Yahoo · Oct 22, 2026
Even Market Bull Ed Yardeni Sees Irrational Exuberance in Chip Stocks
The bullish strategist questions long-term earnings forecasts as Lam Research’s results add to pressure on semiconductor stocks.
AM
NYSE · AMAT
Applied Materials, Inc.
Technology · Semiconductors
$375.58
Down-$33.36 (-8.16%)
Updated Oct 23, 2026, 3:57 AM
SID Score
6.9/10
Composite research score
Smart Money
50/100
Neutral
- Market cap
- 295.46B
- P/E ratio
- 37.66
- Dividend yield
- 0.47%
- 52-week range
- $255.96 – $739.67
- Volume
- 13.02M
- Avg. volume
- 7.49M
Price performance · AMAT
AMAT price history
1M range · 21 trading sessions · Daily adjusted prices
Prices through Oct 22, 2026
AMAT closed at $375.58 after 21 trading sessions, down 20.81% for the selected period.
- Last close
- $375.58
- Period change
- -20.81%
- Period low
- $375.58
- Period high
- $542.28
Daily close
View OHLC price history
| Date | Open | High | Low | Close | Volume |
|---|---|---|---|---|---|
| Oct 22, 2026 | $383.32 | $389.82 | $375.16 | $375.58 | 13.02M |
| Oct 21, 2026 | $410.64 | $414.00 | $406.185 | $408.94 | 6.31M |
| Oct 20, 2026 | $405.56 | $412.46 | $399.025 | $404.98 | 6.86M |
| Oct 19, 2026 | $425.595 | $427.66 | $412.69 | $413.11 | 6.76M |
| Oct 16, 2026 | $420.26 | $426.81 | $407.26 | $409.29 | 8.55M |
| Oct 15, 2026 | $431.72 | $434.56 | $418.24 | $430.01 | 12.17M |
| Oct 14, 2026 | $454.14 | $459.48 | $445.54 | $446.63 | 8.51M |
| Oct 13, 2026 | $485.395 | $485.63 | $452.81 | $464.24 | 10.93M |
| Oct 12, 2026 | $501.02 | $501.46 | $491.83 | $497.53 | 4.18M |
| Oct 9, 2026 | $518.378 | $519.71 | $504.80 | $507.03 | 3.34M |
| Oct 8, 2026 | $509.935 | $523.34 | $502.65 | $509.57 | 6.77M |
| Oct 7, 2026 | $516.91 | $524.93 | $514.01 | $520.65 | 3.78M |
| Oct 6, 2026 | $546.00 | $546.00 | $526.52 | $530.27 | 4.88M |
| Oct 5, 2026 | $540.99 | $545.814 | $533.59 | $542.28 | 4.65M |
| Oct 2, 2026 | $543.205 | $547.25 | $535.10 | $540.04 | 6.08M |
| Oct 1, 2026 | $516.65 | $533.88 | $515.51 | $529.30 | 6.09M |
| Sep 30, 2026 | $513.82 | $515.42 | $506.78 | $511.38 | 6.27M |
| Sep 29, 2026 | $504.71 | $513.28 | $499.17 | $512.01 | 7.16M |
| Sep 28, 2026 | $482.20 | $487.45 | $471.38 | $486.76 | 6.09M |
| Sep 25, 2026 | $478.885 | $487.68 | $476.36 | $485.00 | 5.21M |
| Sep 24, 2026 | $463.79 | $474.80 | $460.55 | $474.25 | 4.17M |
Latest AMAT news
The latest Smart Investors Daily articles mentioning AMAT.
Stock researchCompany · Overview
Company
Market Activity
Research & News
AMAT research
Overview
Company profile and research snapshot.
Company profile
Applied Materials is the largest semiconductor wafer fabrication equipment manufacturer in the world. It has a broad portfolio spanning nearly every corner of the WFE ecosystem. Applied Materials holds leading market share in deposition, which entails the layering of new materials on semiconductor wafers. It is more exposed to general-purpose logic chips made at integrated device manufacturers and foundries. It counts the largest chipmakers in the world as customers, including TSMC, Intel, and Samsung.
Visit company websiteAnalyst outlook
Consensus and target data currently published for this company.
- Consensus
- Buy
- Average target
- $255.27
- Implied upside
- —
- Analysts
- 26
| Date | Firm | Rating | Target |
|---|---|---|---|
| Oct 16, 2026 | Needham | Buy | — |
| Oct 15, 2026 | Evercore ISI Group | Outperform | — |
| Oct 14, 2026 | RBC Capital | Outperform | — |
| Sep 28, 2026 | Morgan Stanley | Equal-Weight | — |
| Sep 1, 2026 | UBS | Buy | — |
News briefing
Generated Oct 22, 2026, 9:03 PM
Why Is AMAT Down 8.16% Today?
Applied Materials shares tumbled 8.16% today amid a broader sell-off in semiconductor equipment stocks, driven by concerns over AI investment sustainability and softening demand signals in the chip sector. The decline reflects investor anxiety about whether semiconductor systems can maintain momentum, compounded by cautious guidance from competitors like Lam Research.
Bottom line: Today's 8.16% decline reflects sector-wide anxiety about AI spending sustainability and competitive guidance disappointments rather than AMAT-specific fundamentals, though the $12 billion services target suggests moderating near-term growth. Investors should monitor the November 12 earnings report closely for management guidance, but the company's participation in high-growth markets like wafer inspection systems and long-term semiconductor equipment demand provides a foundation for recovery once AI investment concerns stabilize.
