{"id":401,"date":"2026-06-29T02:15:15","date_gmt":"2026-06-29T02:15:15","guid":{"rendered":"https:\/\/andyguy.com\/lam-research-lrcx-stock-analysis-2026\/"},"modified":"2026-07-07T01:05:45","modified_gmt":"2026-07-07T01:05:45","slug":"lam-research-lrcx-stock-analysis-2026","status":"publish","type":"post","link":"https:\/\/andyguy.com\/en\/lam-research-lrcx-stock-analysis-2026\/","title":{"rendered":"Lam Research (LRCX) a Beneficiary of HBM &amp; AI Memory Equipment? Earnings, 2026 Stock Price Outlook, Risks"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">\ub7a8\ub9ac\uc11c\uce58(LRCX)\ub294 AI \uba54\ubaa8\ub9ac HBM\uacfc 3D NAND \uc0dd\uc0b0\uc5d0 \ud544\uc218\uc778 \uc2dd\uac01\u00b7\uc99d\ucc29 \uc7a5\ube44\ub97c \uacf5\uae09\ud558\ub294 \uae00\ub85c\ubc8c 1\uc704 \ubc18\ub3c4\uccb4 \uc7a5\ube44 \uae30\uc5c5\uc774\ub2e4. 2026\ub144 WFE \uc2dc\uc7a5 \uc804\ub9dd $140B \uc0c1\ud5a5\uacfc \ubd84\uae30 \uc0ac\uc0c1 \ucd5c\ub300 \ub9e4\ucd9c\uc744 \ubc1c\ud310\uc73c\ub85c 12\uac1c\uc6d4 \uae30\ubcf8 \ubaa9\ud45c\uc8fc\uac00 $405\u00b7\ud22c\uc790\uc758\uacac Hold \uad6c\uac04\uc5d0 \uc9c4\uc785\ud55c \uace0\ubc38\ub958\uc5d0\uc774\uc158 \uc885\ubaa9\uc774\ub2e4.<\/p>\n\n\n<p class=\"wp-block-paragraph\">\ubd84\uc11d \uae30\uc900\uc77c 2026-06-29 \u00b7 \uc801\uc6a9 \ud658\uc728 1 USD = 1,543\uc6d0(\ubcf8\ubb38\uc758 \ubaa8\ub4e0 \uc6d0\ud654 \ud658\uc0b0\uc740 \uc774 \ud658\uc728\ub85c \uacc4\uc0b0\ud588\ub2e4) \u00b7 \ud604\uc7ac\uac00 $379.09(\uc57d 584,936\uc6d0) \u00b7 \ubcf8 \uae00\uc740 \ud22c\uc790 \uad8c\uc720\uac00 \uc544\ub2cc \uc815\ubcf4 \uc81c\uacf5 \ubaa9\uc801\uc758 \ubd84\uc11d\uc774\ub2e4.<\/p>\n\n\n<h2 class=\"wp-block-heading\" id=\"toc\">\ubaa9\ucc28<\/h2>\n\n\n<ol class=\"wp-block-list\"><li><a href=\"#summary\">\ub7a8\ub9ac\uc11c\uce58 LRCX \uc8fc\uac00 \uc804\ub9dd \ud575\uc2ec \uc694\uc57d<\/a><\/li><li><a href=\"#company\">\ub7a8\ub9ac\uc11c\uce58(LRCX)\ub294 \uc5b4\ub5a4 \ud68c\uc0ac\uc778\uac00<\/a><\/li><li><a href=\"#glossary\">\ub7a8\ub9ac\uc11c\uce58 \ubd84\uc11d \uc804 \uc54c\uc544\uc57c \ud560 \ud575\uc2ec \uc6a9\uc5b4<\/a><\/li><li><a href=\"#financials\">\ub7a8\ub9ac\uc11c\uce58 \ucd5c\uadfc 4\ubd84\uae30 \uc2e4\uc801 \ubd84\uc11d<\/a><\/li><li><a href=\"#valuation\">\ub7a8\ub9ac\uc11c\uce58 \uc801\uc815\uc8fc\uac00 \ubd84\uc11d (DCF\u00b7\uba40\ud2f0\ud50c)<\/a><\/li><li><a href=\"#competitors\">\ub7a8\ub9ac\uc11c\uce58 vs \uacbd\uc7c1\uc0ac \ube44\uad50<\/a><\/li><li><a href=\"#growth\">\ub7a8\ub9ac\uc11c\uce58 \uc131\uc7a5 \uc804\ub9dd\uacfc \ud575\uc2ec \ub4dc\ub77c\uc774\ubc84<\/a><\/li><li><a href=\"#forecast\">\ub7a8\ub9ac\uc11c\uce58 12\uac1c\uc6d4 \ubaa9\ud45c\uc8fc\uac00 \uc2dc\ub098\ub9ac\uc624<\/a><\/li><li><a href=\"#news\">\ub7a8\ub9ac\uc11c\uce58 \ucd5c\uadfc \uc8fc\uc694 \uc774\uc288<\/a><\/li><li><a href=\"#risks\">\ub7a8\ub9ac\uc11c\uce58 \ud22c\uc790 \uc2dc \ud575\uc2ec \ub9ac\uc2a4\ud06c<\/a><\/li><li><a href=\"#conclusion\">\ub7a8\ub9ac\uc11c\uce58 \ud22c\uc790\uc758\uacac \uacb0\ub860<\/a><\/li><li><a href=\"#faq\">\ub7a8\ub9ac\uc11c\uce58 \uc790\uc8fc \ubb3b\ub294 \uc9c8\ubb38 5\uac00\uc9c0<\/a><\/li><\/ol>\n\n\n<h2 class=\"wp-block-heading\" id=\"summary\">\ub7a8\ub9ac\uc11c\uce58 LRCX \uc8fc\uac00 \uc804\ub9dd \ud575\uc2ec \uc694\uc57d<\/h2>\n\n\n<p class=\"wp-block-paragraph\"><strong>\ub7a8\ub9ac\uc11c\uce58\uc758 12\uac1c\uc6d4 \uae30\ubcf8 \ubaa9\ud45c\uc8fc\uac00\ub294 $405(\uc57d 624,915\uc6d0)\uc774\ub2e4.<\/strong><\/p>\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud22c\uc790\uc758\uacac\uc740 Hold\ub2e4.<\/strong><\/p>\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud575\uc2ec \uadfc\uac70\ub294 AI\u00b7HBM \uc218\uc694\ub85c 2026\ub144 WFE \uc2dc\uc7a5\uc774 $140B\ub85c \uc0c1\ud5a5\ub410\uc73c\ub098, \uc120\ud589 P\/E 47\ubc30\ub85c \ubc38\ub958\uc5d0\uc774\uc158 \ubd80\ub2f4\uc774 \ud06c\ub2e4\ub294 \uc810\uc774\ub2e4.<\/strong><\/p>\n\n\n<p class=\"wp-block-paragraph\">\ub7a8\ub9ac\uc11c\uce58\ub294 \uc2dd\uac01(Etch)\uacfc \uc99d\ucc29(Deposition) \uacf5\uc815 \uc7a5\ube44\uc5d0\uc11c \uc138\uacc4 1\uc704\ub97c \ucc28\uc9c0\ud558\ub294 \ubc18\ub3c4\uccb4 \uc7a5\ube44 \uae30\uc5c5\uc774\ub2e4.<\/p>\n\n\n<p class=\"wp-block-paragraph\">2026 \ud68c\uacc4\uc5f0\ub3c4 3\ubd84\uae30(2026\ub144 3\uc6d4 \ub9c8\uac10) \ub9e4\ucd9c\uc740 $5.84B(\uc57d 9\uc870 134\uc5b5 \uc6d0)\ub85c \ubd84\uae30 \uc0ac\uc0c1 \ucd5c\ub300\ub97c \uae30\ub85d\ud588\uace0, \uc804\ub144 \ub300\ube44 24% \ub298\uc5c8\ub2e4.