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Future technologies, processes, or product developments, including as a result of adoption of AI, may render our current product offerings obsolete, leaving us with non-competitive products, obsolete inventory, or both.
−Removed: Moreover, customers may adopt new technologies or processes to address the complex challenges associated with next-generation devices.
−Removed: This shift may result in a reduction in the size of our addressable markets or could increase the relative size of markets in which we either do not compete or have relatively low market share.
+Added: Moreover, customers may adopt new technologies or processes to address the complex challenges associated with next-generation devices, or may adopt new technologies, including those based upon AI, that reduce their reliance on us for process development.
+Added: This shift could reduce the size of our addressable markets, increase the relative size of markets in which we either do not compete or have relatively low market share, or reduce our competitiveness within the markets in which we do compete.
We Face a Challenging and Complex Competitive Environment
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sales, as reflected in Part I Item 2.
−Removed: Results of Operations of this quarterly report on Form 10-Q, accounted for approximately 94%, 93%, and 93% of total revenue in the three months ended September 28, 2025 and fiscal years 2025, and 2024, respectively.
+Added: Results of Operations of this quarterly report on Form 10-Q, accounted for approximately 95%, 93%, and 93% of total revenue in the six months ended December 28, 2025 and fiscal years 2025, and 2024, respectively.
We expect that international sales will continue to account for a substantial majority of our total revenue in future years.
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all of which could adversely impact our ability to compete as well as our revenues and margins.
−Removed: For example, recently the Chinese government has implemented export controls applicable to certain products containing Chinese-origin rare earth elements, which, if implemented in their current or similar form, may require us to obtain export licenses for certain of our products that are manufactured outside of China, and may have an adverse impact on our business, revenues, and margins.
+Added: For example, recently the Chinese government has implemented (and then suspended) export controls applicable to certain products containing Chinese-origin rare earth elements, which, if implemented in their current or similar form, may require us to obtain export licenses for certain of our products that are manufactured outside of China, and may have an adverse impact on our business, revenues, and margins.
Our customers (and their customers and other downstream parties) may also be adversely affected by the tariffs, export controls and other trade issues described above.
Additionally, certain materials are primarily available in a limited number of countries, including rare earth elements, minerals, and metals.
−Removed: The supplies, equipment, raw materials and other inputs necessary for the businesses of our customers and other downstream parties could become more difficult to obtain for various reasons, not limited to business interruptions of suppliers, reduced availability of labor, transit disruptions, consolidation in their supply chain, export controls (including the Chinese export controls on rare earth elements described above), sanctions, trade restrictions, tariffs, geopolitical tensions, economic circumstances, conflict, or political conditions.
+Added: The supplies, equipment, raw materials and other inputs necessary for the businesses of our customers and other downstream parties could become more difficult to obtain for various reasons, not limited to business interruptions of suppliers, reduced availability of labor, transit disruptions, consolidation in their supply chain, export controls, sanctions, trade restrictions, tariffs, geopolitical tensions, economic circumstances, conflict, or political conditions.
If the ability of downstream parties to source the inputs needed to produce their products is impaired, then demand for our products may be adversely impacted.
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Our business depends on our timely supply of products and services to meet the demand from our customers, which depends in significant part on the timely delivery of parts, materials and services, including components and subassemblies, from our direct suppliers to us, and to our direct suppliers by other companies.
−Removed: In addition, outsource providers have played and will continue to play a key role both in the manufacturing and customer-focused operations described above, and in many
+Added: In addition, outsource providers have played and will continue to play a key role both in the manufacturing and customer-focused operations described above, and in many of our transactional and administrative functions, such as information technology, facilities management, and certain elements of our
Lam Research Corporation 2025 Q3 10-Q 30
−Removed: of our transactional and administrative functions, such as information technology, facilities management, and certain elements of our finance organization.
+Added: finance organization.
These providers and suppliers might suffer financial setbacks, be acquired by third parties, become subject to exclusivity arrangements that preclude further business with us, or be unable to meet our requirements or expectation due to their independent business decisions or force majeure events that could interrupt or impair their continued ability to perform as we expect.
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Restructuring and transformation may adversely affect our internal programs and our ability to recruit and retain skilled and motivated personnel, may result in a loss of continuity, loss of accumulated knowledge and/or inefficiency during transitional periods, may require a significant amount of management and other employees' time and focus, and may be distracting to employees and management, which may divert attention from operating and growing our business.
−Removed: Additionally, reductions in our workforce may cause a reduction in our
+Added: Additionally, reductions in our workforce may cause a reduction in our production output capabilities which could impact our ability to manufacture or ship products to customers within a mutually beneficial
Lam Research Corporation 2025 Q3 10-Q 31
−Removed: production output capabilities which could impact our ability to manufacture or ship products to customers within a mutually beneficial timeline.
If we fail to achieve some or all of the expected benefits, it could have a material adverse effect on our business, operations, financial condition, results of operations and competitive position.
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China represents a large and fast-developing market for the semiconductor equipment industry and therefore is important to our business.
−Removed: Revenue in China, which includes global customers and domestic Chinese customers with manufacturing facilities in China, represented approximately 43%, 34%, and 42% of our total revenue for the three months ended September 28, 2025 and fiscal years 2025 and 2024, respectively.
+Added: Revenue in China, which includes global customers and domestic Chinese customers with manufacturing facilities in China, represented approximately 39%, 34%, and 42% of our total revenue for the six months ended December 28, 2025 and fiscal years 2025 and 2024, respectively.
and China have historically had a complex relationship that has included actions that have impacted trade between the two countries.
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Additionally, the U.S.
−Removed: government has enacted new rules aimed at restricting China’s ability to manufacture advanced semiconductors, which include restrictions on exports, reexports or transfers to, or shipping, transmitting, transferring, or facilitating such movement to, or performing services at, customer facilities in China engaged in certain technology end-uses, without appropriate authorizations obtained from U.S.
+Added: government has enacted rules aimed at restricting China’s ability to manufacture advanced semiconductors, which include restrictions on exports, reexports or transfers to, or shipping, transmitting, transferring, or facilitating such movement to, or performing services at, customer facilities in China engaged in certain technology end-uses, without appropriate authorizations obtained from U.S.
Department of Commerce has also enacted rules that have expanded export license requirements for U.S.
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Several countries around the world have enacted or proposed changes to their existing tax laws based on these recommendations.
−Removed: In addition, the United States and the other six countries which make up the G7 nations announced the intent to implement a side-by-side system related to the GMT, which would exempt U.S.-parented multinationals from the GMT.
+Added: On January 5, 2026, the OECD announced the implementation of a side-by-side (“SbS”) system, which allows U.S.-parented multinationals to be exempt from certain components of the GMT due to having an eligible taxation system already in place under existing U.S.
+Added: The SbS system is effective for fiscal years beginning on or after January 1, 2026 (our fiscal year 2027).
As each country in which we operate evaluates their alignment with the recommendations and enacts GMT rules, the ultimate impact of any such changes on our effective tax rate remains uncertain.
The impact of the currently enacted legislation which is applicable to us has been reflected in our fiscal period results.
−Removed: When fully enacted, such changes could have a significant impact on our effective tax rate.
−Removed: We will continue to monitor the progress of the BEPS 2.0 implementation.
Our Bylaws Designate the Court of Chancery of the State of Delaware as the Sole and Exclusive Judicial Forum for Certain Legal Actions Between the Company and its Stockholders, Which May Discourage Lawsuits with Respect to Such Claims
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.