** Lam Research LRCX.O shares dropping 2.8% on Wed ahead of qtrly results after the bell, with analysts expecting the chip manufacturing tool maker to post strong rev growth fueled by AI demand, while U.S. President Donald Trump's global trade policy remains a concern

** Analysts expect qtrly rev up 26% to $5.23 bln, adjusted EPS seen at $1.22 vs $0.86 yr-ago, per LSEG

** On Oct. 2, chip equipment maker Applied Materials AMAT.O forecast a $600 mln hit to its fiscal 2026 rev after the U.S. cracked down on cos in China that use subsidiaries to get around curbs on chipmaking equipment and other tech

** LRCX stock has surged about 93% YTD, far outpacing Nasdaq's .IXIC 18% rise

** Stock recently at 30x expected earnings, well above 5-yr avg forward PE of 20, suggesting shares may be overvalued

(Reporting by Noel Randewich)

((noel.randewich@thomsonreuters.com))