<\/p>\n\n\n<ul class=\"wp-block-list\"><li><strong>\uac15\uc810<\/strong>: AI GPU\uc6a9 HBM\uacfc 3D NAND \uc0dd\uc0b0\uc774 \uc2dd\uac01\u00b7\uc99d\ucc29 \uc7a5\ube44 \uc218\uc694\ub97c \ub04c\uc5b4\uc62c\ub9ac\uba70, 2026\ub144 WFE \uc2dc\uc7a5 \uc804\ub9dd\uc774 $140B\ub85c \uc0c1\ud5a5\ub410\ub2e4.<\/li><li><strong>\uac15\uc810<\/strong>: \ubd84\uae30 \uc0ac\uc0c1 \ucd5c\ub300 \ub9e4\ucd9c\u00b7\uc601\uc5c5\uc774\uc775, \uccab \ubd84\uae30 \ub9e4\ucd9c $2B\ub97c \ub3cc\ud30c\ud55c \uace0\uac1d\uc9c0\uc6d0(CSBG) \ubd80\ubb38\uc73c\ub85c \uc218\uc775 \uc548\uc815\uc131\uc774 \ub192\uc544\uc84c\ub2e4.<\/li><li><strong>\ub9ac\uc2a4\ud06c<\/strong>: \ud604\uc7ac\uac00 $379.09(\uc57d 584,936\uc6d0)\ub294 \uc560\ub110\ub9ac\uc2a4\ud2b8 \ud3c9\uade0 \ubaa9\ud45c\uac00($340.58)\ub97c \uc6c3\ub3cc\uace0, \uc120\ud589 P\/E 47\ubc30\u00b7P\/B 45\ubc30\ub85c \uc5ed\uc0ac\uc801 \ud3c9\uade0\uc744 \ud06c\uac8c \uc0c1\ud68c\ud55c\ub2e4.<\/li><\/ul>\n\n\n<h2 class=\"wp-block-heading\" id=\"company\">\ub7a8\ub9ac\uc11c\uce58(LRCX)\ub294 \uc5b4\ub5a4 \ud68c\uc0ac\uc778\uac00<\/h2>\n\n\n<p class=\"wp-block-paragraph\">\ub7a8\ub9ac\uc11c\uce58(Lam Research)\ub294 1980\ub144 \uc124\ub9bd\ub3fc \ubbf8\uad6d \uce98\ub9ac\ud3ec\ub2c8\uc544 \ud504\ub9ac\ubaac\ud2b8\uc5d0 \ubcf8\uc0ac\ub97c \ub454 \ubc18\ub3c4\uccb4 \uc7a5\ube44 \uae30\uc5c5\uc774\ub2e4. \uc885\uc5c5\uc6d0\uc740 \uc57d 2\ub9cc 600\uba85\uc774\ub2e4.<\/p>\n\n\n<p class=\"wp-block-paragraph\">\uc8fc\ub825\uc740 \uc2dd\uac01(Etch)\uacfc \uc99d\ucc29(Deposition) \uc7a5\ube44\uc774\uba70, \uc138\uc815(Clean) \uc7a5\ube44\uc640 \uc124\uce58 \uc7a5\ube44\ub97c \uc9c0\uc6d0\ud558\ub294 \uace0\uac1d\uc9c0\uc6d0 \uc0ac\uc5c5(CSBG)\ub3c4 \uc6b4\uc601\ud55c\ub2e4.<\/p>\n\n\n<p class=\"wp-block-paragraph\">\ub300\ud45c \uc81c\ud488\uc740 \uc2dd\uac01 \uc7a5\ube44 Vantex\u00b7Kiyo\u00b7Flex, \uc99d\ucc29 \uc7a5\ube44 ALTUS\u00b7VECTOR\u00b7Striker, \uc138\uc815 \uc7a5\ube44 Coronus\u00b7EOS \ub4f1\uc774\ub2e4.<\/p>\n\n\n<p class=\"wp-block-paragraph\">\ube44\uc988\ub2c8\uc2a4 \ubaa8\ub378\uc740 \uc7a5\ube44 \ud310\ub9e4(\uc2dc\uc2a4\ud15c)\uc640 \uc124\uce58 \ud6c4 \ubd80\ud488\u00b7\uc5c5\uadf8\ub808\uc774\ub4dc\u00b7\uc11c\ube44\uc2a4(\uace0\uac1d\uc9c0\uc6d0)\ub85c \ub098\ub25c\ub2e4. \uace0\uac1d\uc9c0\uc6d0 \ub9e4\ucd9c\uc740 \uacbd\uae30 \ubcc0\ub3d9\uc5d0 \ub35c \ubbfc\uac10\ud55c \uc548\uc815\uc801 \uc218\uc775\uc6d0\uc774\ub2e4.<\/p>\n\n\n<p class=\"wp-block-paragraph\">\uc8fc\uc694 \uacbd\uc7c1\uc0ac\ub294 \uc5b4\ud50c\ub77c\uc774\ub4dc \uba38\ud2f0\uc5b4\ub9ac\uc5bc\uc988(AMAT), KLA(KLAC), \ub3c4\ucfc4\uc77c\ub809\ud2b8\ub860(TEL), ASML\uc774\uba70, \ub7a8\ub9ac\uc11c\uce58\ub294 \uba54\ubaa8\ub9ac(D\ub7a8\u00b7NAND) \ub178\ucd9c\ub3c4\uac00 \ub192\uc740 \uc2dd\uac01\u00b7\uc99d\ucc29 \ubd84\uc57c\uc5d0\uc11c \ud2b9\ud788 \uac15\ud558\ub2e4.<\/p>\n\n\n<h2 class=\"wp-block-heading\" id=\"glossary\">\ub7a8\ub9ac\uc11c\uce58 \ubd84\uc11d \uc804 \uc54c\uc544\uc57c \ud560 \ud575\uc2ec \uc6a9\uc5b4<\/h2>\n\n\n<ul class=\"wp-block-list\"><li><strong>WFE (Wafer Fabrication Equipment)<\/strong>: \uc6e8\uc774\ud37c \uac00\uacf5 \uc7a5\ube44. \ubc18\ub3c4\uccb4 \ud339\uc774 \uce69 \uc0dd\uc0b0\uc744 \uc704\ud574 \uc0ac\ub4e4\uc774\ub294 \uc2dd\uac01\u00b7\uc99d\ucc29\u00b7\uc138\uc815\u00b7\uac80\uc0ac \uc7a5\ube44 \uc804\uccb4 \uc2dc\uc7a5\uc744 \uac00\ub9ac\ud0a4\uba70, \ub7a8\ub9ac\uc11c\uce58 \ub9e4\ucd9c\uc758 \uc120\ud589\uc9c0\ud45c\ub2e4.<\/li><li><strong>\uc2dd\uac01 (Etch)<\/strong>: \uc6e8\uc774\ud37c \ud45c\uba74\uc758 \ubc15\ub9c9\uc744 \ud50c\ub77c\uc988\ub9c8\u00b7\ud654\ud559\uc73c\ub85c \uae4e\uc544 \ubbf8\uc138 \ud68c\ub85c \ud328\ud134\uc744 \ub9cc\ub4dc\ub294 \uacf5\uc815\uc774\ub2e4. \ub7a8\ub9ac\uc11c\uce58\uac00 \uae00\ub85c\ubc8c \uc810\uc720\uc728 1\uc704\ub2e4.<\/li><li><strong>\uc99d\ucc29 (Deposition, ALD\/CVD)<\/strong>: \uc6e8\uc774\ud37c\uc5d0 \uc587\uc740 \ub9c9\uc744 \uc785\ud788\ub294 \uacf5\uc815\uc774\ub2e4. \uc6d0\uc790\uce35\uc99d\ucc29(ALD)\uc740 3D NAND\uc640 \uac8c\uc774\ud2b8\uc62c\uc5b4\ub77c\uc6b4\ub4dc(GAA) \ud2b8\ub79c\uc9c0\uc2a4\ud130\uc5d0 \ud544\uc218\uc774\uba70 \ub7a8\ub9ac\uc11c\uce58\uc758 \ud575\uc2ec \uc0ac\uc5c5\uc774\ub2e4.<\/li><li><strong>HBM (High Bandwidth Memory)<\/strong>: \uace0\ub300\uc5ed\ud3ed \uba54\ubaa8\ub9ac. AI GPU\uc5d0 \uc801\uce35\ub418\ub294 D\ub7a8\uc73c\ub85c, HBM \uc0dd\uc0b0\uc774 \ub298\uc218\ub85d \uc2dd\uac01\u00b7\uc99d\ucc29 \uacf5\uc815 \uc7a5\ube44 \uc218\uc694\uac00 \ucee4\uc838 \ub7a8\ub9ac\uc11c\uce58\uac00 \uc218\ud61c\ub97c \ubcf8\ub2e4.