Lam QSep25- Accelerated NAND upgrades, CY25 WFE up

2025.10.23 14:21

Lam QSep25

- Accelerated NAND upgrades, CY25 WFE upgrade, solid set up for CY26, China pop up in 3Q but will decelerate in '26, $8B WFE for incremental $100B DC AI spent

- Revenue up 3% q/q and 28% y/y to $5.3B at 50.6% GM

- 4Q guidance better than expected; prior expectation was 2H even with 1H but now 2H will grow 6%+; driven by DRAM strength

Source: Sravan Kundojjala

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