Lam Research (LRCX): FQ127 recap - Were investors tilting at windmills?

LRCX F1Q27 results were decent ($8.22B/$2.20 vs Street at $8.13B/$2.19) driven by Systems revenue. Foundry revenues rose ~41% QoQ, DRAM +17%, NAND +52%, and Logic +8%. Gross margins at 52.4% were above expectations. China revenue exposure grew meaningfully to ~35% in the quarter, up ~$1.1B QoQ. F2Q27 guidance was in line with consensus but likely below whispers ($8.6B/$2.33/52.5% vs Street $8.6B/$2.34/51.9%), though management noted supply constraints impacting outlook (suggesting any slippage would ship in March). The company provided an initial CY27 WFE outlook at >$200B (noting continued cleanroom constraints) and reiterated confidence in outgrowing the market once again (suggesting >30% systems revenue growth) as well as expecting >15% growth in CSBG. Given the inline guide the stock sold off some in the aftermarket though we suspect without the supply constraints outlook would have been OK. However, our recent conversations suggest that some buy side investors could have been look