Lam Research and Texas Instruments reported quarterly results on October 21, 2026. Lam beat by two cents with $8.22 billion in revenue but guided only slightly above estimates, and the stock fell about 6%. Texas Instruments beat on both lines and guided fourth-quarter revenue to $5.8 billion, above the $5.7 billion expected. The discussion has since shifted to what is driving TI's run: its data center revenue almost doubled in the quarter, and the stock is up about 60% this year. The split reaction still turns on guidance rather than the reported quarter, with Lam's modest outlook drawing the selloff while TI's raised forecast holds up.