Lam Research Corp. (NASDAQ: LRCX) has undoubtedly been one of 2025’s defining semiconductor stories. The Fremont-headquartered company designs and manufactures wafer-fabrication equipment, an essential component in the chip supply chain—and it seems to have caught the AI-driven wave in demand at just the right time. Its shares hit an all-time high of over $165 on Wednesday, Nov. 5, capping a staggering 185% rally since April.
A mix of surging industry demand, powerful earnings beats, and relentless analyst upgrades has fuelled the rally. But after almost tripling in price since April, investors keen to get involved face a tough choice: is it too late to join the party, or is Lam only getting started? Here are two reasons to consider buying into the rally, and one reason to stay away.
