Lam Research (LRCX) AGM 2026 summary

Opening remarks and agenda

• Meeting convened Nov. 3, 2026, to vote on four proposals; no business update was planned after the Oct. 21 earnings call.

• Agenda covered election of 10 directors, advisory approval of named executive compensation, ratification of KPMG LLP for FY2027, and a stockholder proposal.

• Quorum was present; polls closed at 9:38 a.m. after stockholders had an opportunity to vote or change votes online.

Shareholder proposals

• John Chevedden proposed amending governing documents to let holders of a combined 10% of outstanding shares call a special meeting, including online meetings.

• The proponent argued the existing 20% threshold and exclusion of some shares make the right unattainable; the board recommended voting against the proposal.

Strategic initiatives and plans

• Gate-all-around and EUV or high-NA EUV transitions are etch- and deposition-intensive, driving significant equipment demand.

• Backside power and advanced packaging were identified as significant long-term demand drivers.

• Management forecast industry WFE spending above $200 billion in 2027, ~30% higher than this year, and described 2027 as another strong growth year.

• Management said 10 tier-one fabs were expected to open and be ready for equipment in 2027, easing clean-room capacity constraints slightly.