✦ Advanced Packaging Above 70%Thin moat
Lam Research (LRCX) — the future bets
Lam expects its advanced packaging business to grow more than 70% in 2026, from a base it does not disclose.
As chips are stacked on top of each other and joined in a single package, the joining itself needs Lam's kind of tools. On the June 2026 quarter call management said advanced packaging was "on track to deliver greater than 70% year-on-year growth"1.
Lam's product list shows the kind of tools involved. Syndion is its deep silicon etch family, used for through-silicon vias, and SABRE its copper electroplating family2; vertical connections and copper wiring are the steps that join stacked dies.
Lam does not report the size of its packaging business. What makes it a bet is growth: the 10-K lists "advanced integration approaches" among the inflections that increase demand for its technologies3, and packaging is where integration happens after the wafer is finished.
The risk is competition from companies that already specialise in packaging, and the fact that the growth is measured from a base Lam does not disclose.
The customer support business is growing fast from the same demand, up 43% in the June 2026 quarter4, and Lam's operating margin guide for the September quarter was 39.5%5. Packaging is one of several growth lines riding the same investment wave, which makes its contribution hard to isolate from the outside.
The 70% target is the check. Management reports packaging growth on its calls; a figure well below it for calendar 2026 would say the stacking boom is going to other tools.
Guided above 70% growth for 2026.
The stacking bet's growth rate; a figure well below 70% would mean packaging steps are going to other tools.
Source: Lam Research Q4 FY2026 call transcript ↗- ReportedOn the June 2026 quarter call management said advanced packaging was "on track to deliver greater than 70% year-on-year growth".The Motley Fool via Yahoo Finance, Lam Research Q4 fiscal 2026 earnings call transcript - installed base, end-market mix of systems revenue, WFE outlook, served market, customer support, China and margin targets - wafer fab equipment outlook, served market, margins and growth targets. — Q4 FY2026 · publ. 29 July 2026 · source ↗
- ReportedSyndion is its deep silicon etch family, used for through-silicon vias, and SABRE its copper electroplating family; vertical connections and copper wiring are the steps that join stacked dies.Lam Research Form 10-K for fiscal 2026 (year ended 28 June 2026) - Item 1 business: products, strategy, competitors, customers and employees. — FY2026 · publ. 7 August 2026 · source ↗
- ReportedWhat makes it a bet is growth: the 10-K lists "advanced integration approaches" among the inflections that increase demand for its technologies, and packaging is where integration happens after the wafer is finished.Lam Research Form 10-K for fiscal 2026 (year ended 28 June 2026) - Item 1 business: products, strategy, competitors, customers and employees. — FY2026 · publ. 7 August 2026 · source ↗
- ReportedThe customer support business is growing fast from the same demand, up 43% in the June 2026 quarter, and Lam's operating margin guide for the September quarter was 39.5%.The Motley Fool via Yahoo Finance, Lam Research Q4 fiscal 2026 earnings call transcript - installed base, end-market mix of systems revenue, WFE outlook, served market, customer support, China and margin targets - wafer fab equipment outlook, served market, margins and growth targets. — Q4 FY2026 · publ. 29 July 2026 · source ↗
- ReportedThe customer support business is growing fast from the same demand, up 43% in the June 2026 quarter, and Lam's operating margin guide for the September quarter was 39.5%.Lam Research fourth-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue, margins, revenue by type and region, cash flow and September 2026 quarter guidance. — Q4 FY2026 · publ. 29 July 2026 · source ↗
- Lam Research Form 10-K, FY2026
- Lam Research Q4 FY2026 call transcript
- Lam Research Q4 FY2026 results release