Applied Materials, Inc.

Applied Materials is the largest American maker of the machines that build chips, and one of the two or three companies without which the semiconductor industry could not function. Its equipment handles the core steps of turning a blank silicon wafer into a working chip, depositing and etching the microscopic layers that make up a transistor, and it sells to every major fab on the planet. That gives it broad exposure to the whole industry rather than any single chipmaker, so its orders rise and fall with global spending on new capacity. Founded in 1967 and based in Santa Clara, California, Applied Materials sits behind ASML as one of the giants of chip-equipment, and it also makes tools for displays. The stock is a cyclical bet on semiconductor capital spending, now lifted by the long-term push to build more fabs and by the demand AI is creating for advanced manufacturing.

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