New York, February 28, 2026, 12:37 (EST) — Market is closed.
- Lam Research slid 2.2% Friday, deepening a two-day retreat off Wednesday’s 52-week peak.
- Chip stocks stayed under pressure into month-end, weighed down by a sharp wholesale inflation print and lingering jitters after Nvidia’s stumble.
- Investors shift focus to early-week U.S. data, while they’ll also be watching Lam’s March conference appearances for any new signals.
Lam Research Corp (LRCX.O) dropped 2.17% on Friday, finishing at $233.89. That’s two sessions down in a row. Shares now sit roughly 8.9% under the 52-week high of $256.68, which was hit on Wednesday.
Stocks dropped before markets open Monday, with traders weighing both interest rate jitters and uncertainty in chip stocks. Friday’s Producer Price Index (PPI) print came in higher than Wall Street had forecast, fanning expectations the Federal Reserve won’t move on rates this March, according to Reuters. “This is a classic risk-off environment,” said Ryan Detrick, chief market strategist at Carson Group. Reuters
All eyes next week shift to the U.S. jobs report slated for March 6. Economists surveyed by Reuters expect 60,000 new jobs—down from January’s 130,000. Kristina Hooper, Man Group’s chief market strategist, summed up the ongoing debate around artificial intelligence: “There continues to be this back and forth” over who stands to benefit or lose. Reuters
Nvidia’s earnings landed without reigniting the chip rally, leaving the sector on edge. The Philadelphia semiconductor index slid roughly 3% Thursday, dragged down as Nvidia tumbled 5.5%, according to Reuters.
Lam headed the other way Friday, bucking a patchy showing from big chip and equipment stocks. Applied Materials slipped 0.9%, AMD shed 1.7%. The S&P 500 finished lower, down 0.4%, according to MarketWatch data.
After a sharp rally, some investors said the market was simply pausing for air. “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. Reuters
Lam has something coming up soon that could give investors a read on demand. On Feb. 17, the company announced CFO Doug Bettinger will speak at Morgan Stanley’s TMT conference on March 3, then again at Cantor’s technology and industrial growth conference March 11. Both events will be webcast, with replays available for two weeks.
Lam’s last major reset hit in late January, when the company projected fiscal Q3 revenue at $5.7 billion, give or take $300 million. Adjusted EPS landed at $1.35, swinging 10 cents either side. CEO Tim Archer highlighted how “smaller, more complex three-dimensional devices and packages” are driving the industry forward. Reuters
Macro data may end up carrying the group for now. Monday brings the U.S. ISM manufacturing PMI, offering a survey look at factory momentum, ahead of Friday’s focus on jobs numbers.
The risk is clear enough: stubborn inflation and delayed rate cuts could keep expensive tech stocks under pressure. Add in geopolitical jitters and wider uncertainty, and you’ve got the ingredients for the latest risk-off mood in markets.
Lam watchers kick off the week tuning into Bettinger’s remarks at the March 3 conference, scanning for shifts in messaging. Jobs data drops March 6. A rebound in chip stocks could short-circuit the decline; if turbulence holds, equipment shares might keep seesawing through mid-March.
