AMAT - Dolphin Research

AMAT

Dolphin ResearchOct 14, 2026 at 03:36 AM

AMAT Trans: 2030 target to add 2ppt WFE share; GPM to 54%.

Below is Dolphin Research's Trans from AMAT's 2026 SEMICON West investor tech session.

Key takeaways: AI is concentrating incremental WFE on the company's leading positions in advanced logic, DRAM, and advanced packaging.

By 2030, management targets GPM of 54%, OPM of 40%, and 200bps+ share gains.

However, it gave no WFE outlook and flagged that cleanroom and supply-chain constraints could make growth uneven, while betting on EPIC and AIx services to drive yield innovation...

Applied Materials

USAMAT

Dolphin ResearchAug 14, 2026 at 03:20 AM

Windfall Ahead, AMAT Gets Cold Feet?

Applied Materials (AMAT) reported its FY26 Q3 results post-market on Aug 14, 2026 Beijing time, covering the quarter ended Jul 2026. Key takeaways follow: 1) Core metrics:

Revenue was $9.12bn (+25% YoY), slightly above the Street’s $9.02bn. Growth was fueled by the build-out of AI compute infrastructure, which boosted demand for advanced logic, DRAM, and advanced packaging equipment.

GPM was 50.3%. It improved by 40bps QoQ...

AMAT Gross profit Gross profit GPM YoY growth 5，000 4.500 inResearch Researc ear

AMAT Semi Revenue share% Foundry，Logic and other DRAM ■ Flash memory Memory% xcn

APPLIED MATERIAL (AMAT.O)3QFY2026 Financial Performance (in US$ million) Calenda

Lam Research

USLRCX

Dolphin ResearchAug 13, 2026 at 10:28 PM

AMAT (Trans): Q4 guidance up 51%; GPM held in check

Q4 revenue guidance is $10.25bn (+51% YoY), and calendar-year growth in semiconductor systems has been raised again from '30%+'.

Q4 GPM is guided to be roughly flat at about 50.4%, as ramp costs from capacity expansion and hiring offset volume and pricing benefits, with the company pre-building capacity to double quarterly system shipments by 2028.

Applied Materials

USAMAT

Dolphin ResearchMay 15, 2026 at 05:06 AM

AMAT (Trans): Semi equipment up 30%+ for the year; GPM trending higher

The following is Dolphin Research's transcript of AMAT FY26 Q2 earnings call. For our takeaways, see 'Capex Boom Underway: Can AMAT Capture the Windfall?'.

I. Key highlights from $Applied Materials(AMAT.US) results.

1) Capital returns: Returned $765 mn to shareholders this quarter, incl. $365 mn in dividends and $400 mn in buybacks. In Mar, the company raised its quarterly dividend by 15%, meeting its prior target of doubling the dividend per share...

APPLIED MATERIAL (AMAT.O)2QFY2026 Financial Performance (in US$ million) Calenda

Applied Materials

USAMAT

Dolphin ResearchMay 15, 2026 at 02:48 AM

Capex Boom Ahead: Can AMAT Catch the Windfall?

Applied Materials (AMAT) posted its FY26 Q2 results (quarter ended Apr 2026) after hours early May 15 (Beijing time), with the following highlights: 1) Core metrics: revenue of $7.9bn (+11% YoY), beating the Street at $7.7bn, driven by AI compute infrastructure build-out that lifted demand for advanced logic, DRAM, and advanced packaging tools. $Applied Materials(AMAT.US) GPM was 49.9%, up 90bps QoQ...

Applied Materials (AMAT.O) business overview Main segments Revenue share Core pr

Core capex (US$bn) 2024 2025 2026E Notes TSMC 29.8 40.9 55.5 FY2026 capex guide

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Applied Materials

USAMAT

Dolphin ResearchFeb 13, 2026 at 03:57 AM

AMAT (Trans): Semi equipment >20% YoY; momentum through 2027

Below is Dolphin Research's AMAT FY26 Q1 earnings call Trans. For our earnings take, see 'AMAT: Capex super-cycle is here; it's springtime for WFE'.

