Lam Research (LRCX): what its 10-K says it depends on

Customers

Taiwan Semiconductor Manufacturing Co. (TSMC)

earns fromnamed as a risk

Our most significant customers during the fiscal years ending June 28, 2026, June 29, 2025, and June 30, 2024 included Micron Technology, Inc., Samsung Electronics Company, Ltd., SK hynix Inc., and Taiwan Semiconductor Manufacturing Company.Business (Item 1)

Also named by ADI, ALAB, AMD, AVGO, CRWV, ENTG, FTNT, INTC and 6 more

Samsung Electronics Co., Ltd.

earns fromnamed as a risk

Our most significant customers during the fiscal years ending June 28, 2026, June 29, 2025, and June 30, 2024 included Micron Technology, Inc., Samsung Electronics Company, Ltd., SK hynix Inc., and Taiwan Semiconductor Manufacturing Company.Business (Item 1)

Also named by IDCC, MU, ONTO, Q, SNDK

SK hynix Inc.

earns fromnamed as a risk

Our most significant customers during the fiscal years ending June 28, 2026, June 29, 2025, and June 30, 2024 included Micron Technology, Inc., Samsung Electronics Company, Ltd., SK hynix Inc., and Taiwan Semiconductor Manufacturing Company.Business (Item 1)

Also named by MU, SNDK

Micron Technology, Inc.

earns fromnamed as a risk

Our most significant customers during the fiscal years ending June 28, 2026, June 29, 2025, and June 30, 2024 included Micron Technology, Inc., Samsung Electronics Company, Ltd., SK hynix Inc., and Taiwan Semiconductor Manufacturing Company.Business (Item 1)

Also named by SNDK

Suppliers

Single-source component suppliers

depends onnamed as a risk

Certain components and sub-assemblies that we include in our products may only be obtained from a single supplier.Business (Item 1)

Also named by CSCO, MTD, P, PROF, RMD

Other companies

Senior Notes

$3.75 billionnamed as a risk

We have $3.75 billion in aggregate principal amount of senior unsecured notes outstanding (the “Senior Notes”).Risk factors (Item 1A)

Also named by APP, NTAP, NVR, WDAY

Competitors

Applied Materials, Inc.

competes withnamed as a risk

Our primary competitor in the dielectric and metals deposition market is Applied Materials, Inc.Business (Item 1)

Also named by CLS, KLAC, UCTT

Hitachi, Ltd.

competes withnamed as a risk

In the etch market, our primary competitors are Applied Materials, Inc.; Hitachi, Ltd.; and Tokyo Electron, Ltd., and our primary competitors in the wet clean market are Screen Holding Co., Ltd.; Semes Co., Ltd.; and Tokyo Electron, Ltd.Business (Item 1)

Also named by GEV

Tokyo Electron, Ltd.

competes withnamed as a risk

In the etch market, our primary competitors are Applied Materials, Inc.; Hitachi, Ltd.; and Tokyo Electron, Ltd., and our primary competitors in the wet clean market are Screen Holding Co., Ltd.; Semes Co., Ltd.; and Tokyo Electron, Ltd.Business (Item 1)

Screen Holdings Co., Ltd.

competes withnamed as a risk

In the etch market, our primary competitors are Applied Materials, Inc.; Hitachi, Ltd.; and Tokyo Electron, Ltd., and our primary competitors in the wet clean market are Screen Holding Co., Ltd.; Semes Co., Ltd.; and Tokyo Electron, Ltd.Business (Item 1)

Semes Co., Ltd.

competes withnamed as a risk

In the etch market, our primary competitors are Applied Materials, Inc.; Hitachi, Ltd.; and Tokyo Electron, Ltd., and our primary competitors in the wet clean market are Screen Holding Co., Ltd.; Semes Co., Ltd.; and Tokyo Electron, Ltd.Business (Item 1)

ASM International

competes withnamed as a risk

For ALD and PECVD, we also compete against ASM International and Wonik IPS.Business (Item 1)

Wonik IPS

competes withnamed as a risk

For ALD and PECVD, we also compete against ASM International and Wonik IPS.Business (Item 1)

Places

China

earns from · approximately 34%, 34%, and 42% of our total revenue for fiscal years 2026, 2025, and 2024named as a risk

Revenue in China, which includes global customers and domestic Chinese customers with manufacturing facilities in China, represented approximately 34%, 34%, and 42% of our total revenue for fiscal years 2026, 2025, and 2024, respectively.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Non-U.S. markets

earns from · approximately 93% of total revenuenamed as a risk

Non-U.S. sales accounted for approximately 93% of total revenue in each of the fiscal years 2026, 2025, and 2024.Risk factors (Item 1A)

Also named by ABT, DELL, DOV, IBM, ITW, MA, MDLZ, PH and 4 more

Taiwan

operates innamed as a risk

This can adversely affect our business in China, Japan, Korea, and/or Taiwan and perhaps the entire Asia Pacific region or worldwide.Risk factors (Item 1A)

