Semiconductor equipment maker Lam Research (LRCX.US) reported record revenue, profitability, and earnings per share for its September 2026 quarter, with demand tied to artificial intelligence, advanced semiconductor manufacturing, and packaging continuing to support spending on deposition and etch equipment.
Chief Financial Officer Doug Bettinger said September-quarter revenue totaled $8.22 billion, up 22% quarter over quarter and up 54% from the same period in 2025.
The company's gross margin was 52.4%, operating margin was 40.2%, and non-GAAP diluted earnings per share were $2.20, all record highs.
According to the company, operating margin exceeded 40% for the first time.
President and Chief Executive Officer Tim Archer said: "In the September quarter, the company once again delivered record revenue and profitability."
He said AI-driven semiconductor demand and rising device complexity are increasing the intensity of deposition and etch processes in memory, logic, and advanced packaging applications.
For the December 2026 quarter, Lam Research expects revenue of $8.6 billion, plus or minus $400 million.
The company expects gross margin of 52.5%, plus or minus one percentage point; operating margin of 40.5%, plus or minus one percentage point; and earnings per share of $2.33, plus or minus $0.15.
Bettinger said that without recent supply chain constraints, the December revenue outlook would have been "slightly higher."
He did not quantify the impact, but said shipments delayed out of the December period due to timing will shift into the March quarter.
Lam Research expects wafer fabrication equipment spending in calendar 2026 to be in the mid-$150 billion range.
Its preliminary forecast for 2027 is WFE spending above $200 billion, with percentage growth led by DRAM, followed by advanced-node foundry logic and NAND.
Archer said cleanroom availability and supply constraints for certain components could limit the industry's ability to fully meet demand in 2027.
He said the company is working with suppliers to expand capacity and expects supply conditions to improve soon.
Bettinger added that the company expects 10 new leading-edge fabs to come online in 2027.
Based on the midpoint of its December-quarter outlook, Lam Research expects calendar 2026 systems revenue to grow more than 40% year over year.
Archer said the company expects 2026 to be its third consecutive year of outperforming the industry on WFE, helped by growth in its served available market and product share gains.
Memory and foundry demand drove growth, with memory accounting for 46% of September-quarter systems revenue, flat versus the prior quarter; foundry accounted for 46%, up from 44% previously.
Logic and other applications accounted for 8% of systems revenue.
Memory systems revenue reached a record dollar level, up 120% year over year.
NAND accounted for 26% of systems revenue, up from 23% in the June quarter, as customers continued transitioning to 256-layer and above devices.
NAND revenue rose about 40% quarter over quarter, and the company said it has seen initial spending on 384-layer devices.
DRAM revenue also set a record, with spending concentrated on technology upgrades and expansions at 1-alpha, 1-beta, and 1-gamma nodes for DDR5, LPDDR5, and high bandwidth memory.
Archer said that as DRAM architectures become increasingly three-dimensional, the company expects etch and deposition intensity to increase.
The company also discussed potential incremental NAND demand related to AI memory tiers.
Archer said QLC NAND supports cost-effective data storage, TLC is used for higher-bandwidth context memory and key-value cache workloads, and SLC-class NAND is emerging for low-latency access in agentic AI applications.
Lam Research said shifting NAND production from TLC to SLC-class devices reduces bits per device by about three times.
According to the company, for every one percentage point shift of NAND bits to SLC-class devices, about 2% more installed wafer capacity is needed to support the same bit demand.
Technology investment and advanced packaging: Archer said foundry logic and DRAM accounted for about 80% of the company's systems revenue growth year to date.
The company highlighted demand for its Akara etch, conductor etch, and Aether dry film photoresist products in advanced patterning applications.
Lam Research said its Aether dry film photoresist solutions have demonstrated sub-10nm resolution under High-NA EUV and can reduce exposure dose by 10%.
Archer said Aether products are ramping in high-volume HBM manufacturing using Low-NA EUV.
The company now expects cumulative Aether-related revenue to reach about $2.5 billion by the end of the decade, about $1 billion above its previous expectation.
The company also cited opportunities in backside power delivery, having secured benchmark tool qualifications for four products at a leading customer.
In advanced packaging, Lam Research said its Syndion etch products won four new positions at multiple customers for advanced logic and HBM through-silicon via applications.
Lam Research expects calendar 2026 advanced packaging revenue to grow about 70%.
Archer said panel-level packaging is an emerging growth opportunity, and the company has shipped panel plating systems to more than 20 customers worldwide.
The company expects its panel-level packaging market share to exceed its current position in wafer-level packaging.
Regional mix, services, and capital returns: China accounted for 35% of September-quarter revenue, up from 26% in the June quarter, helped by investments from domestic and multinational customers.
Bettinger said China's contribution is expected to decline significantly in the December quarter, mainly due to lower revenue from domestic customers, while demand from multinational customers in the region should remain relatively strong.
Korea accounted for 20% of revenue, and Taiwan accounted for 18%.
Lam Research's Customer Support Business Group revenue was nearly $2.5 billion, a record for the fourth consecutive quarter, up 40% year over year.
The company expects full-year 2026 CSBG revenue growth of more than 30%, and growth of more than 15% in 2027.
Lam Research generated record free cash flow of $3.24 billion in the September quarter.
The company repurchased about $1 billion of stock and paid $325 million in dividends, returning about 41% of quarterly free cash flow to shareholders.
At quarter-end, the company had $7.5 billion in cash and short-term investments, with $3 billion remaining under its authorized stock repurchase program.
