Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>AMAT reported Q2 FY26 revenue of a record $7.91 billion, up 11% YoY, up 12.8% QoQ and roughly $260 million above the guided midpoint</li>
<li>AMAT guided Q3 FY26 revenue of $8.95 billion at the midpoint, roughly +13% QoQ, and non-GAAP EPS of $3.36 +/- $0.20</li>
<li>Applied Materials delivered record quarterly performance, and we now expect our semiconductor equipment business to grow more than 30 percent in calendar 2026. Yikes!</li>
</ul>


AMAT reported Q2 FY26 revenue of a record $7.91 billion, up 11% YoY, up 12.8% QoQ and roughly $260 million above the guided midpoint
AMAT guided Q3 FY26 revenue of $8.95 billion at the midpoint, roughly +13% QoQ, and non-GAAP EPS of $3.36 +/- $0.20
Applied Materials delivered record quarterly performance, and we now expect our semiconductor equipment business to grow more than 30 percent in calendar 2026. Yikes!


AMAT Q2 FY26. Raising WFE Guidance From 20% YoY Growth To 30%. Yikes!

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Applied Materials has moved to strengthen its position in advanced semiconductor packaging by agreeing to acquire the NEXX business from ASMPT Limited, a supplier of large-area advanced packaging deposition equipment based in Billerica, Massachusetts.</li><li>The transaction, announced in May 2026, is expected to close in the coming months, subject to customary conditions, and does not require regulatory approval.</li><li>The NEXX team will join Applied’s Semiconductor Products Group, adding panel-level packaging capabilities at a time when AI accelerators are becoming larger, more power-hungry, and increasingly dependent on heterogeneous integration.</li></ul>

Applied Materials has moved to strengthen its position in advanced semiconductor packaging by agreeing to acquire the NEXX business from ASMPT Limited, a supplier of large-area advanced packaging deposition equipment based in Billerica, Massachusetts.The transaction, announced in May 2026, is expected to close in the coming months, subject to customary conditions, and does not require regulatory approval.The NEXX team will join Applied’s Semiconductor Products Group, adding panel-level packaging capabilities at a time when AI accelerators are becoming larger, more power-hungry, and increasingly dependent on heterogeneous integration.

Applied Materials Takeover Strategy Around NEXX Could Change Advanced Chip Manufacturing!

<ul><li>Semiconductor equipment giant Applied Materials is once again at the center of industry speculation after reports surfaced that it may be exploring a potential acquisition of Dutch chip-packaging specialist BE Semiconductor.</li><li>According to sources cited in recent reports, BE Semiconductor has engaged Morgan Stanley to evaluate takeover interest after receiving inquiries from multiple parties.</li><li>Among the rumored suitors are Applied Materials and Lam Research, two of the world’s largest semiconductor equipment providers.</li></ul>

Semiconductor equipment giant Applied Materials is once again at the center of industry speculation after reports surfaced that it may be exploring a potential acquisition of Dutch chip-packaging specialist BE Semiconductor.According to sources cited in recent reports, BE Semiconductor has engaged Morgan Stanley to evaluate takeover interest after receiving inquiries from multiple parties.Among the rumored suitors are Applied Materials and Lam Research, two of the world’s largest semiconductor equipment providers.

Applied Materials’ Bold Bet: Could A BE Semiconductor Deal Supercharge Its AI Chip Dominance?

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

<ul>
<li>Applied Materials is valued at $431 fair value, derived from a 30.7x FY27E P/E on $14.04 EPS.</li>
<li>Current valuation implies a discount to large-cap peers despite comparable growth, margins, and capital returns, suggesting scope for re-rating as AI-led capex accelerates through FY26–27</li>
<li>Forecast revenue growth of 11.6% FY26E and 18.2% FY27E, alongside margin expansion and share count reduction.</li>
</ul>


Applied Materials is valued at $431 fair value, derived from a 30.7x FY27E P/E on $14.04 EPS.
Current valuation implies a discount to large-cap peers despite comparable growth, margins, and capital returns, suggesting scope for re-rating as AI-led capex accelerates through FY26–27
Forecast revenue growth of 11.6% FY26E and 18.2% FY27E, alongside margin expansion and share count reduction.


