Lam Research
LRCXQ4 2024(LRCX Q1 FY2025)Estimated10% AI
AI Revenue %
10%
AI Fair Value
$14.5B
AI Revenue (Q)
$472.0M
Total Revenue (Q)
$4.7B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q1 FY2025 (Sep 2024 quarter): Revenue $4.17B, up 20% YoY. Memory at 35%, Foundry 41%, Logic 24%. Systems revenue $2.39B, Customer support $1.78B. Despite Memory share declining to 35%, HBM's share within Memory was growing significantly — HBM3E in mass production, HBM4 development underway. All major memory makers expanding HBM capacity aggressively. Foundry AI chip builds also major contributor — NVIDIA Blackwell, custom AI ASICs (Google TPU, Amazon Trainium). Conservative 10% estimate reflects HBM equipment being ~35% of Memory equipment revenue + ~7% of Foundry revenue for AI. $4.17B * 0.10 = ~$417M.
Analyzed by claude-opus-4-6
Quoted Figures
Memory 35%, Foundry 41%, Logic/integrated device manufacturing 24%
10-Q Q1 FY2025, Note 3 Revenue disaggregation
Revenue $4,167,976 thousand
10-Q Q1 FY2025, Condensed Consolidated Statements of Operations
Systems revenue $2,392,730; Customer support-related revenue and other $1,775,246
10-Q Q1 FY2025, Note 3 Revenue disaggregation
AI Products Identified (Ring 1)
Etch systems for HBM3E/HBM4 DRAMDeposition for CoWoS advanced packagingEquipment for AI accelerator foundry productionAdvanced packaging solutions
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
HBM3E mass production rampHBM4 developmentTSMC CoWoS/SoIC capacityCustom AI ASIC production
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix