LRCX · 10-K · 2026A · Full report

Trade Policy and Tariffs

LAM RESEARCH CORP · 2026-08-07 · Importance 37 · Surprise 42

Lam Research reported that semiconductor-industry volatility from trade restrictions and tariffs negatively affected, and may continue to negatively affect, revenue and operating margin. Aluminum and steel tariff-related spending partially offset the fiscal 2026 gross-margin improvement. Management identified trade restrictions and tariffs as short-term risks, while maintaining a longer-term positive view based on semiconductor secular demand and technology inflections.