Third Point LLC offloads stake in Lam Research, SEC filing reveals

Third Point LLC, the activist hedge fund run by Daniel Loeb, has sold its entire stake in Lam Research Corporation, according to an SEC filing. The position, which consisted of 75,000 shares valued at roughly $16 million, lasted barely a single quarter before being unwound.

The exit is part of a broader pattern of rapid portfolio turnover at Third Point, which executed 11 complete sell-offs during the same period and saw its total 13F portfolio shrink from $7.27 billion at the end of 2025 to $2.08 billion by March 31, 2026.

A short-lived semiconductor bet

Third Point first disclosed its Lam Research position in its Q1 2026 13F filing, showing 75,000 shares held as of March 31, 2026. At that time, Lam Research stock was trading around $213 to $214 per share, putting the stake’s value at approximately $16 million.

That represented roughly 0.8% of Third Point’s then-$2.08 billion portfolio. Not exactly a conviction bet.

By the time the Q2 2026 filing came due in mid-August, the position had vanished entirely. Third Point made no activist filings targeting Lam Research and offered no public commentary about why it bought or sold the shares.

Lam Research’s AI-fueled performance

The semiconductor equipment maker reported record fiscal Q4 2026 results in late July, driven by surging demand for chips used in AI infrastructure.

Lam Research’s stock had traded near multi-year highs before experiencing pullbacks in mid-2026, reflecting the broader volatility that has characterized AI-adjacent semiconductor plays.

Third Point’s shrinking portfolio tells its own story

The fund’s 13F holdings dropped from $7.27 billion to $2.08 billion in the span of a few months, a decline of roughly 71%.

The direction of that pivot appears to be toward a more concentrated portfolio with a tilt toward select technology and AI-related assets. Third Point has maintained exposure to the semiconductor space through an ETF alongside positions related to industry peers KLA and ASML, both of which compete with Lam Research in the semiconductor equipment market.

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