Lam Research Corporation reported its Q2 earnings, revealing a revenue of $3.87 billion, which represents a 20.74% year-over-year increase, surpassing estimates by $52 million. The company also reported a GAAP EPS of $7.78 and a Non-GAAP EPS of $8.14, reflecting a 36.12% year-over-year growth. The revenue growth was primarily driven by an increase in its customer support business group and strategic investments in research and development. Additionally, Lam Research's outlook for the upcoming quarter is optimistic, with forecasts indicating revenue above estimates, largely fueled by the ongoing AI boom. Analysts have responded positively, with JPMorgan raising the price target for Lam Research to $1,100, citing strong performance and favorable equipment spending fundamentals for the second half of the year and into 2025.