Applied Materials Inc

AMAT: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Raising Valuations for Applied Materials, KLA, and Lam Research With Higher AI Expectations for WFE

William Kerwin

Sep 22, 2025

We have updated our medium-term growth assumptions for the wafer fabrication equipment market and for Applied Materials, KLA, and Lam Research specifically. Our growth forecasts for these companies also include advanced packaging investments for semiconductors.

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Applied Materials Inc

Raising Valuations for Applied Materials, KLA, and Lam Research With Higher AI Expectations for WFE

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