Conference call content. Moderator: Also note that today's event is being recorded. Now I would like to turn the call over to Ram Ganesh, Vice President of Investor Relations. Please go ahead. Ram Ganesh, Vice President of Investor Relations at Lam Research: Thank you, and good afternoon, everyone. Welcome to the Lam Research quarterly earnings conference call. Joining me today are President and Chief Executive Officer Tim Archer and Executive Vice President and Chief Financial Officer Doug Bettinger. In today's call, we will share our overview of the business environment and review our financial results for the September 2026 quarter and our outlook for the December 2026 quarter. The news release detailing our financial results was issued shortly after 1 p.m. Pacific Time. It is available, along with the accompanying presentation slides for today's call, in the Investor Relations section of the company's website. Today's presentation and Q&A session contain forward-looking statements based on our current beliefs, expectations, and assumptions. These statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in such statements. For a discussion of factors that could cause actual results to differ materially, please refer to the risk factors in our most recent periodic reports on Form 10-K and Form 10-Q and subsequent filings with the U.S. Securities and Exchange Commission, as well as the cautionary statement in the accompanying presentation slides. Unless otherwise noted, today's discussion of our financial results will be presented on a non-GAAP financial basis. A detailed reconciliation between GAAP and non-GAAP results can be found in the accompanying presentation slides. This call is expected to last until 3 p.m. Pacific Time. A replay of this call will be available on our website later this afternoon. Next, I will turn the call over to Tim. Tim Archer, President and Chief Executive Officer of Lam Research: Thank you, Ram, and thank you all for joining us today. In the September quarter, Lam Research once again achieved record revenue and profitability. Gross margin, operating margin, and earnings per share all reached new highs, with operating margin surpassing 40% for the first time. Our performance for the year reflects the broad strength of our product portfolio and an unwavering focus on operational execution, as AI continues to drive unprecedented semiconductor demand and increasing device complexity. Including the midpoint of our December-quarter guidance, we expect calendar 2026 systems revenue to grow well over 40% year over year. Rising deposition and etch intensity across all device types and advanced packaging solutions continues to create a larger opportunity for Lam Research. Over the past few years, increasing device complexity and the push toward greater 3D scaling have expanded our served available market as a percentage of WFE by four percentage points. Combined with share gains from products targeting this growing SAM, we expect 2026 to mark our third consecutive year of outperforming WFE. For calendar 2026, we expect WFE in the mid-$150 billion range. Our preliminary outlook for 2027 WFE is spending above $200 billion, with percentage growth led by DRAM, followed by advanced foundry logic and NAND. As we enter calendar 2027, we see cleanroom space availability and supply chain constraints for certain components continuing to limit the ability of chipmakers and equipment companies to fully meet end demand. We are actively working with suppliers to accelerate their capacity expansion plans and believe Lam Research is well positioned to meet the strong demand we see ahead. Supporting our WFE growth outlook is the continued rapid adoption of AI by enterprises and consumers. It has been reported that average weekly token usage increased about 250 times over the past 18 months. As AI increasingly moves toward autonomous agent workflows, demand for compute, memory, and storage solutions continues to expand. For example, in NAND, AI performance and economics are driving demand for multi-tier storage, with each tier optimized for different workloads. Today, QLC provides cost-effective storage for rapidly growing AI data volumes. TLC storage is used as a high-bandwidth tier for context memory and KV cache workloads. And SLC-class NAND is emerging for low-latency, high-speed access in agentic AI. We believe the adoption of an SLC storage tier could become an important driver of NAND wafer capacity. Converting from TLC to SLC-class devices reduces bits per device by about three times. In other words, for every one percentage point shift of NAND bits toward SLC-class devices, about 2% more installed wafer capacity is needed to support the same bit demand. Incremental growth in bit demand will further amplify wafer capacity requirements. We expect all three storage tiers to grow, enhancing the value and strategic importance of NAND. We believe Lam Research is best positioned to benefit from this inflection point. We have the industry's largest installed base of NAND systems and a comprehensive product portfolio covering all critical deposition and etch steps. Any increase in NAND bit demand, whether met through installed-base upgrades or capacity expansion, will create additional demand for Lam Research's tools and technologies. Foundry logic and DRAM are undergoing similar device-level evolution to meet AI's emerging performance requirements. From advanced patterning to backside power delivery to next-generation packaging, we expect billions of dollars of potential SAM expansion and share gain opportunities for Lam Research in the coming years. We have already seen the impact of our targeted investments in foundry logic and DRAM products in our calendar 2026 performance. These two segments accounted for about 80% of Lam Research's systems revenue growth year to date. A good example is our focus on advanced patterning demand in foundry logic and DRAM. As each technology node brings stricter EUV patterning fidelity and defect rate requirements, Lam Research's Akara etch, conductor etch, and Aether dry film photoresist tools are being used together to achieve unprecedented scaling capability. Importantly, these tools also help improve DRAM scaling productivity, and maximizing fab output is currently a key priority for our customers. Multiple chipmakers are adopting Akara because it can etch extremely high-aspect-ratio features with superior profile control while reducing wafer-to-wafer and lot-to-lot variability by as much as 50% and increasing wafer output per fab footprint by as much as 50%. Similarly, Lam Research's Aether dry film photoresist solutions have demonstrated sub-10nm resolution at the highest pattern density and fidelity under High-NA EUV. It helps achieve this result while requiring 10% lower exposure dose, improving scanner productivity and lowering patterning cost per wafer. Aether solutions are already ramping in high-volume manufacturing for HBM using Low-NA EUV, and we expect more adoption opportunities in DRAM and foundry logic customers in the future. As a result, we now expect cumulative Aether-related revenue to reach about $2.5 billion by the end of the decade, about $1 billion above our previous expectation. Backside power delivery is another example of Lam Research's strengths in deposition and etch. Separating power delivery and signal routing enables thicker backside metallization, reducing resistance and improving energy efficiency. This implementation increases process complexity, driving demand for more deposition, plating, and etch steps. As customers ramp backside power delivery at 2nm and below nodes, our production-proven Vector, Sabre, and Flex tools are well suited for this task. Vector, with its unique four-chamber architecture, delivers industry-leading footprint density and wafer-to-wafer repeatability. Sabre