<\/li><li><strong>CSBG (Customer Support Business Group)<\/strong>: \uace0\uac1d\uc9c0\uc6d0 \uc0ac\uc5c5\ubd80. \uc774\ubbf8 \uc124\uce58\ub41c \uc7a5\ube44\uc758 \ubd80\ud488\u00b7\uc5c5\uadf8\ub808\uc774\ub4dc\u00b7\uc11c\ube44\uc2a4 \ub9e4\ucd9c\ub85c, \uc7a5\ube44 \ud310\ub9e4\ubcf4\ub2e4 \uacbd\uae30 \ubcc0\ub3d9\uc5d0 \ub35c \ubbfc\uac10\ud55c \uc548\uc815\uc801 \uc218\uc775\uc6d0\uc774\ub2e4.<\/li><\/ul>\n\n\n<h2 class=\"wp-block-heading\" id=\"financials\">\ub7a8\ub9ac\uc11c\uce58 \ucd5c\uadfc 4\ubd84\uae30 \uc2e4\uc801 \ubd84\uc11d<\/h2>\n\n\n<p class=\"wp-block-paragraph\">\ucd5c\uadfc 4\uac1c \ubd84\uae30 \ub9e4\ucd9c\uc740 \uafb8\uc900\ud788 \uc6b0\uc0c1\ud5a5\ud588\ub2e4. 2026 \ud68c\uacc4\uc5f0\ub3c4 3\ubd84\uae30(2026\ub144 3\uc6d4 \ub9c8\uac10) \ub9e4\ucd9c\uc740 $5.84B(\uc57d 9\uc870 134\uc5b5 \uc6d0)\ub85c \uc804\ub144 \ub300\ube44 24%, \uc9c1\uc804 \ubd84\uae30 \ub300\ube44 9% \uc99d\uac00\ud588\ub2e4.<\/p>\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>\ubd84\uae30<\/th><th>\ub9e4\ucd9c(USD)<\/th><th>\ub9e4\ucd9c(\uc6d0\ud654 \ud658\uc0b0)<\/th><th>GAAP EPS<\/th><th>\uc601\uc5c5\uc774\uc775\ub960<\/th><\/tr><\/thead><tbody><tr><td>FY26 Q3 (2026-03)<\/td><td>$5,841.5M<\/td><td>\uc57d 9\uc870 134\uc5b5 \uc6d0<\/td><td>$1.45<\/td><td>35.0%<\/td><\/tr><tr><td>FY26 Q2 (2025-12)<\/td><td>$5,344.8M<\/td><td>\uc57d 8\uc870 248\uc5b5 \uc6d0<\/td><td>$1.26<\/td><td>33.9%<\/td><\/tr><tr><td>FY26 Q1 (2025-09)<\/td><td>$5,324.2M<\/td><td>\uc57d 8\uc870 12\uc5b5 \uc6d0<\/td><td>$1.24<\/td><td>34.4%<\/td><\/tr><tr><td>FY25 Q4 (2025-06)<\/td><td>$5,171.4M<\/td><td>\uc57d 7\uc870 7,654\uc5b5 \uc6d0<\/td><td>$1.35<\/td><td>33.7%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n<p class=\"wp-block-paragraph\">\ucd5c\uadfc \ubc1c\ud45c\ub41c FY26 3\ubd84\uae30 \uc2e4\uc801(2026\ub144 4\uc6d4 22\uc77c)\uc740 \uc2dc\uc7a5 \uae30\ub300\ub97c \uc6c3\ub3cc\uc558\ub2e4. \ub9e4\ucd9c $5.84B\ub294 \ucee8\uc13c\uc11c\uc2a4 $5.73B\ub97c, \ube44(\u975e)GAAP \uc8fc\ub2f9\uc21c\uc774\uc775 $1.47\uc740 \ucee8\uc13c\uc11c\uc2a4 $1.36\uc744 \uac01\uac01 \uc0c1\ud68c\ud588\ub2e4.<\/p>\n\n\n<p class=\"wp-block-paragraph\">\uc774 \ubd84\uae30\uc5d0\ub294 \uace0\uac1d\uc9c0\uc6d0(CSBG) \ubd80\ubb38\uc774 \uc0ac\uc0c1 \ucc98\uc74c\uc73c\ub85c \ubd84\uae30 \ub9e4\ucd9c $2.1B\ub97c \ub118\uc5b4\uc11c\uba70 \uc218\uc775 \uae30\ubc18\uc744 \ub2e4\ubcc0\ud654\ud588\ub2e4. \ubd84\uae30\ubcc4 \uc0c1\uc138 \uc218\uce58\ub294 <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/0000707549\/000070754926000022\/lrcx-20260329.htm\" rel=\"nofollow noopener\" target=\"_blank\">SEC\uc5d0 \uc81c\ucd9c\ub41c 10-Q \ubcf4\uace0\uc11c<\/a>\uc5d0\uc11c \ud655\uc778\ud560 \uc218 \uc788\ub2e4.<\/p>\n\n\n<p class=\"wp-block-paragraph\">\uc7ac\ubb34 \uac74\uc804\uc131\ub3c4 \uc591\ud638\ud558\ub2e4. \uc720\ub3d9\ube44\uc728 2.54\ubc30, \ubcf4\uc720 \ud604\uae08 $4.75B(\uc57d 7\uc870 3,306\uc5b5 \uc6d0), \ucd1d\ubd80\ucc44 $3.73B(\uc57d 5\uc870 7,623\uc5b5 \uc6d0)\ub85c \uc21c\ud604\uae08 \uc0c1\ud0dc\uc5d0 \uac00\uae5d\ub2e4. \ucd5c\uadfc 12\uac1c\uc6d4(TTM) \uc789\uc5ec\ud604\uae08\ud750\ub984\uc740 \uc57d $6.0B(\uc57d 9\uc870 2,654\uc5b5 \uc6d0)\ub2e4.<\/p>\n\n\n<p class=\"wp-block-paragraph\">TTM \ub9e4\ucd9c\uc740 $21,681.8M(\uc57d 33\uc870 4,550\uc5b5 \uc6d0), TTM GAAP \uc8fc\ub2f9\uc21c\uc774\uc775\uc740 $5.31(\uc57d 8,193\uc6d0), \uc790\uae30\uc790\ubcf8\uc774\uc775\ub960(ROE)\uc740 66.8%\ub85c \uc5c5\uacc4 \ucd5c\uace0 \uc218\uc900\uc774\ub2e4.<\/p>\n\n\n<h2 class=\"wp-block-heading\" id=\"valuation\">\ub7a8\ub9ac\uc11c\uce58 \uc801\uc815\uc8fc\uac00 \ubd84\uc11d (DCF\u00b7\uba40\ud2f0\ud50c)<\/h2>\n\n\n<p class=\"wp-block-paragraph\">\uba40\ud2f0\ud50c \uce21\uba74\uc5d0\uc11c \ub7a8\ub9ac\uc11c\uce58\ub294 \uc5ed\uc0ac\uc801 \ud3c9\uade0\uc744 \ud06c\uac8c \uc6c3\ub3c8\ub2e4. \ud6c4\ud589 P\/E 71\ubc30, \uc120\ud589 P\/E 47\ubc30, P\/B 45\ubc30, P\/S 22\ubc30\ub85c, \uacfc\uac70 \ud1b5\uc0c1 15~20\ubc30\uc5d0\uc11c \uac70\ub798\ub418\ub358 \uc218\uc900 \ub300\ube44 \uc7ac\ud3c9\uac00(re-rating)\uac00 \ud06c\uac8c \uc9c4\ud589\ub410\ub2e4.<\/p>\n\n\n<p class=\"wp-block-paragraph\">\uac04\uc774 DCF\ub85c \ub0b4\uc7ac\uac00\uce58\ub97c \uc810\uac80\ud588\ub2e4. \ud575\uc2ec \uac00\uc815\uc740 \uc544\ub798\uc640 \uac19\ub2e4.