Applied Materials (Nasdaq: AMAT): Valuation Analysis Suggests Fair Value Near $431

<ul><li>Applied Materials' latest earnings release reflects a strong performance and promising outlook, driven significantly by the burgeoning growth of AI-related technologies.</li><li>The company reported revenues of $7 billion for its first fiscal quarter of 2026, aligning with the higher end of its guidance range.</li><li>Despite a year-over-year revenue decline of 2%, the company demonstrated resilience, leveraging its leadership in semiconductor equipment amidst rapid AI advancements.</li></ul>

Applied Materials' latest earnings release reflects a strong performance and promising outlook, driven significantly by the burgeoning growth of AI-related technologies.The company reported revenues of $7 billion for its first fiscal quarter of 2026, aligning with the higher end of its guidance range.Despite a year-over-year revenue decline of 2%, the company demonstrated resilience, leveraging its leadership in semiconductor equipment amidst rapid AI advancements.

Applied Materials (AMAT): Powering the AI Data Center Supercycle With Foundry & DRAM Leadership!

United States

Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry.  The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

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Applied Materials (AMAT US)

AMAT Q2 FY26. Raising WFE Guidance From 20% YoY Growth To 30%. Yikes!

Applied Materials delivered record quarterly performance, and we now expect our semiconductor equipment business to grow more than 30 percent in...

William Keating

Applied Materials Takeover Strategy Around NEXX Could Change Advanced Chip Manufacturing!

Applied Materials has moved to strengthen its position in advanced semiconductor packaging by agreeing to acquire the NEXX business from ASMPT...

Baptista Research

Applied Materials’ Bold Bet: Could A BE Semiconductor Deal Supercharge Its AI Chip Dominance?

Semiconductor equipment giant Applied Materials is once again at the center of industry speculation after reports surfaced that it may be...

Baptista Research

Applied Materials (Nasdaq: AMAT): Valuation Analysis Suggests Fair Value Near $431

Applied Materials is undervalued with fair value at $431, with potential for re-rating as AI-led capex accelerates and revenue growth and margins...

GSBR Research

Applied Materials (AMAT): Powering the AI Data Center Supercycle With Foundry & DRAM Leadership!

Applied Materials' latest earnings release reflects a strong performance and promising outlook, driven significantly by the burgeoning growth of...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

AMAT Q2 FY26. Raising WFE Guidance From 20% YoY Growth To 30%. Yikes!

Applied Materials delivered record quarterly performance, and we now expect our semiconductor equipment business to grow more than 30 percent in...

William Keating

Applied Materials Takeover Strategy Around NEXX Could Change Advanced Chip Manufacturing!

Applied Materials has moved to strengthen its position in advanced semiconductor packaging by agreeing to acquire the NEXX business from ASMPT...

Baptista Research

Applied Materials’ Bold Bet: Could A BE Semiconductor Deal Supercharge Its AI Chip Dominance?

Semiconductor equipment giant Applied Materials is once again at the center of industry speculation after reports surfaced that it may be...

Baptista Research

Applied Materials (Nasdaq: AMAT): Valuation Analysis Suggests Fair Value Near $431

​Applied Materials is undervalued with fair value at $431, with potential for re-rating as AI-led capex accelerates and revenue growth and margins...

GSBR Research

Applied Materials (AMAT): Powering the AI Data Center Supercycle With Foundry & DRAM Leadership!

Applied Materials' latest earnings release reflects a strong performance and promising outlook, driven significantly by the burgeoning growth of...

Baptista Research

Applied Materials is undervalued with fair value at $431, with potential for re-rating as AI-led capex accelerates and revenue growth and margins...