Columbia Threadneedle Investments, an investment management company, released its fourth-quarter 2025 investor letter for “Columbia Global Technology Growth Fund”. A copy of the letter can be downloaded here. Markets advanced modestly higher in Q4 2025, with the S&P 500 returning 2.66%, the Nasdaq 100 gaining 2.47%, and the Dow Jones Industrial Average leading with a 4.03% return. This period saw a shift in leadership towards large-cap value stocks as investor sentiment was influenced by the Federal Reserve's ongoing rate cuts amid cooling inflation and the maturation of AI investments. Against this backdrop, the Fund Institutional Class shares returned 1.97%, outperforming the S&P Global 1200 Information Technology Index’s 3.21% return. Heading into 2026, the U.S. economy appears to be steadily expanding, bolstered by strong demand and policy measures designed to promote sustained growth. In addition, you can check the fund’s top 5 holdings for its best picks for 2025.

In its fourth-quarter 2025 investor letter, Columbia Global Technology Growth Fund highlighted Lam Research Corporation (NASDAQ:LRCX) as one of its notable contributors. Lam Research Corporation (NASDAQ:LRCX) is a leading semiconductor equipment company that supplies semiconductor processing equipment for the fabrication of integrated circuits. On March 26, 2026, Lam Research Corporation (NASDAQ:LRCX) closed at $211.62 per share. One-month return of Lam Research Corporation (NASDAQ:LRCX) was -9.52%, and its shares gained 191.45% over the past 52 weeks. Lam Research Corporation (NASDAQ:LRCX) has a market capitalization of $265.801 billion.

Columbia Global Technology Growth Fund stated the following regarding Lam Research Corporation (NASDAQ:LRCX) in its fourth quarter 2025 investor letter:

"Lam Research Corporation (NASDAQ:LRCX) delivered exceptional gains during forth quarter of 2025, returning over 25% as the semiconductor capital equipment manufacturer benefited from the same AI-driven dynamics propelling TSM and MU, with foundry and memory customers racing to secure the company's specialized etching and deposition tools essential for ramping up advanced chip-production capacity. The company's competitive moat continued to strengthen, as it maintained approximately 80% market share in its core etch-equipment market while expanding to more advanced applications that further increase the company’s ability to generate more revenue for each chip produced. Shares of LRCX more than doubled in 2025."

Lam Research Corporation (NASDAQ:LRCX) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 104 hedge fund portfolios held Lam Research Corporation (NASDAQ:LRCX) at the end of the fourth quarter, up from 93 in the previous quarter. While we acknowledge the potential of Lam Research Corporation (NASDAQ:LRCX) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

In another article, we covered Lam Research Corporation (NASDAQ:LRCX) and shared Renaissance Investment Management's views on the company. In addition, please check out our hedge fund investor letters Q4 2025 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.