<\/p>\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>DCF \uac00\uc815<\/th><th>\uc0ac\uc6a9 \uac12<\/th><th>\uadfc\uac70<\/th><\/tr><\/thead><tbody><tr><td>\ud560\uc778\uc728(WACC)<\/td><td>11%<\/td><td>\ubca0\ud0c0 1.87 \ubc18\uc601, \uc5c5\uc885 \uc790\ubcf8\ube44\uc6a9<\/td><\/tr><tr><td>\uc885\ub9d0\uc131\uc7a5\ub960(g)<\/td><td>3.0%<\/td><td>\uc7a5\uae30 GDP+\uc778\ud50c\ub808\uc774\uc158<\/td><\/tr><tr><td>\uc608\uce21 \uae30\uac04<\/td><td>5\ub144<\/td><td>\ubc18\ub3c4\uccb4 \uc7a5\ube44 \uc0ac\uc774\ud074 \uac00\uc2dc\uc131<\/td><\/tr><tr><td>\uae30\uc900 FCF<\/td><td>\uc57d $6,000M<\/td><td>\uc9c1\uc804 TTM \uc789\uc5ec\ud604\uae08\ud750\ub984<\/td><\/tr><tr><td>\uac15\uc138 FCF<\/td><td>\uc57d $7,800M<\/td><td>\uae30\uc900 \u00d71.3 (WFE \uc0c1\ud5a5 \uc2dc\ub098\ub9ac\uc624)<\/td><\/tr><tr><td>\uc57d\uc138 FCF<\/td><td>\uc57d $4,500M<\/td><td>\uae30\uc900 \u00d70.75 (\uba54\ubaa8\ub9ac capex \ub454\ud654)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n<p class=\"wp-block-paragraph\">\uacc4\uc0b0\uc2dd\uc740 \ub2e4\uc74c\uacfc \uac19\ub2e4. \uc801\uc815\uac00\uce58(\uc8fc\ub2f9) = \u03a3[FCF\u209c \u00f7 (1+WACC)\u1d57] + \uc885\ub9d0\uac00\uce58 \u00f7 (1+WACC)\u1d3a, \uc885\ub9d0\uac00\uce58 = FCF_N \u00d7 (1+g) \u00f7 (WACC \u2212 g).<\/p>\n\n\n<p class=\"wp-block-paragraph\">\uc774 \uac00\uc815\uc73c\ub85c \uc0b0\ucd9c\ud55c DCF \uc801\uc815\uac00\uce58 \ubc94\uc704\ub294 \uc57d $90~$165(\uc57d 138,870\uc6d0~254,595\uc6d0)\ub2e4. \uc774\ub294 \ud604\uc7ac\uac00 $379.09(\uc57d 584,936\uc6d0)\ub97c \ud06c\uac8c \ubc11\ub3c8\ub2e4.<\/p>\n\n\n<p class=\"wp-block-paragraph\">\uc989 \ud604\uc7ac \uc8fc\uac00\ub294 \uc789\uc5ec\ud604\uae08\ud750\ub984 \uae30\ubc18 \ub0b4\uc7ac\uac00\uce58\ubcf4\ub2e4 AI \uc288\ud37c\uc0ac\uc774\ud074\uc758 \uc7a5\uae30 \uc9c0\uc18d\uc744 \uc120\ubc18\uc601\ud55c \ubaa8\uba58\ud140\u00b7\uba40\ud2f0\ud50c \ud655\uc7a5\uc5d0 \uc758\ud574 \ud615\uc131\ub3fc \uc788\ub2e4. \ubc38\ub958\uc5d0\uc774\uc158 \ud310\uc815\uc740 &#8220;\ub0b4\uc7ac\uac00\uce58 \ub300\ube44 \uace0\ud3c9\uac00(Overvalued)&#8221;\ub2e4. \ub2e4\ub9cc \uc560\ub110\ub9ac\uc2a4\ud2b8\ub4e4\uc740 \uac15\ud55c \uc218\uc694\ub97c \uadfc\uac70\ub85c \ubaa9\ud45c\uac00\ub97c \uc787\ub530\ub77c \uc62c\ub9ac\uace0 \uc788\uc5b4, \ub2e8\uae30 \uc8fc\uac00\ub294 \uba40\ud2f0\ud50c \uc9c0\uc9c0\ub97c \ubc1b\uc744 \uc218 \uc788\ub2e4. \ucd5c\uc2e0 \ucee8\uc13c\uc11c\uc2a4 \ubaa9\ud45c\uac00\ub294 <a href=\"https:\/\/www.marketbeat.com\/stocks\/NASDAQ\/LRCX\/forecast\/\" rel=\"nofollow noopener\" target=\"_blank\">\uc560\ub110\ub9ac\uc2a4\ud2b8 \ubaa9\ud45c\uc8fc\uac00 \uc9d1\uacc4<\/a>\uc5d0\uc11c \ud655\uc778\ud560 \uc218 \uc788\ub2e4.<\/p>\n\n\n<h2 class=\"wp-block-heading\" id=\"competitors\">\ub7a8\ub9ac\uc11c\uce58 vs \uacbd\uc7c1\uc0ac \ube44\uad50<\/h2>\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>\ud56d\ubaa9<\/th><th>\ub7a8\ub9ac\uc11c\uce58(LRCX)<\/th><th>AMAT<\/th><th>KLAC<\/th><th>ASML<\/th><\/tr><\/thead><tbody><tr><td>\uc2dc\uac00\ucd1d\uc561<\/td><td>$474.08B (\uc57d 731\uc870 \uc6d0)<\/td><td>$497.69B (\uc57d 768\uc870 \uc6d0)<\/td><td>$324.79B (\uc57d 501\uc870 \uc6d0)<\/td><td>\uc57d $430B (\uac1c\ub7b5)<\/td><\/tr><tr><td>TTM \ub9e4\ucd9c<\/td><td>$21,681.8M<\/td><td>$29,024.0M<\/td><td>$13,096.7M<\/td><td>\uc57d $35B (\u20ac32.7B)<\/td><\/tr><tr><td>TTM \ub9e4\ucd9c \uc131\uc7a5\ub960(YoY)<\/td><td>+23.8%<\/td><td>+11.4%<\/td><td>+11.5%<\/td><td>+15.6%<\/td><\/tr><tr><td>\uc601\uc5c5\uc774\uc775\ub960(TTM)<\/td><td>35.0%<\/td><td>31.9%<\/td><td>41.2%<\/td><td>\uc57d 32%<\/td><\/tr><tr><td>\uc120\ud589 P\/E<\/td><td>47.3<\/td><td>38.5<\/td><td>49.1<\/td><td>\uc57d 48<\/td><\/tr><tr><td>\ud575\uc2ec \ucc28\ubcc4\uc810<\/td><td>\uc2dd\uac01\u00b7\uc99d\ucc29 1\uc704, \uba54\ubaa8\ub9ac\/HBM \ub178\ucd9c \ud07c<\/td><td>\ucd5c\ub300 \uc885\ud569 \uc7a5\ube44\uc0ac<\/td><td>\uac80\uc0ac\u00b7\uacc4\uce21 \uc0ac\uc2e4\uc0c1 \ub3c5\uc810<\/td><td>EUV \ub9ac\uc18c\uadf8\ub798\ud53c 100% \ub3c5\uc810<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n<p class=\"wp-block-paragraph\">\ub7a8\ub9ac\uc11c\uce58\ub294 \ub9e4\ucd9c \uc131\uc7a5\ub960(+23.8%)\uc5d0\uc11c \uacbd\uc7c1\uc0ac\ub97c \uc55e\uc120\ub2e4. \uba54\ubaa8\ub9ac(D\ub7a8\u00b7NAND)\uc640 HBM \ud22c\uc790 \uc0ac\uc774\ud074\uc758 \uc9c1\uc811 \uc218\ud61c\ub97c \ubc1b\uae30 \ub54c\ubb38\uc774\ub2e4.