By Fahad Saleem
Publication Date: 2026-08-17 14:49:00
Latest 13F filings show that billionaire Stanley Druckenmiller’s family office fund and Brad Gerstner’s Altimeter Capital both sold Broadcom Inc. (NASDAQ: AVGO) during the second quarter and opened new stakes in Lam Research Corporation (NASDAQ: LRCX) instead.
Bulls say Lam’s multiple compression is due to the overall semiconductor selloff, not a fundamental issue. In fiscal Q4, the company beat earnings estimates and guided to a 52% gross margin for Q1, well above previous expectations. Wafer fab equipment demand remains strong, with memory and advanced packaging contributing more meaningfully. Industry-wide equipment spending guidance for fiscal 2027 was also raised. Advanced packaging growth guidance was raised. The company is expected to benefit from rising capex as companies spend to complete AI infrastructure buildouts.
However, bears point to risks that spending on wafer fab equipment will prove less durable. The company’s EPS estimates assume…
