芯片制造设备巨头拉姆研究（Lam Research，股票代码：LRCX）今日股价盘中大跌5.01%，引发市场关注。尽管公司在人工智能（AI）需求推动下预期业绩强劲，但高估值和全球贸易政策的不确定性似乎令投资者感到不安。
分析师预计拉姆研究本季度营收将同比增长26%至52.3亿美元，每股收益有望从去年同期的0.86美元上升至1.22美元。然而，这些积极预期似乎已被市场充分消化。值得注意的是，该股今年以来已飙升约93%，大幅跑赢纳斯达克指数18%的涨幅，导致其当前股价对应的预期市盈率达到30倍，远高于过去5年20倍的平均水平，引发对股价可能被高估的担忧。
此外，全球贸易政策的不确定性也给拉姆研究蒙上阴影。近期，同行应用材料公司预警称，由于美国对中国实施的芯片技术出口管制，其2026财年营收可能受到6亿美元的影响。这一消息可能引发投资者对整个半导体设备行业前景的担忧，进而影响拉姆研究的股价表现。在这种复杂的市场环境下，投资者似乎正在重新评估拉姆研究的风险收益比，导致今日股价的大幅回调。
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