<\/p>\n\n\n<p class=\"wp-block-paragraph\">\ubc18\uba74 \ubc38\ub958\uc5d0\uc774\uc158\uc740 \uc120\ud589 P\/E 47\ubc30\ub85c \ubd80\ub2f4\uc774 \ud06c\ub2e4. \uc885\ud569 \uc7a5\ube44\uc0ac <a href=\"https:\/\/andyguy.com\/applied-materials-amat-stock-analysis-2026\/\" title=\"\uc5b4\ud50c\ub77c\uc774\ub4dc \uba38\ud2f0\uc5b4\ub9ac\uc5bc\uc988(AMAT) \uc8fc\uac00 \ubd84\uc11d\">AI \ubc18\ub3c4\uccb4 \uc7a5\ube44 1\uc704 \uc5b4\ud50c\ub77c\uc774\ub4dc \uba38\ud2f0\uc5b4\ub9ac\uc5bc\uc988(AMAT)<\/a>\ub294 \uc120\ud589 P\/E 38\ubc30\ub85c \uc0c1\ub300\uc801\uc73c\ub85c \ub0ae\uc544, \ubc38\ub958\uc5d0\uc774\uc158\ub9cc \ubcf4\uba74 AMAT\uc774 \uc6b0\uc704\ub2e4.<\/p>\n\n\n<p class=\"wp-block-paragraph\">\ub9ac\uc18c\uadf8\ub798\ud53c \uc601\uc5ed\uc5d0\uc11c\ub294 <a href=\"https:\/\/andyguy.com\/asml-euv-lithography-stock-analysis-2026\/\" title=\"ASML EUV \uc8fc\uac00 \ubd84\uc11d\">EUV \ub9ac\uc18c\uadf8\ub798\ud53c\ub97c \ub3c5\uc810\ud558\ub294 ASML<\/a>\uc774 \ubcc4\ub3c4 \ud574\uc790\ub97c \uac16\ub294\ub2e4. \ub7a8\ub9ac\uc11c\uce58\ub294 \uc2dd\uac01\u00b7\uc99d\ucc29, ASML\uc740 \ub178\uad11, KLA\ub294 \uac80\uc0ac\u00b7\uacc4\uce21\uc73c\ub85c \uc601\uc5ed\uc774 \uac08\ub824 \uc9c1\uc811 \uacbd\uc7c1\ubcf4\ub2e4 \uc0c1\ud638 \ubcf4\uc644\uc5d0 \uac00\uae5d\ub2e4.<\/p>\n\n\n<h2 class=\"wp-block-heading\" id=\"growth\">\ub7a8\ub9ac\uc11c\uce58 \uc131\uc7a5 \uc804\ub9dd\uacfc \ud575\uc2ec \ub4dc\ub77c\uc774\ubc84<\/h2>\n\n\n<p class=\"wp-block-paragraph\">\uc131\uc7a5 \ub3d9\ub825\uc740 \uc138 \uac00\uc9c0\ub2e4. \uccab\uc9f8 AI GPU\uc6a9 HBM \uc99d\uc124, \ub458\uc9f8 3D NAND \ub2e8\uc218 \uc99d\uac00\uc5d0 \ub530\ub978 \uc2dd\uac01\u00b7\uc99d\ucc29 \uacf5\uc815 \uc218\uc694, \uc14b\uc9f8 \uac8c\uc774\ud2b8\uc62c\uc5b4\ub77c\uc6b4\ub4dc(GAA) \ub4f1 \ucca8\ub2e8 \ub85c\uc9c1 \uc804\ud658\uc774\ub2e4.<\/p>\n\n\n<p class=\"wp-block-paragraph\">\ud68c\uc0ac\ub294 2026\ub144 WFE \uc2dc\uc7a5 \uaddc\ubaa8\ub97c \uc885\uc804 $135B\uc5d0\uc11c $140B\ub85c \uc0c1\ud5a5\ud558\uba70 \ucd94\uac00 \uc0c1\uc2b9 \uc5ec\uc9c0(upside bias)\uae4c\uc9c0 \uc81c\uc2dc\ud588\ub2e4. \uc774\ub294 \ub7a8\ub9ac\uc11c\uce58 \ub9e4\ucd9c\uc758 \uc120\ud589\uc9c0\ud45c\uac00 \uc6b0\uc0c1\ud5a5\ud558\uace0 \uc788\ub2e4\ub294 \uc758\ubbf8\ub2e4.<\/p>\n\n\n<p class=\"wp-block-paragraph\">\uc131\uc7a5\ub960 \uac00\uc815\uc740 \uacfc\uac70 \ub9e4\ucd9c CAGR \uc57d 10%, \uc560\ub110\ub9ac\uc2a4\ud2b8 \ucee8\uc13c\uc11c\uc2a4 \uc57d 20%, \uc0b0\uc5c5(WFE) \uc131\uc7a5\ub960 \uc57d 12%\ub97c \uac00\uc911 \ud3c9\uade0(0.4\/0.4\/0.2)\ud574 \uc57d 14.4%\ub85c \ucd94\uc815\ud588\ub2e4.<\/p>\n\n\n<p class=\"wp-block-paragraph\">\ub2e4\ub9cc \uba54\ubaa8\ub9ac \uc7a5\ube44 \uc218\uc694\ub294 D\ub7a8\u00b7NAND \uac00\uaca9 \uc0ac\uc774\ud074\uc5d0 \ubbfc\uac10\ud558\ub2e4. \ubc18\ub3c4\uccb4 \uc5c5\ud669 \uc804\ubc18\uc758 \ud68c\ubcf5 \ud750\ub984\uc740 <a href=\"https:\/\/andyguy.com\/analog-devices-adi-stock-analysis-2026\/\" title=\"\uc560\ub110\ub85c\uadf8 \ub514\ubc14\uc774\uc2a4(ADI) \uc8fc\uac00 \ubd84\uc11d\">\ubc18\ub3c4\uccb4 \uc5c5\ud669 \ud68c\ubcf5 \uc218\ud61c\uc8fc \uc560\ub110\ub85c\uadf8 \ub514\ubc14\uc774\uc2a4(ADI)<\/a> \ubd84\uc11d\uc5d0\uc11c\ub3c4 \ud655\uc778\ud560 \uc218 \uc788\ub2e4.<\/p>\n\n\n<h2 class=\"wp-block-heading\" id=\"forecast\">\ub7a8\ub9ac\uc11c\uce58 12\uac1c\uc6d4 \ubaa9\ud45c\uc8fc\uac00 \uc2dc\ub098\ub9ac\uc624<\/h2>\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>\uc2dc\ub098\ub9ac\uc624<\/th><th>\ubaa9\ud45c\uc8fc\uac00(USD)<\/th><th>\ubaa9\ud45c\uc8fc\uac00(\uc6d0\ud654)<\/th><th>\ud604\uc7ac\uac00 \ub300\ube44<\/th><th>\ud655\ub960<\/th><\/tr><\/thead><tbody><tr><td>\uac15\uc138(Bull)<\/td><td>$480<\/td><td>\uc57d 740,640\uc6d0<\/td><td>+26.6%<\/td><td>25%<\/td><\/tr><tr><td>\uae30\ubcf8(Base)<\/td><td>$405<\/td><td>\uc57d 624,915\uc6d0<\/td><td>+6.8%<\/td><td>50%<\/td><\/tr><tr><td>\uc57d\uc138(Bear)<\/td><td>$295<\/td><td>\uc57d 455,185\uc6d0<\/td><td>-22.2%<\/td><td>25%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n<p class=\"wp-block-paragraph\">\uae30\ubcf8 \uc2dc\ub098\ub9ac\uc624\ub294 12\uac1c\uc6d4 \uc120\ud589 \uc8fc\ub2f9\uc21c\uc774\uc775(\uc57d $8~9)\uc5d0 \uc120\ud589 P\/E \uc57d 44\ubc30\ub97c \uc801\uc6a9\ud55c \uacb0\uacfc\ub85c, \ubaa9\ud45c\uc8fc\uac00 $405(\uc57d 624,915\uc6d0)\ub2e4. AI capex \uc0ac\uc774\ud074\uc774 \uacac\uc870\ud558\uac8c \uc774\uc5b4\uc9c0\ub294 \uacbd\uc6b0\ub97c \uac00\uc815\ud55c\ub2e4.<\/p>\n\n\n<p class=\"wp-block-paragraph\">\uac15\uc138 \uc2dc\ub098\ub9ac\uc624 $480(\uc57d 740,640\uc6d0)\uc740 WFE \uc2dc\uc7a5\uc774 \ucd94\uac00 \uc0c1\ud5a5\ub418\uace0 HBM \uc99d\uc124\uc774 \uac00\uc18d\ud558\ub294 \uacbd\uc6b0\ub85c, \uc77c\ubd80 IB\uc758 \ucd5c\uace0 \ubaa9\ud45c\uac00\uc640 \uc77c\uce58\ud55c\ub2e4. \uc57d\uc138 \uc2dc\ub098\ub9ac\uc624 $295(\uc57d 455,185\uc6d0)\uc740 \uba54\ubaa8\ub9ac capex \ub454\ud654\uc640 \uba40\ud2f0\ud50c \uc815\uc0c1\ud654(de-rating)\ub97c \ubc18\uc601\ud55c\ub2e4.