비용이 소요됩니다. 이러한 경쟁 우위는 Lam Research가 장기적으로 안정적인 수익을 창출할 수 있는 기반이 됩니다.
본문 3: 미래 전망과 리스크 요인
Lam Research의 미래 전망은 AI 인프라 수요의 지속성과 기술 혁신에 크게 의존합니다. 그러나 반도체 산업의 사이클적 변동성과 글로벌 경제 상황의 불안정성이 리스크 요인으로 작용할 수 있습니다. 투자자들은 이러한 요인을 고려하여 Lam Research의 성장 가능성을 평가해야 합니다.
결론
Lam Research의 주가 급등은 AI 인프라 수요 증가와 전략적 위치의 강화로 인한 것입니다. 향후에도 Lam Research는 반도체 제조 장비 공급업체로서의 경쟁 우위를 유지하며 성장 가능성이 높습니다. 그러나 투자자들은 산업의 사이클적 변동성과 글로벌 경제 상황의 영향을 지속적으로 모니터링해야 합니다.
Original Article
Lam Research Stock Is Up 114% So Far in 2026. This AI Infrastructure Stock Is Far From Finished.
Lam Research (LRCX) shares have rallied a massive 139.25% so far this year, massively outperforming the broader market. This critical AI supplier is cashing in by supplying the deposition, etching, and wafer fabrication equipment needed to manufacture the advanced chips and memory devices powering AI. After a rally like this, investors would be assuming that most of the upside is gone. But Lam’s story is far from finished.
On the surface, Lam’s business might look small compared to semiconductor powerhouses like Nvidia (NVDA) or Advanced Micro Devices (AMD) . However, it is a key supplier of equipment, without which chip manufacturing would be harder. Lam manufactures and supplies equipment used by chipmakers to manufacture chips on silicon wafers inside fabs. Its main products include etch (carving the tiny features into the wafer), deposition (laying down the ultra-thin films that build the chip), strip & clean (removing residues and keeping wafers pristine), software, and other fab productivity tools.
Its customers are the companies that make chips, DRAM, NAND, HBM, and advanced packaging structures, such as Micron (MU) , Taiwan Semiconductor Manufacturing Company (TSM) , and Samsung, among others. Although Lam is not the only equipment supplier, it would be very hard to replace Lam without sacrificing time, yield, and performance.
Lam’s Financial Model Still Looks Powerful Even After the Stock’s Huge Run
Lam Research’s March quarter showed that the AI spending cycle is accelerating. Revenue grew 24% year-over-year (YOY) to $5.84 billion. Adjusted earnings per share (EPS) increased 16% YOY to $1.47, beating consensus estimates. In the March quarter, memory accounted for 39% of systems revenue, up 34% sequentially. Within that, DRAM alone reached 27% of systems revenue, up 23% YOY. Foundry also accounted for 54% of systems revenue, up 35% YOY, led by robust spending at both the leading edge and mature nodes, while advanced packaging remained a particularly strong growth area. Lam expects advanced packaging revenue to increase by more than 50% in calendar 2026.
Furthermore, its services business is another valuable part of its business model, as services revenue tends to be more stable and margin supportive than pure systems sales. The company now has more than 100,000 chambers installed, which generates ongoing revenue from maintenance, updates, software, and productivity improvements. Its Customer Support Business Group (CSBG) delivered its first-ever $2 billion-plus quarter, increasing 25% YOY.
Why this AI Infrastructure Stock May Still Have Room to Run
For the June quarter , Lam guided for $6.6 billion in revenue (plus or minus $400 million) and EPS of $1.65 (plus or minus $0.15), along with a 50.5% gross margin. Lam even anticipates revenue in the second half of calendar 2026 to exceed that in the first half, as demand remains strong. This is an encouraging sign for the stock, which has already doubled this year. Lam currently anticipates that wafer fab equipment (WFE) spending would total roughly $140 billion by 2026. But the interesting thing is that Lam's served available market (SAM) as a percentage of WFE is expected to rise slightly over the mid-30% range by 2026. Management believes the company is on track to achieve a high-30% SAM share within the next few years.
Lam continues to invest in its next phase of expansion from a strong financial position, while also rewarding its shareholders. Capital expenditures rounded up to $332 million in the March quarter to support a second manufacturing facility in Malaysia and lab investments in the U.S. and Taiwan. Yet, the company ended the quarter with $4.8 billion in cash, having spent roughly $800 million on buybacks, $326 million on dividends, and retiring $750 million of unsecured notes. It still has $4.3 billion remaining under its authorized buyback program. Lam is still expanding production and investing in technology because management anticipates a longer runway ahead.
While Lam may appear to be just another semiconductor supplier, its strength lies in the messy, difficult, and high-value steps of chip manufacturing. Its exposure to the fastest expanding segments of semiconductor capital spending, such as advanced NAND, HBM, next-generation DRAM, foundry inflections, and advanced packaging, adds to the bullish case for this AI stock .
As AI becomes more advanced, the more difficult chip making will become, making Lam’s business even more valuable. Investors have most likely realized Lam’s growing potential and this optimism, as evident from Lam’s premium forward price-to-earnings multiple of 68 times, based on 2026 earnings, which are expected to increase by 37% YOY. Analysts further predict earnings to increase by another 41% in 2027.
Overall, on Wall Street, analysts rate Lam Research stock a “ Strong Buy .” Of the 33 analysts covering the stock, 22 offer a “Strong Buy” rating, four have a “Moderate Buy,” and seven analysts offer a “Hold” rating. The stock has crossed its average target price of $336.63. But the Street-high estimate of $450 implies that shares can rally as much as 9.9% over the next 12 months.