저자: 미상 · 외국인
요약 보기
BlackRock 13F 보유 중 조정받은 반도체주 3종(Lam Research, Marvell, Intel)을 소개. 시장 노이즈에 흔들리지 말고 장기 보유하라는 메시지. Lam Research는 2026 회계연도 분기 매출 82.2억달러(+54%), 영업이익률 40% 돌파, 다음 분기 매출 86억달러 전망. Marvell은 2028년 매출 200억달러, 2031년 800억달러 목표 제시. Intel은 분기 매출 161억달러, 데이터센터·AI 매출 +59%, 3분기 매출 가이던스 158~168억달러 제시. 과거 실적과 장기 목표 중심이며 1~3개월 방향 예측은 없음.
다듬은 글
We are more focused on the long term . We don't focus on everyday things . I don't care what the markets do. I don't focus on the ups and downs at all. I feel like this is real noise. I mean, here's a fun fact that I like to tell everyone... If you invested in the S&P for the last 25 years, went on vacation for 25 years, and learned to be the best rock climber or the best whatever, you would have made an 11% compounded return.
11%, doing nothing, enjoying life. If you believed you were smarter than the market and were out of the market for 10 days, just 10 days, your return would drop to 6%. If you were out of the market for the top 40 days out of 6,300 days, your return would be negative. And all of this tells me that all of this ups and downs and noise that's going on doesn't really matter to the average person.
As you just saw, BlackRock CEO Larry Fink isn't panicking about market noise, and neither should you. Now, macroeconomic uncertainty and concerns about the federal deficit have triggered aggressive profit-taking in technology companies, sending several semiconductor industry leaders down 25-40% from their recent highs.
While retail investors are fleeing due to fear caused by headlines, Fink's decade-tested plan sees these pullbacks as generational buying windows. In addition to BlackRock's standard trillion-dollar exposure to the Magnificent Seven mega-cap companies, their latest 13F filing shows a significant accumulation in three heavily discounted, undervalued technology companies.
First, the critical semiconductor equipment supplier just reported earnings, beating Wall Street expectations for revenue and profit, but was caught in a broader market sell-off that offered a rare divergence in valuation. Second, the silicon and cloud networking company specializing in custom orders is trading with shares down more than 25% from their peak, demonstrating an asymmetric risk-reward profile in the face of a future earnings catalyst.
Third, the iconic foundry giant , which is reestablishing its presence in the domestic market and falling sharply from multi-year highs, remains a core infrastructure with deep value for institutional capital. Smart money doesn't time 10- day market spikes. They use fear to secure entry points for future generations.
Let's dive into the balance sheets and institutional theses behind these three hidden BlackRock holdings. First on the list is the powerful semiconductor equipment manufacturer Lam Research, trading under the ticker LRCX. While broad market fluctuations triggered the initial pullback, the operational reality of this company presents a very different picture.
Lam Research plays a fundamental role in the global technology ecosystem by developing and manufacturing advanced wafer fabrication equipment . In fact, almost every advanced AI microchip on the planet relies on proprietary etching and deposition technologies. The company's recent operating performance highlights why institutional capital remains locked up.
In the latest fiscal quarter, revenue grew more than 54% year-over- year to $8.22 billion, easily beating market expectations. Systems revenue grew 62% to $5.73 billion , while customer support revenue grew 40% to nearly $2.5 billion. Profitability was equally impressive: adjusted gross margin reached 52.4%, and operating margin exceeded 40% for the first time in the company's history, delivering record earnings per share of $2.20.
Looking ahead, management forecasts revenue next quarter to be $8.6 billion, with the overall wafer fabrication equipment market growing to over $200 billion next year. What makes this business model so sustainable is its exposure to massive, stable growth drivers. As artificial intelligence moves from basic models to autonomous workflows, the need for complex microchip architectures is increasing dramatically.
Demand is shifting toward multi-tiered data storage models and high-density chip packaging. For example, a slight shift toward single-level NAND storage requires about 2% more total wafer capacity, which directly increases the need for Lam tools. Additionally, their advanced dry resist solutions and panel-level packaging tools continue to capture key market share in the production of high-speed memory and advanced logic.