<\/p>\n\n\n<p class=\"wp-block-paragraph\">\uc2dc\ub098\ub9ac\uc624 \ud655\ub960\uc744 \uae30\ubcf8 50%, \uac15\uc138\u00b7\uc57d\uc138 \uac01 25%\ub85c \ub454 \uc774\uc720\ub294, AI \uad6c\uc870\uc801 \uc218\uc694\ub77c\ub294 \uac15\ud55c \uc0c1\ubc29\uacfc \uc5ed\uc0ac\uc801 \ud3c9\uade0\uc744 \ud06c\uac8c \uc6c3\ub3c4\ub294 \ubc38\ub958\uc5d0\uc774\uc158\uc774\ub77c\ub294 \uac15\ud55c \ud558\ubc29\uc774 \uade0\ud615\uc744 \uc774\ub8e8\uae30 \ub54c\ubb38\uc774\ub2e4. \uac00\uc911 \uae30\ub300\uc218\uc775\ub960\uc740 \uc57d +4.5%\ub85c Hold \uad6c\uac04\uc5d0 \ud574\ub2f9\ud55c\ub2e4.<\/p>\n\n\n<h2 class=\"wp-block-heading\" id=\"news\">\ub7a8\ub9ac\uc11c\uce58 \ucd5c\uadfc \uc8fc\uc694 \uc774\uc288<\/h2>\n\n\n<p class=\"wp-block-paragraph\">2026\ub144 4\uc6d4 22\uc77c \ubc1c\ud45c\ub41c FY26 3\ubd84\uae30 \uc2e4\uc801\uc740 \ub9e4\ucd9c\u00b7\uc774\uc775 \ubaa8\ub450 \ucee8\uc13c\uc11c\uc2a4\ub97c \uc0c1\ud68c\ud588\uace0, 6\uc6d4 \ubd84\uae30 \uac00\uc774\ub358\uc2a4\ub85c \ub9e4\ucd9c $6.60B(\uc57d 10\uc870 1,838\uc5b5 \uc6d0)\u00b1$400M, \ube44GAAP EPS $1.65\u00b1$0.15\ub97c \uc81c\uc2dc\ud588\ub2e4. \uc0c1\uc138 \ub0b4\uc6a9\uc740 <a href=\"https:\/\/newsroom.lamresearch.com\/2026-04-22-Lam-Research-Corporation-Reports-Financial-Results-for-the-Quarter-Ended-March-29,-2026\" rel=\"nofollow noopener\" target=\"_blank\">\ud68c\uc0ac IR \ubcf4\ub3c4\uc790\ub8cc<\/a>\uc5d0\uc11c \ubcfc \uc218 \uc788\ub2e4.<\/p>\n\n\n<p class=\"wp-block-paragraph\">2026\ub144 6\uc6d4 \ub4e4\uc5b4 BofA(\ubaa9\ud45c\uac00 $480), \uc6f0\uc2a4\ud30c\uace0($450), \uc528\ud2f0($450), \uce94\ud130\ud53c\uce20\uc81c\ub7f4\ub4dc($425) \ub4f1 \uc8fc\uc694 IB\uac00 \ubaa9\ud45c\uac00\ub97c \uc787\ub530\ub77c \uc0c1\ud5a5\ud588\ub2e4. WFE \uc2dc\uc7a5 \uc804\ub9dd \uc0c1\ud5a5\uacfc AI \uc218\uc694 \uac00\uc18d\uc774 \ubc30\uacbd\uc774\ub2e4.<\/p>\n\n\n<p class=\"wp-block-paragraph\">\uc8fc\uac00\ub294 1\ub144 \uc0c8 \uc57d 289% \uae09\ub4f1\ud574 52\uc8fc \uace0\uc810($409.75)\uc5d0 \uadfc\uc811\ud588\ub2e4. \ub2e4\ub9cc \ucd5c\uadfc \uac70\ub798\uc77c\uc5d0\ub294 \ucc28\uc775 \uc2e4\ud604 \ub9e4\ubb3c\ub85c \ud558\ub8e8 \uc57d 5.7% \ud558\ub77d\ud558\ub294 \ub4f1 \ubcc0\ub3d9\uc131\ub3c4 \ucee4\uc84c\ub2e4.<\/p>\n\n\n<h2 class=\"wp-block-heading\" id=\"risks\">\ub7a8\ub9ac\uc11c\uce58 \ud22c\uc790 \uc2dc \ud575\uc2ec \ub9ac\uc2a4\ud06c<\/h2>\n\n\n<p class=\"wp-block-paragraph\"><strong>\ubc38\ub958\uc5d0\uc774\uc158 \ubd80\ub2f4<\/strong> \u2192 \ud604\uc7ac\uac00\uac00 \uc560\ub110\ub9ac\uc2a4\ud2b8 \ud3c9\uade0 \ubaa9\ud45c\uac00($340.58)\uc640 DCF \uc801\uc815\uac00\uce58($90~$165)\ub97c \ubaa8\ub450 \uc6c3\ub3c8\ub2e4 \u2192 \ubaa8\ub2c8\ud130\ub9c1 \uc9c0\ud45c: \uc120\ud589 P\/E, \ud3c9\uade0 \ubaa9\ud45c\uac00 \ub300\ube44 \uad34\ub9ac\uc728.<\/p>\n\n\n<p class=\"wp-block-paragraph\"><strong>\uc911\uad6d \ub9e4\ucd9c\u00b7\uc218\ucd9c \uaddc\uc81c<\/strong> \u2192 \uc911\uad6d \ube44\uc911\uc774 \ub192\uc544 \ucd94\uac00 \uc218\ucd9c \ud1b5\uc81c \uc2dc \ub9e4\ucd9c \uacf5\ubc31\uc774 \ubc1c\uc0dd\ud560 \uc218 \uc788\ub2e4 \u2192 \ubaa8\ub2c8\ud130\ub9c1 \uc9c0\ud45c: \ubd84\uae30\ubcc4 \uc911\uad6d \ub9e4\ucd9c \ube44\uc911, \ubbf8\uad6d \uc0c1\ubb34\ubd80 \uaddc\uc81c \ubc1c\ud45c.<\/p>\n\n\n<p class=\"wp-block-paragraph\"><strong>\uba54\ubaa8\ub9ac capex \uc0ac\uc774\ud074<\/strong> \u2192 D\ub7a8\u00b7NAND \uac00\uaca9 \ud558\ub77d \uc2dc \uba54\ubaa8\ub9ac \uace0\uac1d\uc758 \uc7a5\ube44 \ud22c\uc790\uac00 \uae09\uac10\ud560 \uc218 \uc788\ub2e4 \u2192 \ubaa8\ub2c8\ud130\ub9c1 \uc9c0\ud45c: HBM\u00b7NAND \uac00\uaca9, WFE \uac00\uc774\ub358\uc2a4 \ubcc0\ud654.<\/p>\n\n\n<p class=\"wp-block-paragraph\"><strong>\uace0\ubcc0\ub3d9\uc131<\/strong> \u2192 \ubca0\ud0c0 1.87\ub85c \uc2dc\uc7a5 \ub300\ube44 \ubcc0\ub3d9\uc131\uc774 \ud06c\uace0, 1\ub144 +289% \uae09\ub4f1 \ud6c4 \ucc28\uc775 \uc2e4\ud604 \uc555\ub825\uc774 \uc0c1\uc874\ud55c\ub2e4 \u2192 \ubaa8\ub2c8\ud130\ub9c1 \uc9c0\ud45c: \uac70\ub798\ub7c9, 50\uc77c\u00b7200\uc77c \uc774\ub3d9\ud3c9\uade0 \uc774\ud0c8 \uc5ec\ubd80. \ubcc0\ub3d9\uc131\uc774 \ud070 AI \ubc18\ub3c4\uccb4 \uc885\ubaa9\uc740 <a href=\"https:\/\/andyguy.com\/sitime-sitm-stock-analysis-price-target-2026\/\" title=\"SI\ud0c0\uc784(SITM) \uc8fc\uac00 \ubd84\uc11d\">AI \ub370\uc774\ud130\uc13c\ud130 \ud0c0\uc774\ubc0d \ubc18\ub3c4\uccb4 SI\ud0c0\uc784(SITM)<\/a>\ucc98\ub7fc \ubd84\ud560 \uc811\uadfc\uc774 \uc720\ud6a8\ud558\ub2e4.