Also named by AAOI, AAPL, AB, ADI, AEHR, ALAB, AMAT, AMD and 50 more

Strait of Hormuz

named as a risk

For example, the conflict that began in February 2026 between the United States, Israel, a number of states in the Persian Gulf, and Iran has led to significant regional instability and disruption in the Middle East, including the closure of or restrictions on the Strait of Hormuz, threatened or actual attacks on vessels in the Red Sea, and threatened or actual attacks on transportation and energy infrastructure, which has significantly and adversely affected the supply and prices of oil, refined oil products and byproducts, liquid natural gas, as well as certain other industrial commodities, such as aluminum, helium, bromine, and sulfur.Risk factors (Item 1A)

Also named by BBY, CSW, DDS, DKS, NXT, WSM

Korea

operates innamed as a risk

This can adversely affect our business in China, Japan, Korea, and/or Taiwan and perhaps the entire Asia Pacific region or worldwide.Risk factors (Item 1A)

Also named by AMKR, GM

Hazards

Earthquakes

concentrated innamed as a risk

These locations are subject to disruption for a variety of reasons, such as natural or man-made disasters (including disasters resulting from climate change), including earthquakes, wildfires, hurricanes, flooding, and heat waves, epidemics, pandemics, outbreaks of diseases or other global health emergencies, force majeure events, war, terrorist activities, political or governmental unrest or instability, disruptions of our information technology resources, utility interruptions, international conflict, or other events beyond our control.Risk factors (Item 1A)

Also named by AAPL, AMKR, AN, ANET, APP, BRO, CDNS, CEG and 37 more

Commodities and inputs

Steel

exposed to its pricenamed as a risk

For example, our business requires steel and aluminum to manufacture our products, and the imposition of tariffs on steel and aluminum imports into the United States increased our manufacturing costs in fiscal year 2026, which adversely impacted our margins.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Aluminum

exposed to its pricenamed as a risk

For example, our business requires steel and aluminum to manufacture our products, and the imposition of tariffs on steel and aluminum imports into the United States increased our manufacturing costs in fiscal year 2026, which adversely impacted our margins.Risk factors (Item 1A)

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Japanese yen

exposed to its pricenamed as a risk

However, we are exposed to foreign currency exchange rate fluctuations primarily related to revenues denominated in Japanese yen and expenses denominated in euro, Korean won, Malaysian ringgit, and Indian rupee.Risk factors (Item 1A)

Also named by ABBV, ABT, ACN, ADBE, ALK, AMAT, AMKR, BMY and 24 more

Rare earth elements

depends onnamed as a risk

For example, China is the primary source of supply of certain rare earth elements critical to the manufacture of certain of our products.Risk factors (Item 1A)

Also named by BBY, GM, ISRG, KLAC, MCHP, MU, RTX, VRT

Helium

exposed to its pricenamed as a risk

Some of these commodities are important to the semiconductor industry.Risk factors (Item 1A)

Also named by ATI, GEHC, LIN, MCHP, WOR

Regulators

U.S. Department of Commerce

subject tonamed as a risk

The U.S. Department of Commerce could in the future add additional Chinese companies to its restricted entity list or unverified list or take other actions that could expand licensing requirements or otherwise impact the market for our products and our revenue.Risk factors (Item 1A)

Also named by AIR, ALAB, AMKR, AXON, DELL, DLTR, ENTG, FSLR and 9 more

Laws and programs

U.S. Section 232 steel and aluminum tariffs

exposed to its pricenamed as a risk

For example, our business requires steel and aluminum to manufacture our products, and the imposition of tariffs on steel and aluminum imports into the United States increased our manufacturing costs in fiscal year 2026, which adversely impacted our margins.Risk factors (Item 1A)

Also named by ESAB, FLS, IR, RS, SON, VMI, WES

Per- and polyfluoroalkyl substances (PFAS) regulations

subject tonamed as a risk

Proposed regulations under consideration could require that we transition away from the usage of products containing a class of chemicals known as per- and polyfluoroalkyl substances (“PFAS”), which could adversely impact our business, operations, revenue, costs, and competitive position.Business (Item 1)

Also named by FERG, MU

U.S. export controls on China semiconductor equipment

subject tonamed as a risk

In recent years, these actions have included an expansion of export license requirements imposed by the U.S. government, which have limited the market for our products, adversely impacted our revenues, and increased our exposure to foreign competition, and could potentially do so to an even greater extent in the future.Risk factors (Item 1A)

Foreign Direct Product Rule (Huawei)

subject tonamed as a risk

In addition, our customers (including, but not limited to, Chinese customers) may require U.S. export licenses for the use of our products in order to manufacture products, including semiconductor wafers and integrated circuits, for those of their customers (i.e. Huawei and its affiliates) that are subject to the expanded foreign direct product rule, which may adversely impact the demand for our products.Risk factors (Item 1A)

Chinese export controls on rare earth elements

subject tonamed as a risk

The Chinese government has imposed export controls and license requirements on certain rare earth elements and on certain products that contain Chinese-origin rare earth elements that are manufactured outside of China (which have been suspended in part until November 2026 (unless extended)) and could expand such controls or licensing requirements in the future.Risk factors (Item 1A)

California climate disclosure requirements

subject to

Each of these laws, rules, and regulations imposes costs on our business, including financial costs and our management’s attention associated with compliance.Business (Item 1)

Technology

Artificial intelligence infrastructure demand

earns fromnamed as a risk

If we are unable to effectively scale our business to meet our customers’ requirements in response to AI-driven demand, we may lose market share, and our business, reputation, results of operations, and financial condition could be harmed.Risk factors (Item 1A)