AMAT stock climbs as AI-driven fab build-out outpaces shipments

Applied Materials’ stock has surged about 193% in the last year on the back of a massive AI-driven fab capacity build-out, even as trailing revenue sits around $29 billion with modest growth. The company posted a record $7.91 billion in the most recent quarter and guided Q3 2026 revenue to about $8.95 billion (+/- $0.50B), supported by manufacturing-capacity expansions in the US, Europe, and Singapore. Growth is driven by demand for leading-edge logic, DRAM, and advanced packaging, with supply constraints (roughly 2,000 direct suppliers) binding the pace of deliveries more than demand itself.