Applied Materials Has a Broad and Deep Portfolio to Address Chip Supply Constraints

Applied Materials is one of the largest suppliers in the world of wafer fabrication equipment for semiconductors. It holds the broadest portfolio, in our view, which we think should enable it to maintain its leading market share. In our view, Applied Materials' breadth in chip manufacturing gives it stickier inroads into customers by selling integrated solutions across technologies. We expect Applied Materials to grow over the course of market cycles as it benefits from trends toward more complex chips in the long term, including gate-all-around transistors, advanced packaging, and artificial intelligence.