Lam Research sees strong growth extend into 2027 as AI spending accelerates

Lam Research just posted the kind of quarter that makes analysts feel underdressed. The semiconductor wafer fabrication equipment maker reported fiscal Q4 2026 revenue of $6.72 billion, a 30% jump from the same period a year ago and a 15% increase from the prior quarter. Both figures are records for the company. Non-GAAP earnings per share came in at $1.82, comfortably beating consensus estimates. And the forward guidance suggests Lam isn’t planning to slow down anytime soon. The numbers behind the momentum For Q1 of fiscal year 2027, Lam is projecting revenue between $7.7 billion and $8.5 billion, with a midpoint of roughly $8.1 billion. Non-GAAP EPS guidance for the upcoming quarter lands in the $2.00 to $2.30 range. CEO Tim Archer described the setup for wafer fabrication equipment growth in 2027 as “extraordinary,” pointing to AI-driven demand as the primary catalyst. Lam also raised its calendar year 2026 outlook for total wafer fabrication equipment spending to the low $150 billion range, up from a prior estimate of $140 billion. Analysts bumped their fiscal 2027 revenue estimates for Lam to approximately $34.8 billion, a significant leap from the previous $31.1 billion conse...