Lam Research is seeing increased interest from analysts at Citi and Aletheia Capital. The main driver is their position in semiconductor equipment for AI, specifically etch and deposition tools for 3D chips. Aletheia initiated coverage with a $260 price target. The bull case is that AI demand will offset cyclical dips in other areas. The bear case involves risks with China exposure and a potential slowdown in memory spending after 2025. There is quite a bit of disagreement on valuation right now compared to current prices. The next key update will be the January 28 earnings call regarding their 2026 outlook.