The 'Three-Layer Memory Structure' Supporting Lam Research's Stock Surge and the True Nature of Risks Investors Should Watch

As of early 2026, Lam Research Corporation (hereinafter Lam Research or LRCX)'s stock price formation has moved beyond the superficial narrative of mere 'speculative buying driven by the AI boom' and reflects a deeper, more complex structural shift. While many market participants tend to view the explosion in GPU demand centered on NVIDIA as the primary driver for the semiconductor sector's rise, there are three interconnected yet independent layers behind the upward revaluation of LRCX. This report breaks down these three factors and presents the core issues for investors in 2026.