Earnings Results: Lam Research CEO: AI servers are ‘fundamental’ to driving growth in next several years

by | Jul 27, 2023 | Stock Market

Lam Research Corp. shares rose in the extended session Wednesday after the silicon-foundry equipment supplier’s chief executive said more complicated artificial-intelligence servers are “fundamental” to growth from foundry customers over the next several years. Lam Research 
shares rose 2% after hours, following a 1.2% decline to close the regular session at $642.37.

On the earnings call, Chief Executive Tim Archer told analysts that “emerging growth drivers such as generative AI are only in their initial stages of adoption and will be fundamental to driving increased investment in both memory and foundry logic fabs over the next several years.” The Fremont, Calif., company forecast adjusted fiscal first-quarter earnings of $5.30 to $6.80 a share on revenue of $3.1 billion to $3.7 billion, while analysts had estimated $5.56 a share on revenue of $3.3 billion. Lam makes the very complicated machinery used by foundries like Taiwan Semiconductor Manufacturing Co.
to make the silicon for chips produced b …

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