<\/p>\n\n\n<h2 class=\"wp-block-heading\" id=\"conclusion\">\ub7a8\ub9ac\uc11c\uce58 \ud22c\uc790\uc758\uacac \uacb0\ub860<\/h2>\n\n\n<p class=\"wp-block-paragraph\"><strong>\ub7a8\ub9ac\uc11c\uce58 \ud22c\uc790\uc758\uacac\uc740 Hold, \ud655\uc2e0\ub3c4\ub294 Medium\uc774\ub2e4.<\/strong><\/p>\n\n\n<p class=\"wp-block-paragraph\">AI\u00b7HBM \uc288\ud37c\uc0ac\uc774\ud074\uc758 \uc9c1\uc811 \uc218\ud61c\uc640 \ubd84\uae30 \uc0ac\uc0c1 \ucd5c\ub300 \uc2e4\uc801, WFE \uc2dc\uc7a5 \uc0c1\ud5a5\uc740 \ubd84\uba85\ud55c \uac15\uc810\uc774\ub2e4. \uadf8\ub7ec\ub098 \ud604\uc7ac\uac00\ub294 \uc120\ud589 P\/E 47\ubc30\u00b7P\/B 45\ubc30\ub85c \ub0b4\uc7ac\uac00\uce58(DCF $90~$165)\ub97c \ud06c\uac8c \uc6c3\ub3cc\uace0, \uc560\ub110\ub9ac\uc2a4\ud2b8 \ud3c9\uade0 \ubaa9\ud45c\uac00($340.58)\ub9c8\uc800 \uc0c1\ud68c\ud55c\ub2e4.<\/p>\n\n\n<p class=\"wp-block-paragraph\">\uac00\uc911 \uae30\ub300\uc218\uc775\ub960\uc740 \uc57d +4.5%\ub85c \uc2e0\uaddc \uc9c4\uc785\uc758 \uc704\ud5d8 \ub300\ube44 \ubcf4\uc0c1\uc774 \ub9e4\ub825\uc801\uc774\uc9c0 \uc54a\ub2e4. \uae30\uc874 \ubcf4\uc720\uc790\ub294 \ucd94\uc138\ub97c \ud65c\uc6a9\ud558\ub418, \uc2e0\uaddc \ub9e4\uc218\ub294 \uc870\uc815 \uc2dc \ubd84\ud560 \uc811\uadfc\uc774 \ud569\ub9ac\uc801\uc774\ub2e4. \ud22c\uc790 \uae30\uac04\uc740 12\uac1c\uc6d4 \uae30\uc900\uc774\ub2e4.<\/p>\n\n\n<p class=\"wp-block-paragraph\">\ud568\uaed8 \ubcf4\uba74 \uc88b\uc740 \uae00: <a href=\"https:\/\/andyguy.com\/cerebras-cbrs-stock-analysis-2026\/\" title=\"\uc140\ub808\ube0c\ub77c\uc2a4(CBRS) \uc8fc\uac00 \ubd84\uc11d\">AI \ucd94\ub860 \ubc18\ub3c4\uccb4 \uc140\ub808\ube0c\ub77c\uc2a4(CBRS) \uc2e4\uc801\u00b7\ubaa9\ud45c\uc8fc\uac00 \ubd84\uc11d<\/a>.<\/p>\n\n\n<h2 class=\"wp-block-heading\" id=\"faq\">\ub7a8\ub9ac\uc11c\uce58 \uc790\uc8fc \ubb3b\ub294 \uc9c8\ubb38 5\uac00\uc9c0<\/h2>\n\n\n<h3 class=\"wp-block-heading\">Q1. \ub7a8\ub9ac\uc11c\uce58(LRCX)\uc758 12\uac1c\uc6d4 \ubaa9\ud45c\uc8fc\uac00\ub294 \uc5bc\ub9c8\uc778\uac00\uc694?<\/h3>\n\n\n<p class=\"wp-block-paragraph\">\uae30\ubcf8 \uc2dc\ub098\ub9ac\uc624 \uae30\uc900 $405(\uc57d 624,915\uc6d0)\uc774\uba70, \uac15\uc138 $480(\uc57d 740,640\uc6d0)\u00b7\uc57d\uc138 $295(\uc57d 455,185\uc6d0) \ubc94\uc704\ub97c \uc81c\uc2dc\ud55c\ub2e4. \uac00\uc911 \uae30\ub300\uc218\uc775\ub960\uc740 \uc57d +4.5%\ub85c Hold \uad6c\uac04\uc774\ub2e4.<\/p>\n\n\n<h3 class=\"wp-block-heading\">Q2. \ub7a8\ub9ac\uc11c\uce58\uac00 AI\u00b7HBM \uc218\ud61c\uc8fc\ub85c \ubd84\ub958\ub418\ub294 \uc774\uc720\ub294 \ubb34\uc5c7\uc778\uac00\uc694?<\/h3>\n\n\n<p class=\"wp-block-paragraph\">AI GPU\uc6a9 HBM\uacfc 3D NAND \uc0dd\uc0b0\uc774 \uc2dd\uac01\u00b7\uc99d\ucc29 \uacf5\uc815 \uc7a5\ube44 \uc218\uc694\ub97c \ud0a4\uc6b0\uace0, \ub7a8\ub9ac\uc11c\uce58\uac00 \uc774 \ubd84\uc57c \uae00\ub85c\ubc8c 1\uc704\uc774\uae30 \ub54c\ubb38\uc774\ub2e4. \ud68c\uc0ac\ub294 2026\ub144 WFE \uc2dc\uc7a5 \uc804\ub9dd\uc744 $140B\ub85c \uc0c1\ud5a5\ud588\ub2e4.<\/p>\n\n\n<h3 class=\"wp-block-heading\">Q3. \ub7a8\ub9ac\uc11c\uce58 \ud604\uc7ac \uc8fc\uac00\ub294 \uace0\ud3c9\uac00\uc778\uac00\uc694, \uc800\ud3c9\uac00\uc778\uac00\uc694?<\/h3>\n\n\n<p class=\"wp-block-paragraph\">\uc120\ud589 P\/E 47\ubc30, P\/B 45\ubc30\ub85c \uc5ed\uc0ac\uc801 \ud3c9\uade0(\uc57d 15~20\ubc30)\uc744 \ud06c\uac8c \uc6c3\ub3c8\ub2e4. DCF \uc801\uc815\uac00\uce58\ub294 $90~$165\ub85c \ud604\uc7ac\uac00 $379.09(\uc57d 584,936\uc6d0)\ub97c \ud06c\uac8c \ubc11\ub3cc\uc544 \ub0b4\uc7ac\uac00\uce58 \ub300\ube44 \uace0\ud3c9\uac00 \uc0c1\ud0dc\ub2e4.<\/p>\n\n\n<h3 class=\"wp-block-heading\">Q4. \ub7a8\ub9ac\uc11c\uce58\uc640 \uc5b4\ud50c\ub77c\uc774\ub4dc \uba38\ud2f0\uc5b4\ub9ac\uc5bc\uc988(AMAT) \uc911 \uc5b4\ub290 \ucabd\uc774 \ub354 \ub9e4\ub825\uc801\uc778\uac00\uc694?<\/h3>\n\n\n<p class=\"wp-block-paragraph\">\ub9e4\ucd9c \uc131\uc7a5\ub960\uc740 \ub7a8\ub9ac\uc11c\uce58(+23.8%)\uac00 AMAT(+11.4%)\ubcf4\ub2e4 \ub192\uc9c0\ub9cc, \uc120\ud589 P\/E\ub294 AMAT(38\ubc30)\uc774 \ub7a8\ub9ac\uc11c\uce58(47\ubc30)\ubcf4\ub2e4 \ub0ae\ub2e4. \uc131\uc7a5 \ubaa8\uba58\ud140\uc740 \ub7a8\ub9ac\uc11c\uce58, \ubc38\ub958\uc5d0\uc774\uc158 \ub9e4\ub825\uc740 AMAT\uc774 \uc6b0\uc704\ub2e4.<\/p>\n\n\n<h3 class=\"wp-block-heading\">Q5. \ub7a8\ub9ac\uc11c\uce58 \ud22c\uc790 \uc2dc \uac00\uc7a5 \ud070 \ub9ac\uc2a4\ud06c\ub294 \ubb34\uc5c7\uc778\uac00\uc694?