Key takeaways: 1) 2026 outlook: the semi equipment (WFE) biz is expected to grow over 20% this calendar year, with demand weighted to 2H. NAND and ICAPS will grow more slowly, with ICAPS roughly flat. Services to grow at a low-teens pace (11–15%).

Customer cleanroom space availability remains the key gating factor for capex cadence. It is driving adjustments to the pace of investments...

APPLIED MATERIAL (AMAT.O)1QFY2026 Financial Performance (in US$ million) Calenda

Lam Research

USLRCX

Dolphin ResearchFeb 13, 2026 at 02:55 AM

AMAT: Capex upcycle arrives, equipment stocks enter spring!---

Applied Materials (AMAT.O) posted FY2026 Q1 results (quarter ended Jan 2026) after hours on Feb 13 Beijing time; highlights as follows: 1) Core metrics: $Applied Materials(AMAT.US) reported revenue of $7.0bn, down 2% YoY and in line with consensus (~$7.0bn), reflecting a tough comp in the semi equipment biz last year.

Positively, DRAM and Services delivered double-digit growth this quarter. GPM was 49%, up 100bps QoQ and ahead of the Street (48.4%)...

Applied Materials (AMAT.O) Business Composition Main Business % of Revenue Core

Core CAPEX ($B USD) 2024 2025 2026E Remarks Expected investment of $52-56 billio

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Micron Tech

USMU

Dolphin ResearchDec 10, 2025 at 11:20 AM

Memory Upcycle, AI Capex: Is AMAT Finally Set to Break Out?

Dolphin Research’s prior deep dive on AMAT outlined the company’s core product lines and its positioning across key equipment sub-sectors.

This note links AMAT’s outlook and valuation to wafer fab capex trends.

As $Applied Materials(AMAT.US) operates in semiconductor equipment at the top of the value chain, its demand is highly sensitive to upstream investment cycles.

Its customers are wafer fabs across logic (TSMC, Intel) and memory (Samsung, SK hynix).

Hence, our forecasts for AMAT’s performance...

核心资本开支CAPEX(亿美元) 2024 2025E 2026E 备注台积电 298 420 510 受2nm带动，市场预期在480亿美元左右，海豚君预估5

AMAT Semi yoy vs Core Semi Factory Capex 50.0% search Semiconductor Systems yoy

Core Logic Chip Factory Capex 1400 F DolphinResearch Core Logic Chip Factory Cap

Applied Materials

USAMAT

Dolphin ResearchNov 14, 2025 at 09:47 AM

Applied Materials AMAT (Minutes): Stable in the first half of next year, growth concentrated in the second half.

The following are the minutes of the AMAT FY2025 Q4 earnings call organized by Dolphin Research. For an interpretation of the earnings report, please refer to the article titled 'Storage is 'Red Hot', Can Applied Materials (AMAT) Benefit?' 1. $Applied Materials(AMAT.US) Key Financial Data Review Revenue: FY2025 revenue grew by 4% to $28.4 billion; Q4 revenue exceeded the midpoint of expectations. Revenue by business segment: Semiconductor Systems revenue grew by 4%. Applied Global Services (AGS) revenue grew by 3% to $6.4 billion...

APPLIED MATERIAL (AMAT.O)4QFY2025 Financial Performance (in US$ million) Calenda

Direxion Semicon Bear 3X

USSOXS

Dolphin ResearchNov 14, 2025 at 09:36 AM

Storage is 'red-hot', can Applied Materials (AMAT) still 'benefit'?

Applied Materials (AMAT.O) released its financial report for the fourth quarter of fiscal year 2025 (ending October 2025) after the U.S. stock market closed on the morning of November 14, 2025, Beijing time. The key points are as follows: 1. Core Data: Applied Materials AMAT's revenue for this quarter was $6.8 billion, a year-on-year decrease of 3.5%, slightly better than market expectations ($6.68 billion). This was mainly due to the decline in the semiconductor equipment business, especially the increased proportion of restricted demand for logic-related products in regions such as China. $Applied Materials(AMAT.US) had a gross margin of 48% this quarter, an increase of 0.7 percentage points year-on-year...