Memory Shortage Supercharges Lam Research 293% Higher, Boosting Nvidia AI Demand

Lam Research has soared 293% in a year amid a persistent memory-chip shortage, reporting fiscal 2026 Q3 revenue of $5.84 billion (+24% YoY) and earnings up 41% YoY, while guiding Q4 to $6.6 billion (+27% YoY) and raising 2026 WFE spending to $140 billion. This builds on South Korean export data revealing DRAM prices surging 497% YoY, NAND +352%, and HBM +166%, driven by hyperscalers' $725 billion AI data center spend and 95% DRAM control by Samsung, SK Hynix, and Micron (whose revenue tripled to $23.9 billion). The cycle supports equipment makers like Lam and broader AI hardware gains, including Nvidia, though cyclical risks persist.