Lam Research
LRCXQ1 2024(LRCX Q2 FY2024)Estimated6% AI
AI Revenue %
6%
AI Fair Value
$6.8B
AI Revenue (Q)
$227.6M
Total Revenue (Q)
$3.8B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q2 FY2024 (Dec 2023 quarter): Revenue $3.76B. Memory at 48%, Foundry 38%, Logic 14%. Memory share rebounding, significantly driven by HBM capacity investments. SK Hynix and Samsung were ordering equipment for HBM3E production lines. HBM requires ~3x the etch/deposition steps of standard DRAM, creating outsized equipment demand. Within the 48% Memory share, HBM-related could be ~20% of Memory equipment. Plus foundry AI chip builds. 6% AI revenue estimate. $3.76B * 0.06 = ~$226M.
Analyzed by claude-opus-4-6
Quoted Figures
Memory 48%, Foundry 38%, Logic/integrated device manufacturing 14%
10-Q Q2 FY2024, Note 3 Revenue disaggregation
Revenue $3,758,259 thousand
10-Q Q2 FY2024, Condensed Consolidated Statements of Operations
Systems revenue $2,299,286; Customer support-related revenue and other $1,458,973
10-Q Q2 FY2024, Note 3 Revenue disaggregation
AI Products Identified (Ring 1)
Etch systems for HBM3/HBM3E DRAMDeposition for advanced packaging (CoWoS/HBM stacking)Foundry equipment for AI accelerators
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 production rampMemory capex recoveryTSMC advanced node AI chip demand
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix