Applied Materials (AMAT)

Outperform Recap: Q2 FY26

1,000bp Cycle Upgrade in 90 Days (CY26 Now +30% Equipment Growth); Record Q2 Across the Board, 50% GM (25-Yr High); TSMC Joins EPIC Closing Top-4 Loop — Maintaining Outperform

Outperform Recap: Q1 FY26

H2 2026 Acceleration Starts to Show: Q1 Top of Guide, SemiSystems GM Crossed 54%, CY26 Equipment Now +20% (From "Growth Year"), Samsung First EPIC Partner — Upgrading to Outperform

Hold Recap: Q4 FY25

FY25 Closes 6th Consecutive Growth Year With 25-Year-High GM 48.8%; Q1 FY26 Guide Flat Until 2H 2026 Acceleration Begins Showing — Maintaining Hold

Hold Recap: Q3 FY25

Record Q3 ($7.3B / 48.9% GM) But Q4 Guides Down on China + $14.8B Export-License Backlog + Leading-Edge Nonlinearity; GAA/DRAM/Packaging Thesis Intact — Initiating at Hold