Lam Research AI Semiconductor Etch Equipment Investment Thesis 2026: A Wide-Moat Leader Priced for Perfection — Why We Rate the $145B WFE Supercycle Play a Hold at the Consensus Target
Lam Research (LRCX) dominates AI semiconductor etch equipment with 80%+ market share in sub-5nm nodes. Q1 2026 revenue beat at .84B (+24% YoY) signals multi-year growth runway.