LRCX
One less cheerleader, but not a full breakup
Deroy & Devereaux Private Investment Counsel cut its Lam Research position by 3.3%, leaving it with 252,678 shares worth roughly $43.25 million. That still makes Lam a chunky holding for the fund — about 2.1% of assets and its fifth-biggest position — so this is more “adjusting the thermostat” than “running for the exits.”
Why you should care
For a stock like Lam, which has already had a serious run, even a modest trim can get investors squinting at the tape. It doesn’t mean the thesis is broken. It does mean some managers are choosing to take a little money off the table after a hot stretch in semis.
The bigger backdrop is still doing the heavy lifting
The real engine here isn’t one fund’s rebalance — it’s the semiconductor cycle. Lam just beat expectations in its latest quarter, posting $1.27 in EPS versus $1.17 expected and $5.34 billion in revenue, and it guided Q3 EPS to $1.25–$1.45. Meanwhile, analysts are still mostly in the bull camp, with 27 Buy ratings, 8 Holds, and a consensus target around $247.26.
That’s why this headline is more nibble than meal. One investor trimmed a position, but the broader Street story still looks like: AI capex, DRAM spending, and chip equipment demand are doing the heavy lifting.
Big picture: A fund haircut is worth noting, but for Lam, the larger story is still whether the semiconductor upcycle has more room to run.