Given the visibility of customer demand spanning multi-year development cycles and a massive $ 7.45 billion cash position supporting strategic share buybacks, short-term market swings simply create a noticeable gap in the valuation of the core semiconductor industry leader. Moving from manufacturing equipment to high-speed data architecture, our second stock under consideration is silicon and custom optical networking leader Marvell Technology , trading as MRVL.
Marvell works directly at the heart of data center architecture, developing critical high-speed interconnects, optical digital signal processors (DSPs), custom ASIC accelerators, and advanced switching hardware that connects thousands of artificial intelligence chips together. While recent market volatility has caused a sharp decline from historical highs of over $300 per share, the company's long-term operating structure tells a remarkably optimistic story .
Recently, management has significantly raised long-term financial targets for investors, driven by growing demand for AI infrastructure. Marvell now forecasts revenue to reach $20 billion in fiscal 2028 , a significant jump from $8.2 billion in fiscal 2026, and aims to reach an extraordinary $80 billion in revenue by fiscal 2031, with non- GAAP operating margins rising to 46% and EPS exceeding $30.
Marvell's structural advantage lies in its dominant optical interconnect franchise, where it supports approximately 60% to 70% of the global market share of PAM4 digital signal processors for retail networks. Since high-speed connectivity remains a major bottleneck in scaling modern server clusters, this core networking segment grows with all data center developments, regardless of which AI accelerator chip customer wins.
Additionally, Marvell's pipeline for custom silicon product development is supported by deep multi-billion dollar strategic agreements, including large custom warrants with tech giants like Alphabet and high-speed interconnect integration with Nvidia. With the overall addressable market forecast to grow at a compound annual rate of 45% for connectivity, switching and on- demand computing, Marvell is actively scaling its operating leverage.
For long-term investors tracking institutional accumulation, the recent price decline offers an attractive opportunity to enter the fundamental AI infrastructure provider. Finally, completing our top three institutional holdings is semiconductor industry veteran Intel Corporation, trading under the ticker INTC.
While high-performance AI manufacturers are attracting the attention of retailers , institutional investors like BlackRock recognize that massive data center infrastructure requires high-volume, cost- effective computing , as well as powerful graphics processing units . Intel represents a classic value play, working directly within this multi-trillion dollar development.
Intel's fundamental momentum is already building in its core operations. In the second quarter, the company generated $16.1 billion in revenue, beating average estimates by $1.8 billion, while increasing non-GAAP gross margin to 41.8% and delivering non- GAAP earnings per share of 42 cents. Driven by rising demand for cloud servers, Intel's data center and artificial intelligence division grew 59% year-over-year to $6.3 billion .
Additionally, its foundry segment is showing early signs of operating discipline, as quarterly operating losses narrowed to $2.09 billion from $3.17 billion a year ago. Ahead of its third-quarter earnings report, management expects revenue between $15.8 billion and $16.8 billion, representing the third consecutive quarter of consistent gross margin growth.
Strategically, Intel is aggressively tackling high-growth AI workloads involving data inference. Their recently introduced Crescent Island GPU D series is aimed at agent-based AI and long- context model servicing, packing up to 480GB of low-power LPDDR5X memory into a 350W air-cooled PCIe envelope. By prioritizing memory capacity and power efficiency over expensive HBM memory with limited offerings, Intel is providing data centers with a highly profitable, scalable solution for real-world AI deployments.
Trading at significant discounts to book value and sales estimates compared to broader chip rivals, Intel offers institutional capital and an asymmetric risk-reward profile. As operational performance matches rising server margins, this traditional chip giant is a big beneficiary of value in the global computing expansion.
While short-term noise is causing panic in retail, institutional giants are focusing on the long-term potential of semiconductor infrastructure. By accumulating these three technological factors during market downturns, smart money positioning has already been determined. Subscribe now, like this video, and leave a comment below about what promotions you're adding today.
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