Lam Research targets 50%+ gross margin as AI chip demand surges

What happened

Lam Research reported third-quarter non-GAAP gross margin of 49.9% and record revenues of $5.84 billion（約9300億円）, up 24% year over year. The company guided for fourth-quarter revenues of $6.6 billion（約1.1兆円） at the midpoint and a non-GAAP gross margin of 50.5%, marking the first time it has guided above the 50% threshold. Strong demand for advanced memory, foundry, and packaging equipment is driving the improvement.

Why it matters

AI is the biggest driver of the company's profitability gains. Equipment makers serving chipmakers investing in AI processor production are seeing better product mix and higher returns. For Lam Research customers, this reflects a major shift in spending priorities toward AI infrastructure—a trend that may signal sustained investment cycles in semiconductor manufacturing capacity over the coming year.

What to watch

Lam Research expects advanced packaging revenues to increase by more than 50% in calendar year 2026 as chipmakers invest in complex packaging technologies for AI processors. Management also forecasts wafer fabrication equipment spending of about $140 billion（約22兆円） this year.