Lam Research Sets 2027 Wafer Equipment Spending Forecast Above $200 Billion

Lam Research set a preliminary forecast for wafer-fabrication equipment spending to exceed $200 billion in 2027, alongside quarterly results showing revenue climbed 54% year over year to $8.219 billion. The outlook points to continued investment in chipmaking equipment, while supply constraints could limit the industry’s ability to meet demand.

Lam gave the preliminary spending forecast on its Oct. 21 earnings call. It compares with a mid-$150 billion range for 2026. The company expects DRAM to lead spending growth, followed by leading-edge foundry logic and NAND.

Lam also cautioned that clean-room availability and shortages of some components could restrict the industry’s ability to meet demand next year. Lam supplies wafer-fabrication equipment and related services to semiconductor manufacturers.

For the quarter ended Sept. 27, Lam reported revenue of $8.219 billion, up 54% from a year earlier. Diluted earnings were $2.19 per share under generally accepted accounting principles and $2.20 on a non-GAAP basis. Revenue exceeded the $8.10 billion midpoint of Lam’s earlier forecast, which included a range of $400 million above or below that midpoint.

For the quarter ending Dec. 27, Lam forecast revenue of $8.60 billion, plus or minus $400 million. Its non-GAAP diluted earnings forecast is $2.33 per share, plus or minus $0.15.

Lam’s shares closed at $260.81 on Oct. 21, down $2.64, or 1%, from the previous close of $263.45. The close at 4 p.m. ET (20:00 UTC) was below the stock’s 20-day, 50-day and 200-day exponential moving averages. The regular-session close came before Lam released its quarterly results; the preliminary equipment-spending forecast came on the company’s earnings call.