Yahoo · Oct 22, 2026
Chip Stock Rebound Comes Undone After Lam Research Stokes Spending Fears
Stock market sentiment is sensitive to AI spending fears which have returned on Thursday, with chip stocks falling across the board.
Yahoo · Oct 22, 2026
Can Semiconductor Systems Drive AMAT's Next Growth Phase?
Applied Materials is capitalizing on AI chip demand as advanced logic, DRAM and packaging investments fuel Semiconductor Systems growth and margin expansion.
Yahoo · Oct 22, 2026
TXN Q3 Earnings Beat Estimates on Strong Analog, Data Center Demand
Texas Instruments beats Q3 earnings estimates as strong Analog, industrial and data center demand drives 28% revenue growth and sharp margin expansion.
AI research layers
Interpretive context generated from the platform’s current data sources.
Applied Materials Stock Performance
Applied Materials shares closed at $408.94, reflecting a daily gain of 0.95% but significant weakness over longer timeframes. Per SID market data, the stock has declined 12.76% over the past month and 26.89% over the trailing three months, though it retains a 55.78% gain on a one-year basis. AMAT is trading well below both its 50-day moving average of $477.35 and its 200-day moving average of $445.46, indicating sustained downward momentum. The 14-day relative strength index stands at 19.7, placing the stock deep in oversold territory below the conventional 30 threshold. According to Massive/Polygon data, average daily trading volume is approximately 7.49 million shares. The company carries a beta of 1.677, reflecting substantially higher volatility than the broader market. Applied Materials currently holds a market capitalization of approximately $295.5 billion.
Applied Materials Valuation Analysis
Applied Materials trades at a price-to-earnings ratio of 37.66, reflecting a premium valuation relative to broader market averages, per SID market data. The PEG ratio stands at 3.01, suggesting the stock's earnings multiple exceeds its expected growth rate, as a PEG above 1.0 generally indicates elevated valuation relative to projected earnings expansion. According to SEC filings, the company's price-to-book ratio is 13.59, a level consistent with capital-light, high-margin semiconductor equipment businesses but elevated by historical standards. The current dividend yield is 0.49%, providing minimal income return to shareholders. As a Technology sector constituent, Applied Materials competes for investor capital against peers with varying valuation profiles across semiconductor equipment manufacturing. The combination of a high P/E, elevated PEG ratio, and steep price-to-book multiple positions AMAT at the premium end of its peer group's valuation spectrum, warranting close monitoring of forward earnings delivery.
Smart Money Activity for AMAT
Applied Materials registers a smart money score of 50 out of 100, signaling a neutral stance among sophisticated market participants, per SID market data. Institutional positioning scores a perfect 25 out of 25, reflecting strong conviction from large asset managers and funds. However, insider activity tells a more cautious story, scoring 0.0 out of 25. According to SEC Form 4 filings, there have been six insider transactions in the last 90 days, comprising just one purchase against five sales, indicating a clear net-selling pattern among company executives and directors. Congressional trading activity scores 16.7 out of 25, suggesting moderate interest from legislators disclosed under the STOCK Act. Dark pool activity registers at 8.4 out of 25, indicating below-average institutional block trading volumes. The divergence between maximum institutional confidence and minimal insider conviction creates a mixed signal profile. Per 13F institutional filings, large fund allocations remain robust despite the recent price correction, though insider selling during this period suggests management may view current valuations as stretched.
Applied Materials Earnings Outlook
Applied Materials has delivered consistent earnings beats across its three most recent reported quarters. According to company earnings reports, the fiscal quarter ending February 2026 produced earnings per share of $2.38 versus estimates of $2.20, a positive surprise of $0.18. The May 2026 quarter showed EPS of $2.86 against consensus expectations of $2.68, again beating by $0.18. The August 2026 quarter reported EPS of $3.50 compared to estimates of $3.39, representing a $0.11 upside surprise. Per analyst estimates, the upcoming quarter scheduled for reporting on November 12, 2026, carries a consensus EPS estimate of $4.06, implying sequential growth of approximately 16% from the prior quarter. The trajectory across the last three quarters demonstrates accelerating absolute earnings, rising from $2.38 to $3.50, representing a 47% increase over that span. This consistent pattern of exceeding analyst expectations establishes a track record of operational execution.
Wall Street Analyst Ratings for AMAT
Wall Street consensus on Applied Materials remains broadly constructive despite the stock's recent pullback. Per SID consensus data, the most recent rating actions include Needham reiterating a Buy rating on October 16, 2026, and Evercore ISI Group maintaining an Outperform rating on October 15, 2026. RBC Capital also reiterated Outperform on October 14, 2026. Morgan Stanley represents the more cautious view, maintaining an Equal-Weight rating on September 28, 2026, while UBS reaffirmed its Buy rating on September 1, 2026. According to Wall Street analyst reports, four of the five most recent ratings are bullish, with only Morgan Stanley adopting a neutral stance. Notably, all five actions were reiterations of existing ratings rather than upgrades or downgrades, indicating stable analyst sentiment even as the stock has declined 26.89% over three months. The clustering of reiterated positive ratings in mid-October suggests analysts view the recent sell-off as not fundamentally driven, maintaining their prior constructive assessments.
