Lam Research Surges 9% as $25 Billion Buyback Fuels Broad Chip Equipment Rally

Lam Research shares jumped roughly 9% on November 9, 2026, outpacing most of its semiconductor equipment peers after the company's board approved a $25 billion share buyback program, a move analysts described as a strong vote of confidence in the business following a sharp prior-session selloff. The buyback announcement gave Lam Research an extra catalyst beyond the broader sector rebound that was already lifting chip-equipment names across the board.

The rally extended well beyond Lam Research. Applied Materials climbed 11% in afternoon trading, reaching $370.81 ahead of its own upcoming earnings report, while ASML rose roughly 6% and KLA Corporation gained nearly 9%. The coordinated move reflected renewed investor appetite for semiconductor capital equipment stocks, which had been under pressure amid supply-chain concerns and broader market volatility.

Lam Research also announced the scheduling of its September quarter financial conference call, drawing further attention to the name as investors looked ahead to the next earnings update. Analysts expect Lam's earnings to more than double from fiscal 2026 to 2028, underpinned by strong AI-driven demand for advanced chip manufacturing equipment and a growing service business. Despite the day's gains, MarketWatch noted that Lam Research's performance on the session slightly underperformed some direct competitors on a relative basis.