is a benchmark in the global plating industry for its high productivity and superior on-wafer performance. Flex uses its differentiated small-volume chamber design and confined plasma to deliver high-throughput dielectric etch while maintaining low defect levels. New materials such as molybdenum are also being introduced to enable more efficient electrical connections between the backside and frontside of the wafer. For this emerging application, our Halo tool is gaining increasing traction, as it can perform both plasma and thermal processes in a single chamber while delivering industry-leading productivity. We are gaining share in this expanding backside power delivery SAM opportunity, and we recently secured tool-of-record wins for all four products at a leading customer. In advanced packaging, our market-leading Syndion products are winning in HBM TSV applications for advanced logic. Syndion's differentiated hardware design enables fast process switching, highly uniform TSV profiles, smooth sidewalls, and high-volume manufacturing productivity. Recently, we won four new application positions at multiple customers. Our Striker ALD products also won multiple TSV liner applications based on the film's excellent step coverage and low etch rate. Beyond TSV applications, we also won additional Vector and VECTOR TEOS 3D orders for high-adhesion bonding films and die-to-die gap fill applications based on lower defect rates in thick film deposition. With its high deposition and etch intensity, advanced packaging has become a major growth driver for Lam Research. For next-generation AI and high-performance computing devices, customers are increasingly turning to panel-level packaging to achieve manufacturing scale. Our panel-level packaging portfolio continues to gain momentum in fan-out packaging, glass core substrates, and emerging substrate and interposer architectures. To date, we have shipped panel plating systems to more than 20 customers worldwide, with panel sizes ranging from 300x300 mm to 600x600 mm. Customers continue to choose our Kallisto platform for its differentiated coplanarity and plating uniformity performance in bumps, pillars, and redistribution layers. With the increasing adoption of glass core substrates, Kallisto is also expected to benefit from emerging through-glass via applications. Given our customer engagement, installed base growth, and technology leadership, we expect to achieve panel-level packaging market share that exceeds our already strong position in wafer-level packaging. Finally, turning to CSBG, we will close calendar 2026 with strong momentum, with annual revenue expected to grow more than 30% year over year. That is more than double the long-term target pace we set at our last Analyst Day. Growth is broad-based across upgrades, spares, and services, driven by high fab utilization and customers' continued focus on installed-base efficiency. The value we deliver through Equipment Intelligence and Dextro Cobots recently helped us sign performance-based service contracts with several memory manufacturers. We expect CSBG momentum to continue in calendar 2027, with revenue growth of more than 15% year over year. In summary, we believe the industry is in the early stages of a multi-year investment cycle, with customer visibility extending into 2028. Increasing manufacturing complexity, new materials integration, and advanced packaging are driving rising deposition and etch intensity across device segments. Our technology leadership, growing installed base, and strategic investments in product innovation and manufacturing capacity position Lam Research to capture these inflection points and drive continued outperformance. Thank you, and over to Rick. Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Okay. Thank you, Tim Archer. Good afternoon, everyone, and thank you for joining our call today during what I know is a very busy earnings season. We are pleased with our continued strong execution in the September quarter, delivering our fifth consecutive quarter of record revenue, as well as record gross margin, operating margin, and earnings per share. September-quarter revenue was $8.22 billion, up 22% quarter over quarter and up 54% year over year. The deferred revenue balance at quarter-end was $2.66 billion, up $227 million from the June quarter. The increase was mainly due to higher sales volume, partially offset by lower customer prepayments. By market segment, memory systems revenue represented 46% of September-quarter revenue, flat versus the prior quarter. In dollar terms, this represented a record level for memory, up 120% year over year. Within memory, non-volatile memory accounted for 26% of our systems revenue, up from 23% in the June quarter. In dollar terms, NAND revenue increased about 40% quarter over quarter as the industry continued to invest in the transition to 256-layer and above devices. We saw initial spending on 384-layer-class devices. DRAM revenue set a record, increasing quarter over quarter in dollar terms, but declining slightly as a percentage from 23% of systems revenue in the June quarter to 20% in the September quarter. DRAM spending remained concentrated on technology additions and upgrades at 1-alpha, 1-beta, and 1-gamma nodes, which enable DDR5, LPDDR5, and more importantly high bandwidth memory. Foundry also achieved record revenue. Its share of systems revenue rose from 44% in the June quarter to 46%. Strong performance in the quarter was driven by investment in advanced nodes, including advanced packaging, as well as mature-node spending in China. Finally, logic and other accounted for 8% of our systems revenue in the September quarter, down slightly from 10% in the prior quarter. Most spending here was for advanced process nodes. Now let me discuss the regional composition of our total revenue. China contributed 35% of revenue, up from 26% in the June quarter. We saw strong investment here from both domestic and multinational customers. In the December quarter, we expect China to represent a significantly lower percentage of total revenue than in the September quarter. Korea's contribution to revenue in the September quarter was flat versus the June quarter at 20%. Taiwan contributed 18% of revenue, down from 27% in the June quarter. The Customer Support Business Group delivered a record fourth consecutive quarter of revenue in the September quarter, at nearly $2.5 billion. This was up slightly from the June quarter and up 40% from the same period in 2025. Each component of CSBG remained strong, as in the prior quarter. Turning to gross margin performance. The September quarter reached a record 52.4%, up from 52% in the June quarter due to favorable customer and product mix. In addition, we continued to balance cost and pricing stance. Operating expenses in the June quarter were $1 billion, up from $916 million in the prior quarter. The increase was mainly driven by higher incentive compensation due to our improved profitability. We are also investing incremental resources to support growing programs such as Akara, Halo, panel form factors, and Dextro. R&D accounts for about two-thirds of our total operating expenses. September-quarter operating margin was 40.2%, another record, compared with 38.4% in the June quarter. This improvement reflects stronger gross margin and continued operating leverage as the business scales. The non-GAAP tax rate for the quarter was 16.5%, compared with 11% in the June quarter, in line with our expectations. The increase was mainly driven by a higher U.S. tax rate applicable to foreign earnings and an expected shift in the geographic mix of revenue. We expect the tax rate to remain in this range in the December quarter and possibly beyond. I recommend everyone make sure to update earnings models to this higher tax rate. Other income and expense in the September