Applied Materials

The company operates in a cyclical WFE market, but predictability is improved by a growing, higher‑margin services layer (AGS) tied to the installed base and by secular drivers (AI, high‑performance compute, advanced packaging, ICAPS nodes) that support multi‑year demand.

Still, quarterly cadence is affected by foundry/memory spending cycles and policy risk. Guidance commentary and recent press highlight reduced visibility tied to China.