New York, February 28, 2026, 12:37 (EST) — Market closed.
- Lam Research ended Friday down 2.2%, extending a two-day pullback from Wednesday’s 52-week high.
- A hot wholesale inflation reading and the post-Nvidia wobble kept pressure on chip stocks into month-end.
- Investors now look to early-week U.S. data and Lam’s March conference appearances for fresh direction.
Lam Research Corp (LRCX.O) slid 2.17% on Friday to close at $233.89, extending losses to a second straight session. The stock is about 8.9% below its 52-week high of $256.68 set on Wednesday. 1
The decline lands ahead of Monday’s reopen with rates and chip momentum both in question. Friday’s Producer Price Index (PPI) — a gauge of wholesale inflation — ran hotter than expected and reinforced bets the Federal Reserve will stay on hold in March, Reuters reported. “This is a classic risk-off environment,” said Ryan Detrick, chief market strategist at Carson Group. 2
Next week’s focal point is the U.S. jobs report due March 6, with economists polled by Reuters forecasting 60,000 jobs after January’s 130,000. “There continues to be this back and forth” over who wins and loses from artificial intelligence, said Kristina Hooper, chief market strategist at Man Group. 3
The chip complex has been jittery since Nvidia’s results failed to kick off another surge. The Philadelphia semiconductor index — a widely watched gauge of chip stocks — fell about 3% on Thursday as Nvidia dropped 5.5%, Reuters reported. 4
Lam’s move also stood out against a mixed set of large-chip and toolmaker peers on Friday. Applied Materials fell 0.9% and AMD dropped 1.7%, while the S&P 500 ended down 0.4%, MarketWatch data showed. 5
Some investors described it as the market taking a breath after a strong run. “Semiconductors … have priced in a lot of good news. And now it’s time for a breather,” said Talley Leger, chief market strategist at The Wealth Consulting Group. 6
Lam has its own near-term calendar marker, and investors may lean on it for demand colour. The company said on Feb. 17 that chief financial officer Doug Bettinger will present at Morgan Stanley’s TMT conference on March 3 and at Cantor’s technology and industrial growth conference on March 11, with a public webcast and a two-week replay. 7
The last big fundamental reset for Lam came in late January. The company forecast fiscal third-quarter revenue of $5.7 billion, plus or minus $300 million, and adjusted earnings of $1.35 a share, plus or minus 10 cents; chief executive Tim Archer pointed to “smaller, more complex three-dimensional devices and packages” as the industry pushes ahead. 8
Macro prints could still do the heavy lifting for the group in the near term. Monday’s diary includes the U.S. ISM manufacturing PMI — a survey-based snapshot of factory activity — before the week turns to labor-market data on Friday. 9
But the downside case is straightforward: if inflation stays sticky and rate-cut hopes get pushed out, high-valuation tech can stay pinned down. Geopolitical tensions and broader uncertainty have also been part of the market’s recent risk-off tone. 10
For Lam, investors start the week listening for any change in tone at Bettinger’s March 3 conference appearance and then brace for the March 6 jobs report. If chip stocks settle, the pullback may fade; if not, equipment names could stay choppy into mid-March.
