Lam Research (LRCX) Raises WFE Forecast at BofA Global Technology Conference

Lam Research Corporation (NASDAQ:LRCX) is one of the 10 Best Stocks in Chase Coleman’s Tiger Global Portfolio.

Lam Research Corporation (NASDAQ:LRCX) participated in the Bank of America Global Technology Conference on June 2, 2026, and during the event, Chief Financial Officer Douglas Bettinger announced that the company has raised its 2026 wafer fab equipment (WFE) market forecast to $140 billion. According to the CFO, the clean room space limitations currently constrain the industry. On the other hand, the growing AI workloads are speeding up the adoption of leading-edge 3D architectures, resulting in a surge in demand for advanced etch and deposition tools. Consequently, Lam Research Corporation (NASDAQ:LRCX) has increased its addressable market share to the mid-30% range. Additionally, the company anticipates strong growth through 2027 and is subsequently building a second manufacturing facility in Malaysia to support it.

In another development, on June 1, 2026, Wells Fargo raised its price target on Lam Research Corporation (NASDAQ:LRCX) from $500 to $575. The firm’s analyst, Aaron Rakers, maintained an Overweight rating on the stock. The firm reported highly positive demand across its Silicon Valley Bus Tour, driven by AI data center buildouts, agentic AI, and rising server CPU needs. It predicts persisting severe memory constraints through 2027, with the economies of scale becoming a major competitive advantage.

Founded in 1980, Lam Research Corporation (NASDAQ:LRCX) supplies semiconductor manufacturing equipment and services globally. The California-based company designs, manufactures, and markets semiconductor processing equipment used in the fabrication of integrated circuits.

While we acknowledge the potential of LRCX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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