Lam Research (LRCX) Has Returned 318% in the AI Portfolio Since January 2025

Lam Research has returned 318.7% since Eric Bleeker added it to the AI Portfolio 633 days ago, crossing the 300% threshold that turns a strong winner into a portfolio-defining trade.

The core thesis centers on chip equipment makers as the infrastructure layer of the AI buildout. Every advanced fab a major chipmaker constructs or expands requires the deposition and etch tools Lam Research supplies, making the company a direct, recurring beneficiary of semiconductor capital spending.

The return series shows sharp drawdowns alongside the gains across the holding period. That volatility is characteristic of semiconductor equipment stocks, which move in wide arcs around shifts in fab spending cycles.

At a return this size, position sizing and risk management become live questions for any investor still holding. The original thesis, that equipment makers collect a toll on every AI-driven fab expansion, has been validated so far, but sensitivity to spending cycle news means the path forward is unlikely to be smoother than the path here.