New York, Feb 14, 2026, 13:57 EST — Market closed.
Key points:
- Lam Research closed up 1.8% on Friday, tracking a rally in chipmaking-equipment shares after Applied Materials’ upbeat outlook.
- A cooler U.S. inflation print pushed Treasury yields down, easing pressure on growth stocks into a long weekend.
- Focus turns to Fed minutes on Feb. 18 and Nvidia results on Feb. 25.
Lam Research shares rose 1.8% on Friday to close at $235.53, after falling 1.6% a day earlier, as chipmaking-tool stocks rallied on a strong forecast from peer Applied Materials. The stock traded between $233.39 and $242.78. (Yahoo Finance)
The move matters because equipment names have become a fast read-through on whether spending tied to artificial intelligence keeps pulling forward orders, especially in memory. Applied Materials jumped 11% after projecting revenue of about $7.65 billion, plus or minus $500 million, and adjusted profit of $2.64 per share, plus or minus 20 cents — both above expectations. (Reuters)
Applied’s chief executive Gary Dickerson said the outlook was “fueled” by faster investment in AI computing, and Morningstar analyst William Kerwin said he expected “a massive” wafer-fab equipment growth cycle over the next three years. Lam gained as much as about 2.7% earlier in the session, Reuters reported. (Reuters)
Rates were also part of the mix. U.S. consumer prices rose 0.2% in January, below forecasts for a 0.3% gain, while core inflation (excluding food and energy) rose 0.3% and the annual core rate cooled to 2.5%, its smallest gain in nearly five years. (Reuters)
Lam has its own recent guideposts. In late January, it forecast third-quarter revenue of $5.7 billion, plus or minus $300 million, and projected adjusted earnings of $1.35 per share, plus or minus 10 cents, as demand for chipmaking tools held up. (Reuters)
A lot of the trade is still about memory. High-bandwidth memory, or HBM — stacked memory used alongside AI processors — has become a swing factor for tool demand, and traders have been quick to chase any sign that supply is tightening again.
The calendar now matters as much as the charts. U.S. markets are closed on Monday for Washington’s Birthday, pushing the next regular session to Tuesday. (Federal Reserve)
After that, investors get the Federal Reserve’s minutes from its January 27-28 meeting on Feb. 18 at 2:00 p.m. ET, a test for the market’s rate-cut pricing. (Federal Reserve)
Macro events stack up later in the week, including the Fed’s preferred PCE inflation data and an advance reading on fourth-quarter GDP, according to S&P Global Market Intelligence’s week-ahead calendar. (S&P Global)
Another near-term catalyst is Nvidia. The AI-chip bellwether is set to report results and hold a conference call on Feb. 25 at 5 p.m. ET, a date equipment investors often circle for demand signals. (NVIDIA Newsroom)
Still, the setup cuts both ways. Stocks ended the week choppy, with Treasury yields down but the Nasdaq lower on the day, and Reuters quoted Orion’s Tim Holland warning that markets may need to “recalibrate” expectations for 2026 rate cuts — the sort of shift that can whip high-multiple tech names around. (Reuters)
For Lam Research, the next test is whether Friday’s sympathy bid holds into Tuesday’s reopen, then how markets digest the Feb. 18 Fed minutes — before Nvidia’s Feb. 25 print resets the AI-demand tone again. (NVIDIA Newsroom)
