Follow the chain left → right, from inputs to end demand. Tap any company to trace its links.
Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
—
Company details
Market cap
~$490B
P/E ratio
~28×
Div yield
~0.7%
Revenue (FY25)
~$28.4B
Rev. growth
+4%
Profit margin
~28%
China revenue
~25-30%
Gross margin
~49%
In plain English
Applied Materials is the world's largest maker of the wafer-fabrication equipment that every chipmaker needs — the deposition, etch, ion-implant, CMP and metrology tools that build transistors layer by layer. It sits one step upstream of the fabs, selling to TSMC, Samsung, Intel, Micron and SK Hynix, and its fortunes ride the industry's capex cycle and the AI/HBM build-out.
In simple terms
Applied sits one step above the fabs
Applied doesn't make chips — it makes the deposition, etch, implant, CMP and metrology machines that fabs install to make them. It buys precision components and sells finished tools to TSMC, Samsung, Intel, Micron and SK Hynix. ASML (litho) is complementary; Lam, KLA and Tokyo Electron are the rivals.
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