Renaissance Investment Management Expects Positive Upward Revision for Lam Research (LRCX)

Soumya Eswaran Thu, June 18, 2026 at 7:43 AM EDT 3 min read **

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Renaissance Investment Management, an investment management company, released its Q1 2026 “Large Cap Growth Strategy.” A copy of the letter can be downloaded here. Stocks fell sharply in the first quarter due to the Iran conflict. The Energy and Materials sectors outperformed, Financials and Consumer Discretionary lagged. Large-cap stocks underperformed smaller-cap stocks, and Value outperformed Growth. The portfolio outperformed the S&P 500’s -4.3% return but lagged the Russell 1000 Growth Index, which fell 9.8%. In this uncertain environment, the firm remains aware of the risks and emerging investment opportunities. In addition, you can check the Strategy’s top 5 holdings for its best picks for 2026.

In its first-quarter 2026 investor letter, Renaissance Investment Large Cap Growth Strategy highlighted Lam Research Corporation (NASDAQ:LRCX) as a notable contributor. Lam Research Corporation (NASDAQ:LRCX) is a leading semiconductor equipment company that supplies semiconductor processing equipment for the fabrication of integrated circuits. On June 17, 2026, Lam Research Corporation (NASDAQ:LRCX) closed at $374.18 per share. One-month return of Lam Research Corporation (NASDAQ:LRCX) was 23.80%, and its shares gained 305.66% over the past 52 weeks. Lam Research Corporation (NASDAQ:LRCX) has a market capitalization of $467.93 billion.

Renaissance Investment Large Cap Growth Strategy stated the following regarding Lam Research Corporation (NASDAQ:LRCX) in its Q1 2026 investor letter:

"Lam Research Corporation** (NASDAQ:LRCX) was our third-best performer. Similar to other semiconductor equipment companies, Lam Research reported solid fourth quarter operating results. Importantly, Lam offered an upbeat outlook for wafer fabrication equipment growth in 2026, driven by AI tailwinds. We believe that demand trends will continue and combined with market share gains, we expect upward earnings revisions for the company."

Morgan Stanley Raises Lam Research (LRCX) Valuation on Strong DRAM Investment Forecast Lam Research Corporation (NASDAQ:LRCX) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 123 hedge fund portfolios held Lam Research Corporation (NASDAQ:LRCX) at the end of the first quarter, up from 104 in the previous quarter. Lam Research Corporation’s (NASDAQ:LRCX) revenue for the March quarter of 2026 was $5.84 billion, representing a 9% sequential increase and a 24% increase compared to Q1 2025. While we acknowledge the potential of Lam Research Corporation (NASDAQ:LRCX) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

Story Continues In another article, we covered Lam Research Corporation (NASDAQ:LRCX) and shared the list of most profitable American stocks to buy in 2026. In its Q1 2026 investor letter, Columbia Global Technology Growth Fund highlighted Lam Research Corporation (NASDAQ:LRCX) as a strong performance contributor. In addition, please check out our hedge fund investor letters Q1 2026 page for more investor letters from hedge funds and other leading investors.