Chris Lange
5 min read
Quick Read
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Cramer called LRCX “the best in the game of capital equipment” but urged buying only 25 shares of a planned 100-share position.
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Lam’s free cash flow more than doubled to $3.24 billion as revenue surged 54% to $8.22 billion, marking a sixth straight earnings beat.
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China accounted for 35% of revenue but management expects that share to drop ‘meaningfully’ in December as domestic Chinese spending falls.
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On CNBC on October 29, 2026, Jim Cramer gave Lam Research (NASDAQ:LRCX) one of the strongest recommendations a stock can get: “I think Lam Research is the best in the game of capital equipment.” In the same segment, he limited how much investors should buy right away: “If you want to buy 100 shares of Lam, I don’t want you to buy more than 25.” The comments came as the stock swung hard. Lam traded at $238.15 Friday morning, down 6.38% on the session and down 26.47% over the past month from $323.86.
What Lam Research Sells
Lam makes the machines chipmakers use to build semiconductors. Its tools handle deposition, which lays down ultra-thin layers of material, and etch, which cuts circuit patterns into those layers. It also makes cleaning tools. Its results fall into two segments.
Systems covers new equipment: customer Support and Other covers services, spare parts, upgrades, and the Reliant line of older-generation tools. As memory stacks grow taller and advanced packaging spreads, each wafer needs more deposition and etch steps. On the latest call, management said “deposition and etch will play a greater role in 2027” regardless of chip type.
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Record Numbers Behind “Best in the Game”
Lam’s most recent quarter backs up the praise. In results reported October 21, 2026, revenue rose 54.4% to $8.22 billion, ahead of the $8.13 billion estimate. Non-GAAP EPS of $2.20 beat the $2.18 consensus, marking the sixth straight quarterly beat. Operating income rose 79.5%, and free cash flow came in at $3.24 billion, up 103.3%, according to the company’s SEC filing.
