David Moadel
6 min read
Quick Read
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Applied Materials surged 8% ahead of its November 12 earnings, with Lam Research up 9%, as chip equipment stocks rebounded from steep monthly losses.
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CoreWeave’s beat-and-raise quarter revived the AI trade and eased data center funding fears, lifting equipment makers that supply chipmakers’ capacity buildouts.
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Applied Materials must prove AI orders hold up while China’s revenue share slides, or Gary Dickerson’s strong 2027 outlook could ring hollow.
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Chip equipment stocks are rallying sharply from a rough month, and one equipment leader heads into its earnings report riding that momentum. Applied Materials (NASDAQ:AMAT) stock is at $403.44 in afternoon trading, up 8%. The company is scheduled to report its Q4 FY2026 results on November 12, ending a year in which it has ranked among the sector’s biggest winners.
Two close rivals are rallying alongside Applied Materials. Lam Research (NASDAQ:LRCX) stock is at $241.43, up 9%. At the same time, KLA (NASDAQ:KLAC) stock is trading at $163.49, up 7%.
CoreWeave’s Beat-and-Raise Quarter Revives the AI Chip Trade
The broad chip rebound traces back to CoreWeave (NASDAQ:CRWV), which reported a beat-and-raise quarter after the close on November 10. CoreWeave’s results revived the AI trade. They also relieved fears about how AI data center buildouts get funded (we highlighted seven suppliers supporting that expansion, from power to cooling, in a free report you can grab here). Equipment makers such as Applied Materials benefit because chipmakers buy their tools to add capacity for AI chips and high-bandwidth memory (HBM).
Rates remain a drag in the background, and that makes the move in Applied Materials stand out. Austan Goolsbee called the latest inflation report “borderline disturbing” as the Federal Reserve weighs more rate hikes. That background hasn’t slowed buyers returning to AI hardware names.
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