Janus Henderson Investors, an investment management company, released its third-quarter 2025 investor letter for its “Janus Henderson Global Technology and Innovation Fund”. A copy of the letter can be downloaded here. The technology sector generated strong results in the quarter, driven by the semiconductor complex and hardware makers, which outpaced the broader equities. The fund returned 9.19% in the quarter, compared to the S&P 500 Index’s 8.12% return and the MSCI All Country World Information Technology Index’s 12.76% return. In addition, please check the fund’s top five holdings to know its best picks in 2025.
In its third-quarter 2025 investor letter, Janus Henderson Global Technology and Innovation Fund highlighted stocks such as Lam Research Corporation (NASDAQ:LRCX). Lam Research Corporation (NASDAQ:LRCX) designs, manufactures, and services semiconductor processing equipment. The one-month return of Lam Research Corporation (NASDAQ:LRCX) was 15.29%, and its shares gained 137.25% of their value over the last 52 weeks. On December 23, 2025, Lam Research Corporation (NASDAQ:LRCX) stock closed at $175.16 per share, with a market capitalization of $220.882 billion.
Janus Henderson Global Technology and Innovation Fund stated the following regarding Lam Research Corporation (NASDAQ:LRCX) in its third quarter 2025 investor letter:
“Lastly, semiconductor equipment maker Lam Research Corporation (NASDAQ:LRCX) contributed. The company’s emphasis on memory chips led many to presume that it would be less exposed to the AI revolution, taking its cues instead from demand for personal computers and smartphones. It is not shaping up that way. With AI’s inference stage becoming more compute-intensive than anticipated, demand for NAND memory chips has increased, resulting in AI becoming a likely tailwind for this previously underappreciated part of the semiconductor complex.”
Lam Research Corporation (NASDAQ:LRCX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, 93 hedge fund portfolios held Lam Research Corporation (NASDAQ:LRCX) at the end of the third quarter, up from 85 in the previous quarter. In the September quarter, Lam Research Corporation (NASDAQ:LRCX) reported revenue of $5.3 billion, representing an increase of 3% from prior quarter. While we acknowledge the potential of Lam Research Corporation (NASDAQ:LRCX) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
