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US chip stocks plunge as Lam Research flags supply-chain constraints
Lam Research warned that supply-chain constraints held back its outlook, sending its shares down over 10% and dragging Applied Materials, ASML, Nvidia and Intel lower.
Why it matters
A single phrase — "supply chain constraints" — from the wafer-equipment giant triggered a Wall Street repricing of the whole semiconductor chain: equipment order visibility is in doubt, and memory and chip-design stocks fell in sympathy as doubts over AI infrastructure returns resurfaced.
Full report
Lam Research reported after Wednesday's close: September-quarter revenue of $8.22 billion and adjusted EPS of $2.20, both ahead of estimates. But its December-quarter revenue guidance of $8.6 billion was seen as showing limited growth momentum. CFO Doug Bettinger told analysts the guidance "would have been a bit higher if not for some near-term supply chain constraints."
The market reaction was sharp: on Thursday, October 22, Lam shares plunged more than 10%, while peers Applied Materials fell about 6% and ASML about 3%; the PHLX Semiconductor Index (SOX) dropped about 4%. Chip designers were hit too: Intel fell about 5%, Marvell about 4%, Nvidia and Qualcomm more than 2%, with Micron and SanDisk down more than 3%.
Analysts were split: Bank of America said Lam was "supply constrained, not demand constrained"; Morgan Stanley called the outlook a setback that could force investors to reassess equipment-maker expectations; Needham flagged concerns about the pace of growth. Citi stayed positive on Lam's competitive position but cut its price target. The broader backdrop: lingering doubts about the scale of AI infrastructure spending and when returns will arrive, weighing on tech shares overall.
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