quarter was about $16 million of income, compared with $19 million of expense in the June quarter. The improvement in OI&E was due to foreign exchange fluctuations, higher interest income, and favorable performance in our venture portfolio. As we have discussed in the past, you should expect OI&E to fluctuate somewhat quarter to quarter due to market factors. September-quarter diluted earnings per share were a record $2.20. Diluted share count was about 1.26 billion shares, roughly flat versus the June quarter. Let me turn to capital returns. We allocated about $1 billion to stock repurchases in the September quarter and paid $325 million in dividends. During the quarter, we entered into an accelerated share repurchase structure and will continue executing it in the December quarter. We returned about 41% of free cash flow in the quarter and 59% year to date. I want to note that we also used $750 million this year to repay maturing debt. Our long-term plan remains to return 85% of free cash flow to shareholders. Our board-authorized stock repurchase program has $3 billion remaining. At the end of the September quarter, our total cash and short-term investments were $7.5 billion, up from $5.6 billion at the end of the June quarter. The increase was driven by cash generated from operating activities, partially offset by our capital return activities and capital expenditures. We also set a record for free cash flow in the September quarter, at $3.24 billion. As I mentioned last quarter, we have been slightly raising cash levels to support growing business volume and capital investment in this demand growth environment. September-quarter days sales outstanding were 63 days, down from 72 days in the June quarter. Inventory at the end of the September quarter totaled $4.6 billion, up $274 million from the June quarter, as we build inventory to meet expected future demand for our products. Even so, inventory turns continued to strengthen to 3.4 times, compared with 3 times in the prior quarter. I want to note that this is the highest inventory turnover level in nearly seven years. Our September-quarter non-cash expenses included about $115 million of stock-based compensation, $106 million of depreciation, and $16 million of amortization. September-quarter capital expenditures were $258 million, up from $189 million in the June quarter. Capital expenditures increased as we continued to add lab infrastructure and expand manufacturing facilities globally. We had about 24,300 regular full-time employees at the end of the September quarter, up about 1,900 from the prior quarter. Headcount growth was mainly in our factories and field teams to support expanding manufacturing activity and a growing tool installation base. We also added personnel in R&D. Let me turn to our non-GAAP guidance for the December 2026 quarter. We expect revenue of $8.6 billion, plus or minus $400 million. I want to note that this revenue guidance would have been slightly higher if not for some near-term supply chain constraints we are actively managing. We expect gross margin of 52.5%, plus or minus one percentage point. Despite customer-mix-related headwinds, this is still a slight improvement. We expect operating margin of 40.5%, plus or minus one percentage point. Finally, earnings per share of $2.33, plus or minus $0.15, based on a share count of about 1.253 billion shares. Let me summarize. We continued to execute our outperformance strategy, delivering another quarter of record revenue and profitability. Operating margin exceeded 40% for the first time in our history, and we are guiding for slight expansion. We are increasing R&D investment to strengthen our already strong product portfolio. We are also investing in the infrastructure needed to support our expected future growth. These activities continue to deliver returns on invested capital comfortably above those of our competitors. Moderator, that concludes our prepared remarks. Q&A session. Moderator: Thank you. We will now begin the question-and-answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, we ask that you pick up the handset before pressing the keys. If your question has been answered at any point and you would like to withdraw it, please press star then two. Again, we do ask that you limit yourself to one question and one follow-up. Today's first question comes from Timothy Arcuri of UBS. Please go ahead. Timothy Arcuri, UBS analyst: Thank you very much. Doug, I do not think I have ever seen a quarter where your systems business grew 35% sequentially, so congratulations on that. You did talk about near-term constraints. I think you can see that in payables. I think payables increased by about $1.3 billion. Can you give us a sense? Is it fair to say this cost you $300 million to $400 million? Is it reasonable to assume that cost you that amount in the December guidance? And then can you get it back in March? Can you actually get it back? Thank you. Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Yes, Tim, that is a good question. I will not give a specific number. In the script, I said it would have been slightly higher. So it would have been slightly higher. Yes, Tim, if this is something we should have shipped in December, due to timing, we will ship it in the March quarter. Timothy Arcuri, UBS analyst: Okay, Doug. Can you talk about the fact that a large memory company hosted a call today and talked about 4F². Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Yes. Timothy Arcuri, UBS analyst: They said they would prioritize 3D DRAM over 4F², and your stock fell, which is a bit strange to me. It seems people do not really understand your positioning there. So Tim, I am wondering, maybe you can talk about that. Can you talk about how you perform in a 3D world versus a 4F² world, and what you are seeing in customers' DRAM roadmaps. Thank you, Tim. Tim Archer, President and Chief Executive Officer of Lam Research: Of course. Obviously, we do not fully know what the reaction was, or why people reacted that way, because we have long said that as all device architectures move toward 3D, both etch and deposition intensity rise. Now, I would say that in some ways, the interesting thing is that the longer it takes to achieve that, the more momentum we see in some of our other scaling activities. We are focused on that, even in this call, advanced patterning. If you want to extend an existing architecture and make features smaller, that is why we are starting to see a rise in processes such as Aether and conductor etch such as Akara, which are needed to etch and create those smaller structures. I would say that in the near term, etch and deposition intensity is rising, and if we really jump from 6F² directly to 3D DRAM, then etch and deposition intensity will rise faster and earlier than we thought, which is a good thing. Timothy Arcuri, UBS analyst: Okay, Tim. Thank you. Tim Archer, President and Chief Executive Officer of Lam Research: Yes. Thank you, Tim. Moderator: Thank you. Today's next question comes from Melissa Weathers of Deutsche Bank. Please go ahead. Melissa Weathers, Deutsche Bank analyst: Hi. Thank you very much for taking the question. I also want to ask about supply constraints. I think you said you are working with the supply chain to make sure some bottlenecks are resolved. Can you provide a bit more detail on what actions you are taking? Are you considering any co-investment or capital help with those companies? What needs to happen to ease these constraints? Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Listen, Melissa. We have been working with the supply chain to make sure they are prepared for the demand environment we see. But given how strong conditions have been, we have seen some tightness. I will not specify where the tightness is, but I will tell you that we are managing it, as we always do. We will continue to do so; it is just a bit tight this quarter. I fully expect we can manage this as effectively as anyone in the industry. If we need to make some investments, we are open to that. But frankly, many of our suppliers are well capitalized and can manage it financially on their own. I do not know, Tim, would you add anything? No, I think that is right. Tim Archer, President and Chief Executive Officer of Lam Research: For those of us who lived through the COVID shortages, this is not at all like that. We learned many lessons during that period. In fact, just in the past two months, we held several large events with global suppliers to really lay out our expectations for growth over the next few years. Where you might have issues is in our own products, as we discussed, in some parts of our business where etch and deposition intensity is increasing, such as advanced packaging, which is truly a major growth driver for Lam Research. You may find certain suppliers seeing percentage growth in demand from us even faster than Lam Research's own growth. I think we have been very clearly communicating that to those suppliers and really asking for transparency to understand what help they need to keep up with the pace we are pulling in the industry. I think we will catch up soon. Melissa Weathers, Deutsche Bank analyst: Thank you. On the NAND spending cycle and the upgrade opportunity you have been talking about, you moved it forward last quarter. Hearing about 384-layer devices, I think you are shipping, which is good. Can you update us on where you think we are in that NAND upgrade cycle? What trends are you seeing? Maybe any forward-looking comments on SLC and some of the new opportunities. Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Yes, there is still room in the upgrade cycle. In fact, when you are in a high-demand period, actually taking tools offline for upgrades is sometimes a scheduling challenge for customers and for us. Tim Archer, President and Chief Executive Officer of Lam Research: I would say we are progressing on that, and we said we would complete it in 2027. But we also noted that then you roll into the next upgrade cycle. Remember, that upgrade was from 128-layer to 200-layer-class devices. As you just mentioned, people are already moving into 300- and 400-layer devices. We have been involved in those in R&D for some time. But I think what we really want to point out today is that while we used to just talk about layer count as a driver of Lam Research equipment demand and wafer capacity demand, what you are really seeing now is the separation of storage tiers and NAND devices starting to become more specialized for different workloads in AI. In fact, just like it did in DRAM with HBM and bits manufacturable per wafer, you are starting to see AI performance requirements create demand for higher-performance, low-latency devices. I think we just had a customer talk in detail about this opportunity, and I think it will drive NAND wafer capacity demand, as well as intensity for Lam Research equipment. Thank you, Melissa. Melissa Weathers, Deutsche Bank analyst: Thank you. Moderator: Today's next question comes from Krish Sankar of TD Cowen. Please go ahead. Krish Sankar, TD Cowen analyst: Yes, hi. Thanks for taking my question. I have two questions. Doug or Tim, when I look at your Q4 guidance, I understand you talked about WFE in the mid-$150 billion range, but Q4 implied WFE is almost around $180 billion or so. I just want to know, is there any sporadic revenue in Q4, or are some price increases by front-end semiconductor equipment companies affecting Q4 and making the WFE number larger? Then I have a quick follow-up. Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Yes, Krish. No, there is nothing unique, one-time, or sporadic in the December quarter, to use your word. Frankly, it is just consistent with customer demand. As I mentioned, it would have been slightly higher if not for some supply chain constraints, but there is nothing one-time. Krish Sankar, TD Cowen analyst: Got it, Doug. Then just a quick follow-up. I think you mentioned in your prepared remarks that China will be significantly lower in December than in September. I am wondering if you can quantify that? What will the mix look like? Because the September quarter seemed to be an upside surprise, with both multinational and domestic companies coming in. Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Yes, Krish. For us, this is not surprising. It is exactly as expected. I mean, domestic customers were strong in September, but so were global multinationals. I expect we will decline meaningfully in December, driven by domestic Chinese customers. I expect multinational companies in China may remain relatively strong in the December quarter, but China as a percentage of revenue will decline meaningfully in the December quarter. Krish Sankar, TD Cowen analyst: Thank you very much, Doug. Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Yes. Thank you, Krish. Moderator: Okay, today's next question comes from Harlan Sur of JPMorgan. Please go ahead. Harlan Sur, JPMorgan analyst: Yes, good afternoon. Thanks for taking my question. On CSBG, growth of 36% in the first nine months of the year and an outlook of more than 30% for the full year. Very, very strong. Growth tailwinds, I assume, are higher spares from record customer utilization, higher sales from higher-dollar-value NAND upgrades, and maybe strong Reliant performance as the mature part of the market starts to recover. And of course, your Equipment Intelligence service offerings. Can you rank those growth drivers? More importantly, how much higher is CSBG operating margin year over year? I am just wondering whether the mix and volume dynamics within CSBG are contributing to the strong overall operating margin performance. Tim Archer, President and Chief Executive Officer of Lam Research: Yes. I will let Doug talk about the ranking of near-term financial impact, but if I were to rank by excitement, clearly, as we discussed, we see Equipment Intelligence, cobot-driven maintenance, and the performance-based service contracts we discussed as a truly new part of our CSBG business, and it is really taking off. We are currently in an environment where, as someone asked earlier, people are trying to shrink devices faster to get more bits or more performance. This creates intolerance for process variability, whether in process control or maintenance. That is exactly where Equipment Intelligence and cobots come in. So we see strong pull for that element, and it is new for our CSBG business. I am very excited for it to become a bigger growth driver for us than in the past. I will let Doug talk about upgrades, spares, and everything else. Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Yes, Harlan, we will not give you specific hard numbers for each subcomponent. However, regarding the strength of each component, what I will tell you is that given how strong industry utilization is, spares and services are just humming along, as you would expect. I have always said spares are the largest single component, and that remains true. But I will not specify the others. You are right in what you implied. Given where we are in the NAND conversion/upgrade cycle, that part of the business continues to be strong. And yes, given strong mature-node spending, Reliant performed quite well last quarter. I expect all these trends to continue into next year. Harlan Sur, JPMorgan analyst: Yes, I appreciate that. As a follow-up, tight supply in advanced foundry logic is creating tightness in mature and specialty nodes, analog, power, and microcontrollers. Foundry supply here is tightening very quickly, right? It looks like mature foundry suppliers and internal IDM fabs are all adding capacity. You just said this is reflected in your Reliant business, but excluding China, do you expect this customer group to grow this year? Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Probably not meaningful growth this year, Harlan. I do expect mature-node spending outside China to be strong as we enter next year, because of the dynamics you just mentioned. I am not sure it has really become clearly prominent in 2026 yet. Harlan Sur, JPMorgan analyst: Got it. Thank you. Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Yes. Thank you, Harlan Sur. Moderator: Thank you. Today's next question comes from Srini Pajjuri of RBC Capital Markets. Please go ahead. Srini Pajjuri, RBC Capital Markets analyst: Thank you. Tim, I am looking at your systems business growth. I think you grew 40% last year, and then maybe 45% this year, both well above WFE growth. Looking to next year, given your outlook of more than $200 billion, roughly 30%, let's say. I suspect you expect to outperform that market again next year. Can you talk about what the drivers are? Whether it is driven by any particular end market such as NAND or DRAM, or any product line, or anything else you can comment on, that would be helpful. Tim Archer, President and Chief Executive Officer of Lam Research: Yes, on a very general level, I would say it is driven by increasing deposition and etch intensity across all devices. If I were to point to a few things, perhaps as obvious trends in the market, Lam Research has extremely high exposure to advanced packaging, and I think advanced packaging continues to play an increasingly critical role in nearly every AI-enabled device today. I think that is a good position, and we will see outperformance. We even talked about it extending to panel level. It is truly in every device. You see NAND layer count growth. You see new architectures entering NAND. We talked a bit about the emergence of SLC-class, which you are starting to hear from our customers. Foundry logic, we talked about success in gate-all-around. We invested in a whole set of products four or five years ago focused on improving our position in foundry logic and DRAM. I commented on the fact that today these products are driving a large part of our growth in the years when foundry logic and DRAM are leading growth. We are very pleased with that. From our perspective, NAND has not yet shown its full potential, and I think you are starting to hear about it and the strategic role it can play in AI. I do not know. It is hard to predict exactly. We would love to see all devices grow, but I think the biggest theme is that no matter which device we are talking about, deposition and etch will play a bigger role in 2027. If you want, we have this model where $100 billion of AI capital spending roughly corresponds to $10 billion of WFE. Importantly, of that $10 billion next year, Lam Research's opportunity within it will be larger than this year because of device evolution. I think etch intensity is just one way to think about Lam Research's opportunity. Srini Pajjuri, RBC Capital Markets analyst: Right. Then maybe on gross margin. Doug, despite highlighting some customer-mix headwinds, you actually guided slightly higher. I suspect Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Yes Srini Pajjuri, RBC Capital Markets analyst: this is related to China. I think on a normalized basis, as we look out over the next few quarters, once China normalizes, how should we think about gross margin? In the past, you did talk about some pricing actions, and of course you have cost and efficiency improvements. Just curious how we should think about gross margin going into next year. Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Yes, listen, in the near term, Srini, I think you will see it within plus or minus our current level. We do suggest that over the next few years we see an opportunity to expand gross margin into the mid-50% range. You can triangulate between those two points yourself. But in the near term, it will fluctuate around current levels. Yes, the factors contributing to our very strong gross margin and our expectations for how to drive improvement in the future are new product launches, right? We have some very good, technically differentiated new products such as Akara and Aether. We are excited about how all of this trends in terms of profitability. We talked about our close-to-customer strategy, manufacturing near fabs, which has already contributed, and there is still some room to capture. And then we also talked about pricing we are studying. All of this contributes to the record levels we reached in the September quarter, as well as the levers we will continue to pull to reach the mid-50% target we discussed. Srini Pajjuri, RBC Capital Markets analyst: Thank you, Doug. Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Thank you, Srini. Moderator: Thank you. Today's next question comes from Vivek Arya of Bank of America. Please go ahead. Vivek Arya, Bank of America analyst: Thanks for taking my question. First question, if I look at last year, you were able to consistently raise WFE expectations. I think you started the year in the mid-$130 billion range. Now it is mid-$150 billion. I am curious what helped you raise WFE expectations last year, and then what constraints next year do you think can be resolved to help you do better than the industry's roughly 30% growth? I know you mentioned some near-term constraints. I am curious whether they are the same as the constraints limiting industry growth next year, or different. Just what can help you do better than that 30% industry WFE growth? Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Vivek, I will start, and then let Tim add. As we went through the year, you are exactly right. We started in the mid-$130 billion range, then to slightly above $140 billion, then slightly above $150 billion, and we just took you to the mid-$150 billion range. Basically, what we saw was that across all parts of our customer base, everyone squeezed a little more out of their existing cleanrooms and/or pulled projects earlier than they might have otherwise planned. That is basically what happened. Frankly, we did exactly the same thing. For the number above $200 billion, what we are giving you is our initial starting point, above $200 billion. We typically do not give this much specificity this early in the year, and we will give you a more precise number at next quarter's earnings call. Vivek Arya, Bank of America analyst: Got it. As my follow-up, Doug, you mentioned something about an accelerated repurchase program. Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Yes. Vivek Arya, Bank of America analyst: I think everyone can guess why, but it would be helpful to hear from you, and if you can help give some sense of size, how long you plan to continue it. I know you mentioned $3 billion remaining on repurchases, but what is the ASR component and how long will it last? Thank you. Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Yes, Vivek, the way these accelerated share repurchase structures work is that you enter into them, you receive some shares upfront, and then they execute over time, depending on factors such as stock price and volatility. I will not disclose the actual start or end dates because there is a range around it. I do not like people knowing what we do and how we do it, but I will emphasize to you that it will continue to execute in December, and then we may do other things in the market related to repurchases, right? Our medium- and long-term objective remains unchanged, which is to return 85% of free cash flow to shareholders. Vivek Arya, Bank of America analyst: Thank you. Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Yes, thank you. Moderator: Thank you. Today's next question comes from Atif Malik of Citi. Please go ahead. Atif Malik, Citi analyst: Hi, thanks for taking my question. The first question is for Tim. Tim, I thought your panel-level packaging comments were very bullish. You talked about share exceeding wafer-level packaging. Can you elaborate on the industry ramp and your products in panel-level packaging? Are the products the same as wafer-level, such as Sabre, that will drive this growth? Tim Archer, President and Chief Executive Officer of Lam Research: Yes, fundamentally, they are similar. I think part of the reason we are optimistic in this area is, first, it makes sense. Obviously we talked about this, I think on the last earnings call, that packages themselves are getting larger and larger, which in many cases is too large for wafer-level packaging, so when you are trying to assemble increasingly large system-level solutions, panels make sense. So we saw this a long time ago, and we have invested in panels for years. I would say, however, that we are still in a very early stage. Wafer-level packaging is the primary method. But as we talked about shipping to more than 20 customers, you can think of these as seeding an industry that I think will ultimately handle a significant portion of the industry's packaging work. The processes we discussed, in this case we do not call it Sabre, but there is a plating aspect and some other processes that I think will perform extremely well at panel level. Atif Malik, Citi analyst: Great. Doug, on next year's WFE outlook above $200 billion, your ranking is DRAM, foundry logic, and NAND, which is the same as 90 days ago, but given some announcements about new logic fabs such as foundry and Terafab, has the gap between DRAM and foundry logic expectations narrowed? Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: No, Atif, they really have not. As you might expect, all these projects people are now hearing about publicly, we knew about in advance. It really has not changed much. Atif Malik, Citi analyst: Thank you. Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Yes. Thank you, Atif. Moderator: Thank you. Today's next question comes from Jim Schneider of Goldman Sachs. Please go ahead. Jim Schneider, Goldman Sachs analyst: Good evening. Thanks for taking my question. I was wondering, as you look out to 2027, can you frame for us some of the swing factors that could cause the WFE outlook to be revised higher or lower? How much of it is really your customers' individual spending plans across different technology or product areas, and how much of it depends on overall cleanroom supply? Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Yes, Jim, I will start and then let Tim add. As we look to next year, we see 10 new leading-edge fabs coming online from the beginning to the end of the year, and they will layer in over time. That is clearly a contributing factor. This year was mainly constrained by cleanrooms. At this point, again, you see, as we said, some emerging supply chain constraints that we believe we can effectively address, but the entire industry will have to address very similar issues. Ultimately, it all has to balance. Every equipment company needs to be able to supply things. Cleanrooms need to come online as planned. People need to hire and train to make sure they are all ready. The industry is good at doing this, and so are we. But as you think about what next year will look like, all these things have to work. Tim Archer, President and Chief Executive Officer of Lam Research: Yes, I think in my prepared remarks, I talked about our visibility extending into 2028. That is really from the demand side. I think we said it may be a bit early to give such a precise WFE number now, simply because we think by the January call, which is when we normally give that level of detail, we will have a better view of cleanroom timelines and supply chain constraints and will really be able to pin it down. But these are the things we are watching. Like this year, we were able to address these issues, and I think as we get closer, we will have a better understanding of how the industry responds. Jim Schneider, Goldman Sachs analyst: Thank you. Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Thank you, Jim. Moderator: Today's next question comes from Stacy Rasgon of Bernstein Research. Please go ahead. Stacy Rasgon, Bernstein Research analyst: Hi, everyone. Thanks for taking my question. First question, I understand that next year's WFE above $200 billion is a constrained number. Do you have a view on what that number would be if it were unconstrained, if cleanroom availability were there, if the supply chain were less tight? I am asking how you think about true 2027 WFE demand beyond the supply expectations you gave. Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Yes. Listen, Stacy, you always ask these interesting questions. You know what I am going to ask. Still, I like the question. Listen, we think next year will continue to be constrained by the things we described. I will not give a number for what unconstrained demand would be. It would be higher. I will not give you a precise number. As I said, we will refine the number we think and give you more specificity on next quarter's call. Stacy Rasgon, Bernstein Research analyst: Okay, that is helpful. As my follow-up, any thoughts on NAND upgrades relative to services? It sounds like upgrades were strong. I do not know if that means they grew sequentially. I assume they grew because NAND revenue grew a lot, but CSBG revenue was somewhat flat. I thought upgrades were in CSBG. If so, what I am asking is whether upgrades drove NAND growth? If so, what else in CSBG absorbed growth, leaving it flat overall? Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Yes. Listen, Stacy, upgrades are part of NAND and also part of CSBG. In NAND, when you make these conversions, you also need to buy new equipment. Obviously, demand spending on new equipment also contributed. Stacy Rasgon, Bernstein Research analyst: Is it bigger than the upgrade portion? It sounds like yes. Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Both are meaningful contributors. Stacy Rasgon, Bernstein Research analyst: Okay. Thank you, everyone. Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Yes. Thank you, Stacy. Moderator: Today's next question comes from Blayne Curtis of Jefferies. Please go ahead. Blayne Curtis, Jefferies analyst: Hey, everyone. Thanks for squeezing me in. I actually wanted to ask about NAND. You mentioned SLC, which could be a big shift. Is this something you are seeing from customers, or is it still a potential shift? Tim Archer, President and Chief Executive Officer of Lam Research: I think this is something you are starting to hear from customers and talk about. Fundamentally, the idea of tailoring memory and storage tiers to different workloads, I think, is now fairly widely understood. I think this is becoming one of the potential solutions for low-latency NAND access. I think if you look at recent days and weeks, there has been discussion of SLC+ NAND emerging as part of that stack. For a longer time, there has also been discussion of high-bandwidth flash and the role it can play. We are really starting to see NAND shift from what we always thought of as a single application to an application where perhaps device performance itself will need to be customized. That will affect us, but also from a process perspective. But what we are really emphasizing here is its impact on wafer capacity demand, and therefore potentially upside to NAND equipment demand. Blayne Curtis, Jefferies analyst: Thank you. I wanted to ask about advanced packaging. I think you said last time it would grow more than 70% this calendar year, and I am curious what the latest is. When you look at it, it may be the smaller end, so you did not mention it, but in terms of the $200 billion outlook, what are your thoughts on advanced packaging growth next year? Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Yes. Blayne, 70% is still the right number for this year. I would be shocked if advanced packaging did not grow well next year. Blayne Curtis, Jefferies analyst: Yes. Thank you, everyone. Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Yes. Thank you, Blayne. Moderator: Today's next question comes from Shane Brett of Morgan Stanley. Please go ahead. Shane Brett, Morgan Stanley analyst: Okay. Thanks for taking my question. My first question is on foundry logic. At your 2025 Analyst Day, you talked about a 2x increase in SAM per wafer in foundry logic. As we transition from 3nm to 2nm, how far are we from that 2x, or in other words, how much has our SAM grown from 3nm to 2nm? Do you think your share gains will accelerate as we transition to 1.4? Thank you. Tim Archer, President and Chief Executive Officer of Lam Research: Yes, that 2x is a multi-generation transition. It is hard to say exactly where we are in that roadmap. If I think about the roadmap we gave there, maybe halfway. But really, as we move forward, we see emerging applications. I talked about several of them today. Obviously, advanced patterning itself is becoming increasingly critical. We talked about Aether growth. We talked about conductor etch using Akara. Backside power delivery is really starting to gain more attention as a very etch- and deposition-intensive application. We are just seeing multiple elements of that improvement. Then I commented on how excited I am about advanced packaging. Advanced packaging plays a huge role in foundry logic, as well as our WFE exposure there. I would just say foundry logic is becoming a good story. However, the thing we have highlighted in the past few calls, just to remind you, is our role in gate-all-around, our strength in ALD, and our strength in surface treatment. These are areas where I think even at Analyst Day, we may not have realized how strong the uptake would be for something like the Argos surface treatment tool. So I feel the story only gets better as devices become more complex across all three device types: foundry logic, DRAM, and NAND. Shane Brett, Morgan Stanley analyst: Got it. As my follow-up, on advanced packaging. At SEMICON West, one of your colleagues gave a great presentation on breaking the integration wall and advanced packaging in the AI era, and one highlight was the key challenges to large-scale adoption of hybrid bonding. How does Lam Research enable hybrid bonding? Is more hybrid bonding better or worse for our advanced packaging share? Thank you. Tim Archer, President and Chief Executive Officer of Lam Research: Well, I think we participate in the process steps that help enable hybrid bonding. Obviously, as a deposition and etch company, we do not do the bonding itself, but we talked about many films, whether in the dielectric area or metal area, that ultimately play an important role in enabling successful hybrid bonding. Through this transition, Lam Research has an opportunity. I think overall, look, the reality is that the success of advanced packaging, whichever version, will lead to greater adoption of advanced packaging, and ultimately, given our very high share position, that is good for us. Whether or not it is hybrid bonding, it is a very etch- and deposition-intensive process compared with other parts of the semiconductor manufacturing process itself. Thank you, Shane. Shane Brett, Morgan Stanley analyst: Got it. Thank you very much. Moderator: Today's next question comes from Vijay Rakesh of Mizuho. Please go ahead. Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Vijay, are you there? Moderator: Vijay, your line is open, or maybe you are on mute? Vijay Rakesh, Mizuho analyst: Oh, I was on mute. Sorry about that. Tim and Doug gave some interesting comments on NAND. You mentioned that every 1% shift to SLC requires about a 2% increase in wafer capacity. As we look toward next year's shift to SLC and possibly some HBF, do you have any thoughts on what percentage of the market will shift to SLC? Is it like 5%, or how would you think about it? Tim Archer, President and Chief Executive Officer of Lam Research: I think it is too early to make any comment, and this is probably something our customers should actually comment on. What you can be sure of is that, in that sense, the intensity of Lam Research equipment in making those devices and those wafers will rise. Vijay Rakesh, Mizuho analyst: Got it. Then a quick follow-up. On advanced packaging, you mentioned that obviously there is the whole CoWoS and EMIB-T coming. I think Lam Research has a huge opportunity in metallization pre-clean, TSV, and so on. I am just wondering if there is a way to size this opportunity, as you have done before for every 100,000 EMIB-T or CoWoS wafers. How would you size this opportunity for Lam Research? Thank you. Tim Archer, President and Chief Executive Officer of Lam Research: Yes, I think maybe we will make that a piece of work to be done. Maybe we are assessing the size. We are not prepared to do that today. Vijay Rakesh, Mizuho analyst: Got it. Thank you. Thank you. Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Yes, of course. Moderator, let's take one more question. Moderator: Okay. Today's final question comes from Brian Chin of Stifel. Please go ahead. Brian Chin, Stifel analyst: Hi. Good afternoon. Thanks for having us here for a couple of quick questions. Maybe Doug, first, inventory days are currently perhaps slightly above a quarter. Obviously it has come down. You said turns have been very strong. Where would you ideally like it to be? Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Yes, listen, we are very comfortable with where it is now. As the company scales, you do get some efficiency to offset it, although right now we are building inventory in anticipation of the demand growth we see next year. But I think collectively we feel pretty good about the 3.4 turns position. Brian Chin, Stifel analyst: Okay, great. Maybe one last question. Your Aether revenue outlook increased by $1 billion. Does that more reflect increased foundry logic and DRAM customers adopting the platform? Or is it more existing customers pulling Aether forward in time? Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: I think it is a bit of both. There is some additional customer adoption, but really, once you truly become the POR for things like HBM manufacturing that we mentioned, volumes there are growing, tool counts are growing, and therefore the business continues to expand. So we feel we are in a production position in some fast-growing parts of the market, which is why we were able to raise the number. Brian Chin, Stifel analyst: Great. Thank you. Doug Bettinger, Executive Vice President and Chief Financial Officer of Lam Research: Yes. Thank you, Brian. Listen, thank you all for joining the call today. We are very excited about the performance of the business. We are very excited about what next year looks like, and I think we may be most excited about our third consecutive year of outperformance and the expectation that we will continue to drive these things in the next calendar year. So I know we will see many of you at next quarter's NDR and conferences, and we look forward to seeing you. Thank you for joining the call. Moderator: Thank you. This concludes today's conference call. We thank everyone for participating in today's presentation. You may now disconnect, and have a great day. For more major Hong Kong stock news, download the Zhitong Finance app. For more Hong Kong stock and overseas wealth management news, please visit www.zhitongcaijing.com (search "Zhitong Finance"); to join the Zhitong Hong Kong stock investment group, please add Zhitong customer service WeChat (ztcjkf).
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