Lam Research (NASDAQ: LRCX) stock keeps going up. This may be a bit confounding, given that the company's largest end market, memory chip manufacturing, is in a deep slump due to excess inventory. Investors don't seem to care much. Shares are up nearly 50% so far this year and are re-approaching all-time highs.  

Perhaps we can blame the current hype cycle focused on artificial intelligence (AI) and all of its game-changing potential, as well as electric vehicles (EVs) going mainstream. That's fair. But is Lam Research still a buy after the recent surge?

Lam Research has made a couple of moves lately highlighting the coming boom in advanced chips used in AI systems and EVs. Last November, it bought a small business called SEMSYSCO off the hands of a private equity company.

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Source Fool.com