<\/h3>\n\n\n<p class=\"wp-block-paragraph\">\uccab\uc9f8 \ubc38\ub958\uc5d0\uc774\uc158 \ubd80\ub2f4(\ud604\uc7ac\uac00\uac00 \ud3c9\uade0 \ubaa9\ud45c\uac00\u00b7DCF \uc801\uc815\uac00\uce58 \uc0c1\ud68c), \ub458\uc9f8 \uc911\uad6d \ub9e4\ucd9c \ube44\uc911\uacfc \uc218\ucd9c \uaddc\uc81c, \uc14b\uc9f8 \uba54\ubaa8\ub9ac capex \uc0ac\uc774\ud074 \ub454\ud654\ub2e4. WFE \uac00\uc774\ub358\uc2a4\uc640 \uc911\uad6d \ub9e4\ucd9c \ube44\uc911\uc744 \ubaa8\ub2c8\ud130\ub9c1\ud574\uc57c \ud55c\ub2e4.<\/p>\n\n\n<h2 class=\"wp-block-heading\" id=\"sources\">\ucd9c\ucc98(Sources)<\/h2>\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/0000707549\/000070754926000022\/lrcx-20260329.htm\" rel=\"nofollow noopener\" target=\"_blank\">Lam Research Form 10-Q (\ubd84\uae30 \ub9c8\uac10 2026-03-29, SEC EDGAR)<\/a><\/li><li><a href=\"https:\/\/newsroom.lamresearch.com\/2026-04-22-Lam-Research-Corporation-Reports-Financial-Results-for-the-Quarter-Ended-March-29,-2026\" rel=\"nofollow noopener\" target=\"_blank\">Lam Research FY26 3\ubd84\uae30 \uc2e4\uc801 \ubcf4\ub3c4\uc790\ub8cc (\ud68c\uc0ac IR)<\/a><\/li><li><a href=\"https:\/\/www.marketbeat.com\/stocks\/NASDAQ\/LRCX\/forecast\/\" rel=\"nofollow noopener\" target=\"_blank\">Lam Research \uc560\ub110\ub9ac\uc2a4\ud2b8 \ubaa9\ud45c\uc8fc\uac00 \ucee8\uc13c\uc11c\uc2a4 (MarketBeat)<\/a><\/li><\/ul>\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n<p class=\"wp-block-paragraph\"><em>\ubcf8 \uae00\uc740 \ud22c\uc790 \uad8c\uc720\uac00 \uc544\ub2cc \uc815\ubcf4 \uc81c\uacf5 \ubaa9\uc801\uc758 \ubd84\uc11d\uc774\ub2e4. \ubaa8\ub4e0 \ud22c\uc790 \ud310\ub2e8\uacfc \ucc45\uc784\uc740 \ud22c\uc790\uc790 \ubcf8\uc778\uc5d0\uac8c \uc788\ub2e4. \ub370\uc774\ud130 \uae30\uc900\uc77c\uc740 2026-06-29\uc774\uba70, \uc801\uc6a9 \ud658\uc728\uc740 1 USD = 1,543\uc6d0\uc774\ub2e4.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u203b \uacf5\uac1c \uc790\ub8cc\ub97c \uae30\ubc18\uc73c\ub85c AI \ub3c4\uad6c\uc758 \ub3c4\uc6c0\uc744 \ubc1b\uc544 \uc791\uc131\ud55c \ub4a4 \uc800\uc790\uac00 \uac80\uc218\ud55c \ucf58\ud150\uce20\uc785\ub2c8\ub2e4. \ud22c\uc790 \uad8c\uc720\uac00 \uc544\ub2cc \uc815\ubcf4 \uc81c\uacf5\uc6a9\uc785\ub2c8\ub2e4.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ub7a8\ub9ac\uc11c\uce58(LRCX)\ub294 AI \uba54\ubaa8\ub9ac HBM\uacfc 3D NAND \uc0dd\uc0b0\uc5d0 \ud544\uc218\uc778 \uc2dd\uac01\u00b7\uc99d\ucc29 \uc7a5\ube44\ub97c \uacf5\uae09\ud558\ub294 \uae00\ub85c\ubc8c 1\uc704 \ubc18\ub3c4\uccb4 \uc7a5\ube44 \uae30\uc5c5\uc774\ub2e4. 2026\ub144 WFE \uc2dc\uc7a5 \uc804\ub9dd $140B \uc0c1\ud5a5\uacfc \ubd84\uae30 \uc0ac\uc0c1 \ucd5c\ub300 \ub9e4\ucd9c\uc744 \ubc1c\ud310\uc73c\ub85c 12\uac1c\uc6d4 \uae30\ubcf8 \ubaa9\ud45c\uc8fc\uac00 $405\u00b7\ud22c\uc790\uc758\uacac Hold \uad6c\uac04\uc5d0 \uc9c4\uc785\ud55c \uace0\ubc38\ub958\uc5d0\uc774\uc158 \uc885\ubaa9\uc774\ub2e4. \ubd84\uc11d \uae30\uc900\uc77c 2026-06-29 \u00b7 \uc801\uc6a9 \ud658\uc728 1 USD = 1,543\uc6d0(\ubcf8\ubb38\uc758 \ubaa8\ub4e0 \uc6d0\ud654 \ud658\uc0b0\uc740 \uc774 \ud658\uc728\ub85c \uacc4\uc0b0\ud588\ub2e4) \u00b7 \ud604\uc7ac\uac00 $379.09(\uc57d [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":412,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[62,152],"tags":[190,189,50,5,55],"class_list":["post-401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ai-datacenter","category-us-stock-analysis","tag-lrcx","tag-189","tag-50","tag-5","tag-stock-analysis"],"_links":{"self":[{"href":"https:\/\/andyguy.com\/en\/wp-json\/wp\/v2\/posts\/401","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/andyguy.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/andyguy.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/andyguy.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/andyguy.com\/en\/wp-json\/wp\/v2\/comments?post=401"}],"version-history":[{"count":1,"href":"https:\/\/andyguy.com\/en\/wp-json\/wp\/v2\/posts\/401\/revisions"}],"predecessor-version":[{"id":428,"href":"https:\/\/andyguy.com\/en\/wp-json\/wp\/v2\/posts\/401\/revisions\/428"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/andyguy.com\/en\/wp-json\/wp\/v2\/media\/412"}],"wp:attachment":[{"href":"https:\/\/andyguy.com\/en\/wp-json\/wp\/v2\/media?parent=401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/andyguy.com\/en\/wp-json\/wp\/v2\/categories?post=401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/andyguy.com\/en\/wp-json\/wp\/v2\/tags?post=401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}