Lam Research just reported its best quarter ever — and then guided the next quarter to $6.6 billion in revenue. Wall Street was expecting $6.1 billion.

In this episode, Nick and Kasey break down everything that matters from Lam Research's Q3 fiscal year 2026 earnings: the headline numbers, the mix shift toward memory, the advanced packaging growth story, what management's $796 million share buyback at all-time highs is actually communicating, and why Lam has quietly become CSI's largest semiconductor equipment holding — overtaking Applied Materials, where their conviction started over a decade ago.

There is also the acceleration of the $40 billion NAND conversion investment timeline, now expected to complete before the end of 2027 — a significant pull-forward that increases near-term equipment demand for exactly the etch and deposition tools that Lam dominates.

What we cover:

— Q3 FY2026 results: $5.84B revenue, +24% year over year, EPS beat, gross margin approaching 50%

— Q4 guidance: $6.6B vs. $6.1B analyst consensus — what the gap means for the cycle

— Memory mix rising to 39% of systems revenue and why it has further to run in 2026 and 2027

— Advanced packaging revenues targeted to grow over 50% in calendar year 2026

— Customer support segment hits a record $2B — the recurring revenue cushion for the next downturn

— The $796M share buyback at all-time highs — management's unambiguous signal

— The $40B NAND conversion acceleration and what it means for Lam's revenue runway

— Wafer fab equipment spending raised to $140B annually — the industry-wide read-through

— Why Lam has become CSI's largest fab equipment holding

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Disclosure: Nick and Kasey are Lam Research shareholders. This content is for general information only and is not individual investment advice. All investing involves risk.

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