New York, Feb 14, 2026, 13:57 EST — The session wrapped up with markets closed.
Main takeaways:
- Lam Research climbed 1.8% Friday, as chipmaking-equipment stocks rallied following Applied Materials’ optimistic forecast.
- Treasury yields slipped after a softer U.S. inflation reading, giving growth stocks some breathing room ahead of the long weekend.
- Attention shifts to the Fed minutes coming up Feb. 18, with Nvidia set to report results Feb. 25.
Lam Research finished Friday up 1.8% at $235.53, recovering some ground after a 1.6% decline Thursday. Chip equipment names moved higher, picking up momentum from a bullish outlook at Applied Materials. Shares swung from $233.39 to $242.78 during the session. 1
This shift is grabbing attention since equipment stocks are now early signals for AI-driven spending, particularly in memory. Applied Materials soared 11% after it guided for revenue near $7.65 billion, give or take $500 million, and adjusted earnings at $2.64 a share, plus or minus 20 cents—topping forecasts on both counts. 2
Applied CEO Gary Dickerson pointed to accelerating AI computing investment as the main driver for the company’s outlook. Morningstar’s William Kerwin described expectations for “a massive” growth cycle in wafer-fab equipment over the next three years. Lam shares were up as much as 2.7% earlier, according to Reuters. 2
Rates factored in as well. U.S. consumer prices climbed 0.2% in January—missing the 0.3% increase economists had penciled in. Core inflation, which strips out food and energy, ticked up 0.3%. The annual core rate? Down to 2.5%. That’s the slowest pace in almost five years. 3
Lam’s forecast came out in late January — third-quarter revenue was pegged at $5.7 billion, give or take $300 million. Adjusted earnings? $1.35 a share, plus or minus a dime. Demand for chipmaking equipment was still steady at that point. 4
Much of the current action centers on memory—specifically, high-bandwidth memory, or HBM. This stacked memory, crucial for AI processors, has turned into a key driver of tool demand. Traders aren’t hesitating; any hint that HBM supply might be tightening sends them moving fast.
The calendar takes center stage alongside the charts this time. With U.S. markets shuttered Monday for Washington’s Birthday, trading resumes Tuesday. 5
Next up, the Federal Reserve is set to release minutes from its Jan. 27-28 meeting—mark your calendar for Feb. 18, 2:00 p.m. ET. That’s when markets get another look at how rate-cut bets might line up. 5
This week’s lineup gets heavier later, with the Fed’s go-to PCE inflation numbers and an early look at fourth-quarter GDP both on deck, S&P Global Market Intelligence’s week-ahead calendar shows. 6
Nvidia lands on deck next, with quarterly results and a call coming up Feb. 25 at 5 p.m. ET. It’s a date chip watchers don’t skip—investors hunt for any sign of demand shifts from the AI-chip titan. 7
Even so, it’s a two-sided story. Stocks wound up the week on a jittery note: Treasury yields slipped, but the Nasdaq closed in the red. Tim Holland at Orion, speaking to Reuters, flagged the risk that markets could be forced to “recalibrate” their outlook for 2026 rate cuts — a move that tends to send high-multiple tech stocks for a ride. 8
Lam Research faces its next hurdle as traders watch to see if Friday’s sympathy rally can make it to Tuesday’s open. After that, attention turns to the Feb. 18 Fed minutes—just ahead of Nvidia’s Feb. 25 earnings, which could once more shake up sentiment on AI demand. 7
