LRCX - Lam Research Corporation

Spectacular business but valuation is very high after tripling; he trimmed from 10% to ~2-3% and says it is not a buy now, more of a hold or sale.

Tepper left the Lam Research position unchanged at about 2% of the portfolio. Host also mentions he is a shareholder.

Reported 'spectacular' earnings; hardware name that could benefit if AI capex continues, though he is not commenting on a trade.

He is a shareholder and has quadrupled his capital, but he wants to shy away from capex-heavy companies, so likely not adding more.

Down 38% from highs; part of the semiconductor equipment complex that is crashing.

Valuation too high after tripling, sold 70%, holds remainder for potential further upside but sees better risk/reward elsewhere

Breaking critical uptrends, continued downside pressure expected due to AI infrastructure weakness and leverage-driven selloffs.

Cheap hardware stock, trimming on constant basis, printing cash. No new buys.

Lamb Research builds the precision etching machines required to create the microscopic layers in high-bandwidth memory (HBM) chips. The host describes them as a 'hidden gem' in AI, noting that without their equipment, there would be no HBM, and consequently no Nvidia, AMD, or other chip companies. As memory demand increases, Lamb Research's equipment becomes essential.

Lam Research builds the machines that create the microscopic layers in modern HBM chips. Memory chips are built vertically with hundreds of layers that must be etched with incredible precision. Without Lam Research, modern HBM becomes much harder to manufacture. NVIDIA needs HBM, and HBM needs Lam Research. Described as a 'real hidden gem' and 'winner for sure.'