The move came after sector ETFs recorded inflows, signaling fresh institutional confidence in semiconductor-related equities. Earlier we mentioned that there is an even better way to understand valuation. Let us introduce you to Narratives. A Narrative is simply your story or perspective about a company, combining your assumptions for future earnings, revenue growth, and profit margins with your view of what the company is really worth. Narratives connect the dots between what is happening in a company’s business, your financial forecast, and the fair value you place on its stock. So far, so good. But Applied Materials then proceeded to tell investors what it expects to do in Q4 of this year -- and that's where things fell apart. On positive macro news, lam stock price advanced to $946.80, driven by falling bond yields that favor growth stocks. The semiconductor equipment sector’s forward P/E ratio remains attractive compared to historical averages, strengthening Lam’s investment case.