Lam Research

NAND demand growing faster than expected as non-volatile context memory layers for AI inference add incremental bit demand growth. The $40 billion upgrade opportunity is happening faster than originally anticipated.

In 2025, Lam's served available market expanded to mid-thirties percent of WFE, with ship share growing well over one percentage point year on year, progressing toward high 30s% long-term target.

CSBG generated approximately $2 billion in December quarter revenue, up 12% sequentially and 14% year over year. Installed base topped 100,000 chambers with NAND upgrade revenue up more than 90% year over year in 2025.

China was 35% of December revenue, slightly higher than expectations due to affiliate rule timing. WFE in China expected flattish year over year in 2026, declining as a percentage of total as non-China grows.