Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>U.S. expands China chip restrictions -- Implementing lower performance thresholds and further restricting sales via third party countries.</li>
<li>Intel and AMD chips likely also impacted, as well as equipment from ASML, Lam, Applied Materials, Tokyo Electron and others. We will learn more today from Lam and ASML results.</li>
<li>Taiwan AI Plays also to be impacted -- Shares of Wistron, Quanta, Gold Circuit, Asia Vital Gigabyte, Super Micro, Alchip appear precarious.</li>
</ul>


U.S. expands China chip restrictions -- Implementing lower performance thresholds and further restricting sales via third party countries.
Intel and AMD chips likely also impacted, as well as equipment from ASML, Lam, Applied Materials, Tokyo Electron and others. We will learn more today from Lam and ASML results.
Taiwan AI Plays also to be impacted -- Shares of Wistron, Quanta, Gold Circuit, Asia Vital Gigabyte, Super Micro, Alchip appear precarious.


U.S. Expands China Chip Restrictions: Taiwan AI Names Most at Risk of Pullback

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Lam Research Corporation reported strong financial and operational performance in the March 2026 quarter, with revenues reaching a record $5.84 billion—an increase of 9% sequentially and 24% year-over-year.</li><li>The company’s earnings per share of $1.47 exceeded the high end of its guidance range.</li><li>The Customer Support Business Group (CSBG) contributed significantly to this growth, delivering its first $2 billion-plus revenue quarter with 6% sequential and 25% year-over-year increases, supported by strong demand for spares, upgrades, and services.</li></ul>

Lam Research Corporation reported strong financial and operational performance in the March 2026 quarter, with revenues reaching a record $5.84 billion—an increase of 9% sequentially and 24% year-over-year.The company’s earnings per share of $1.47 exceeded the high end of its guidance range.The Customer Support Business Group (CSBG) contributed significantly to this growth, delivering its first $2 billion-plus revenue quarter with 6% sequential and 25% year-over-year increases, supported by strong demand for spares, upgrades, and services.

Lam Research’s NAND Bet: Can 200+ Layer Chips Supercharge Its Growth Cycle?

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>LRCX Q326 revenue of $5.84 billion, +9% QoQ, +23.8% YoY. GAAP diluted EPS $1.45; non-GAAP diluted EPS was $1.47. It was the company’s third record revenue quarter in a row.</li>
<li>LRCX guided Q4 FY2026 revenue to $6.60 billion, ±$400 million, up 13% QoQ. Non-GAAP EPS of $1.65, ± $0.15. Gross margin 50.5%- first time over 50%</li>
<li>LRCX gross margin trajectory already well ahead of the February 2025 Investor Day target, the company will have to do a reset at the next investor day later this year..</li>
</ul>


LRCX Q326 revenue of $5.84 billion, +9% QoQ, +23.8% YoY. GAAP diluted EPS $1.45; non-GAAP diluted EPS was $1.47. It was the company’s third record revenue quarter in a row.
LRCX guided Q4 FY2026 revenue to $6.60 billion, ±$400 million, up 13% QoQ. Non-GAAP EPS of $1.65, ± $0.15. Gross margin 50.5%- first time over 50%
LRCX gross margin trajectory already well ahead of the February 2025 Investor Day target, the company will have to do a reset at the next investor day later this year..


<ul>
<li>LRCX Q326 revenue of $5.84 billion, +9% QoQ,  +23.8% YoY. GAAP diluted EPS $1.45; non-GAAP diluted EPS was $1.47. It was the company’s third record revenue quarter in a row.</li>
<li>LRCX guided Q4 FY2026 revenue to $6.60 billion, ±$400 million, up 13% QoQ. Non-GAAP EPS of $1.65, ± $0.15. Gross margin 50.5%- first time over 50%</li>
<li>LRCX gross margin trajectory already well ahead of the February 2025 Investor Day target, the company will have to do a reset at the next investor day later this year..</li>
</ul>


LRCX Q326 revenue of $5.84 billion, +9% QoQ,  +23.8% YoY. GAAP diluted EPS $1.45; non-GAAP diluted EPS was $1.47. It was the company’s third record revenue quarter in a row.
LRCX guided Q4 FY2026 revenue to $6.60 billion, ±$400 million, up 13% QoQ. Non-GAAP EPS of $1.65, ± $0.15. Gross margin 50.5%- first time over 50%
LRCX gross margin trajectory already well ahead of the February 2025 Investor Day target, the company will have to do a reset at the next investor day later this year..


LRCX Q326. Mounting Tailwinds, Records All Around

<ul><li>Lam Research Corporation's recent earnings report for the December 2025 quarter presents a mixed but predominantly positive financial and operational performance.</li><li>The company reported revenues exceeding the midpoint of its guidance, with gross margins, operating margins, and earnings per share outperforming the high end of expectations.</li><li>This performance reflects a robust execution in a rapidly growing semiconductor demand landscape, bolstered by an increase in artificial intelligence-driven market activity.</li></ul>

Lam Research Corporation's recent earnings report for the December 2025 quarter presents a mixed but predominantly positive financial and operational performance.The company reported revenues exceeding the midpoint of its guidance, with gross margins, operating margins, and earnings per share outperforming the high end of expectations.This performance reflects a robust execution in a rapidly growing semiconductor demand landscape, bolstered by an increase in artificial intelligence-driven market activity.

Lam Research Corporation: How Does Its Global Manufacturing Footprint De-Risk the Next Capex Cycle?

United States

Lam Research Corporation manufactures, markets, and services semiconductor processing equipment used in the making of integrated circuits.  The Company's products are used to deposit special films on a silicon wafer and etch away portions of various films to create a circuit design.  Lam sells its products around the world.

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Lam Research (LRCX US)

U.S. Expands China Chip Restrictions: Taiwan AI Names Most at Risk of Pullback

Intel and AMD chips likely also impacted, as well as equipment from ASML, Lam, Applied Materials, Tokyo Electron and others. Rather than sell...

Vincent Fernando, CFA

Lam Research’s NAND Bet: Can 200+ Layer Chips Supercharge Its Growth Cycle?

Lam Research Corporation reported strong financial and operational performance in the March 2026 quarter, with revenues reaching a record $5.84...

Baptista Research

LRCX Q326 Earnings Call Transcript

LRCX gross margin trajectory already well ahead of the February 2025 Investor Day target, the company will have to do a reset at the next investor...

William Keating

LRCX Q326. Mounting Tailwinds, Records All Around

LRCX gross margin trajectory already well ahead of the February 2025 Investor Day target, the company will have to do a reset at the next investor...

William Keating

Lam Research Corporation: How Does Its Global Manufacturing Footprint De-Risk the Next Capex Cycle?

Lam Research Corporation's recent earnings report for the December 2025 quarter presents a mixed but predominantly positive financial and...

Baptista Research

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