Lam Research Near Highs on AI-HBM Spending as 10b5-1 CEO Sale and Early Close Thin Trading

Lam Research (LRCX) near fresh highs: what sales teams should do with it today

Dec. 24, 2025 - Lam Research is trading near record territory in a holiday-shortened U.S. session. Markets close at 1:00 p.m. ET, which tends to thin out liquidity and exaggerate moves. Useful context for anyone timing outreach or end-of-year deal pushes.

Quick market snapshot (midday, Dec. 24)

• Price: around $177, modestly higher vs. Tuesday
• Prior close (Dec. 23): $175.16
• 52-week range: roughly $56.32-$177.29 (near records)
• Market cap: about $221B
• Dividend: annualized $1.04; most recent ex-div Dec. 3, 2025
• Valuation: trailing P/E in the high-30s on major quote services

Translation for sales: confidence is high, and buyers tied to AI, HBM, and advanced memory are still spending. Budget holders read the same headlines you do-use that momentum to advance deals before the quarter shuts.

Headline drivers you can use in your talk track

1) CEO Form 4 sale under a 10b5-1 plan

• CEO Timothy Archer reported selling a total of 163,300 shares at $163.86 after exercising 113,300 options at $17.675. Estimated value: about $26.8M.
• The filing states sales were executed under a pre-set 10b5-1 plan adopted Aug. 19, 2025.

How to use it: expect questions about "insider selling." Keep it simple-pre-set plans are common and reduce the signal vs. discretionary sales. If your buyer brings it up, acknowledge and pivot to demand drivers. For source details, see the SEC.

2) Institutional position headlines

• Mixed 13F-style updates: some funds adding, some trimming. Stories like Level Financial adding and others reducing are circulating.

How to use it: social proof and risk checks. Institutions are active, which keeps attention on the name. If you sell into semis, this supports urgency without overpromising.

3) "Worth buying?" analysis and new highs

• Coverage frames LRCX as an AI/HBM beneficiary, with some analysts citing targets near $200.
• Consensus targets vary by vendor and often lag fast moves.

How to use it: the spread in targets is a gift. It opens a conversation about execution, backlog quality, and 2026 spending plans-areas your product or service can help buyers hit with more certainty.

Earnings and guidance: numbers buyers will quote

• Sept. 2025 quarter: Revenue $5.32B; GAAP EPS $1.24; non-GAAP EPS $1.26.
• Guidance for Dec. 2025 quarter: Revenue ~$5.20B ± $300M; EPS ~$1.15 ± $0.10.
• Margins: GAAP GM 50.4%, non-GAAP GM 50.6%; non-GAAP operating income at 35.0% of revenue.

What this means for your deal: healthy margins and firm guidance support near-term project approvals. Tie your value to time-to-output, yield, or cost-per-wafer outcomes-buyers are defending margin and schedule.

Industry demand that supports pipeline growth

SEMI outlook

• WFE expected to climb to ~$115.7B in 2025 (+11%), with further gains projected into 2027 (~$135.2B).
• Memory and HBM spending flagged as key drivers; 300mm fab equipment expected to exceed $100B in 2025 and rise again afterward.

Use this to frame multi-year plans. If you sell tools, software, services, or automation around fabs, this is your permission to pitch multi-quarter rollouts and expansion options. For background, see SEMI.

Micron signal

• Reuters reported Micron expects memory markets to stay tight past 2026, with constraints that support continued investment.

Angle for sales: tight supply pushes customers to prioritize throughput, yield, and cycle-time improvements. Position your offer as the fastest route to those outcomes.

Key risk cues to prep for (and how to answer)

• Valuation risk: premium multiple. Answer: tie ROI to measurable cost or revenue impact within the next 2-4 quarters.
• Cycle risk: memory spending can slow. Answer: emphasize flexibility-modular deployments, phased contracts, and fast payback milestones.
• Insider headlines: 10b5-1 plan reduces signal. Answer: acknowledge, refocus on order trends and SEMI outlook.
• Geopolitics: China was ~43% of regional revenue in the Sept. quarter. Answer: highlight compliance readiness and contingency planning if your solution helps de-risk shipments or ops.

Sales plays you can run this week

• HBM/DRAM ops efficiency: Offer assessments that target etch/deposition-adjacent bottlenecks, tool uptime, SPC, or scrap reduction-whichever your product touches.
• Quarter-close accelerators: With early market close and year-end positioning, push limited-scope pilots that convert to expansion in Q1. Buyers want quick wins they can defend internally.
• Executive-ready ROI: Package a one-page brief that maps your impact to margin, WIP velocity, or yield. Keep the math conservative and sources clear.
• Account mapping around fabs: Prioritize customers expanding 300mm capacity or adding HBM lines; bundle post-purchase support to lock in renewal paths.

What to watch next (and how to use it in conversations)

• December-quarter results: Does revenue/eps land within guidance ranges? If yes, push expansion. If mixed, lead with pilot plus milestone-based scale.
• 2026 WFE commentary: If management tone matches SEMI's trajectory, anchor multi-site proposals to staged timelines.
• China/licensing color: Any updates can shift timing-offer plans that work under multiple shipment scenarios.
• Holiday liquidity: Price swings may be noisy. Don't overreact; focus on budget owners' 2026 goals and approval calendars.

Price-target context you can borrow (without overcommitting)

• Some trackers show an average near ~$173 with a wide range (~$117 to ~$220). Others show lower consensus near the low-$160s, with several targets still below spot after the 2025 surge.

Message to buyers: targets lag big runs. What matters is throughput, yield, and time-to-capacity in 2026-exactly where your offer helps.

Extra resources

• Official filings and insider forms: SEC
• Industry spending outlook: SEMI equipment forecasts
• Upskill your team's AI fluency for buyer conversations: Complete AI Training - courses by job

Bottom line for sales

Strong industry tailwinds, solid margins, and supportive guidance keep buyers in action mode. Lead with outcomes buyers can book in the next two quarters, price for speed, and set clear expansion triggers. Keep a calm answer ready for valuation and insider questions, then move the deal forward.

Disclaimer: This article is for informational purposes only and is not investment advice. Markets move fast. Assess your own risk and consult a qualified financial professional for investment decisions.