Wafer-fab equipment (deposition, etch, CMP)
Applied Materials
The world’s largest semiconductor-equipment maker. FY2025 (ended Oct 2025) revenue $28.4B. Supplies deposition, etch, CMP and ion-implant tools to foundry and memory fabs such as TSMC, Samsung, Intel and SK hynix. Two customers were ~19% and ~15% of revenue (unnamed); 89% of revenue is outside the US, with Taiwan 24% and Korea 20%.
AMAT Updated Jul 12, 2026 5 AI consumers· 4 recurring
Per the valuechain.wiki graph, Applied Materials is directly linked to 17 companies (5 supply, 12 revenue relationships) and reaches 54 companies within two hops; the links are backed by 22 dated sources, 9 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue $28.4B
- Customer concentration · Top two customers ~19% and ~15% (unnamed). By region: China 30%, Taiwan 24%, Korea 20%, US 11%. Customers: TSMC, Samsung, Intel, SK hynix, Micron (industry estimate).
- Segments · Semiconductor Systems · Applied Global Services · Display
Revenue from
- TSMC High confidence· Customer concentration 19% (est.) · FY2025 · 10-K largest customer (unnamed, likely TSMC)
Supplies deposition/etch/CMP tools to TSMC's fabs.Mentions KO Asia Business Daily Published Apr 28, 2026: Fueled by Samsung and SK hynix, semiconductor equipment market rises 12%Confirms EN PatentPC Accessed Jun 20, 2026: Top chip-making equipment companies: ASML, Applied Materials, Lam Research - Samsung Electronics High confidence· Customer concentration 15% (est.) · FY2025 · 10-K second customer (unnamed, likely Samsung)
Supplies deposition/etch/CMP tools to Samsung Electronics's fabs.Mentions KO Asia Business Daily Published Apr 28, 2026: Fueled by Samsung and SK hynix, semiconductor equipment market rises 12%Confirms EN PatentPC Accessed Jun 20, 2026: Top chip-making equipment companies: ASML, Applied Materials, Lam Research - Texas Instruments High confidence
Supplies front-end equipment to Texas Instruments. - Intel Medium confidence
Supplies wafer-fab tools to Intel's fabs.Confirms EN PatentPC Accessed Jun 20, 2026: Top chip-making equipment companies: ASML, Applied Materials, Lam Research - SK hynix Medium confidence
Supplies wafer-fab tools to SK hynix's fabs.Mentions KO Asia Business Daily Published Apr 28, 2026: Fueled by Samsung and SK hynix, semiconductor equipment market rises 12%Confirms EN PatentPC Accessed Jun 20, 2026: Top chip-making equipment companies: ASML, Applied Materials, Lam Research - SMIC Medium confidence
Supplies front-end equipment (DUV) to SMIC. - ROHM Medium confidence
Supplies front-end equipment to Rohm.Confirms EN ROHM / media Published Mar 27, 2026: ROHM begins integration talks with Toshiba D&S and Mitsubishi Electric power devices (Mar 27, 2026); reported Denso JPY 1.3tn TOB proposal (Mar 6, 2026, unconfirmed) - GlobalFoundries Medium confidence
Supplies wafer-fab tools to GlobalFoundries. - United Microelectronics (UMC) Medium confidence
Supplies wafer-fab tools to UMC. - Tower Semiconductor Medium confidence
Supplies tools to Tower specialty fabs. - Nanya Technology Medium confidence
Supplies tools to Nanya DRAM fabs. - onsemi Low confidence
Supplies tools to onsemi IDM fabs.
Pays to
- MKS Instruments High confidence
Uses MKS RF-power/vacuum subsystems in etch/deposition tools.Confirms EN Yole Group Published Jan 1, 2025: Critical subsystems suppliers are the superstars of the chain - 어드밴스드에너지 (RF 파워) High confidence
RF power supply source for etch/deposition tools.Confirms EN U.S. SEC / Advanced Energy Industries Published Feb 13, 2026: Advanced Energy Industries FY2025 Form 10-K - TCK (Tokai Carbon Korea) Medium confidence
Purchases SiC focus rings and consumables from TCK. - 이코르 (가스 전달 서브시스템) Medium confidence
Sources fluid delivery subsystems from Ichor; a >10% customer of Ichor in 2025.Confirms EN SEC EDGAR Published Feb 20, 2026: Ichor Holdings Annual Report on Form 10-K (fiscal year ended December 26, 2025) - SMC Corporation Medium confidence
Sources SMC pneumatic and precise temperature-control (chiller) components for semiconductor-manufacturing equipment.Confirms JA SMC Corporation Published May 14, 2025: SMC Corporation Presentation of Financial Results for the Year Ended March 31, 2025Confirms KO THE ELEC Published Nov 18, 2024: SMC Korea's automation-component innovation (THE ELEC interview) - component & subsystem suppliers (undisclosed) Low confidence
Outsources precision parts and subsystems to many suppliers (undisclosed). - precision optics & materials (undisclosed) Low confidence
Buys precision optics and specialty materials (suppliers undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Dell Technologies | lead2 | +51.2 | -26.6 | +95.9 | +53 | +11.2 | +248.1 |
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| Lenovo | lead2 | -4.6 | -20.9 | +36.2 | +18.2 | -0.6 | +175.7 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Astera Labs | lead2 | · | · | · | · | +25.6 | +148.2 |
| MediaTek | lead2 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +124.3 |
| Lumentum | lead2 | +11.6 | -50.7 | +0.5 | +60.1 | +339.1 | +117.6 |
| Fortinet | lead2 | +142 | -32 | +19.7 | +61.4 | -16 | +98.4 |
| GigaDevice | lead2 | +7.3 | -17 | -45.1 | +103.8 | +147.9 | +94.6 |
| Renesas Electronics | lead2 | +8.2 | +2.4 | +88 | -13.6 | +23.8 | +84.9 |
| Credo Technology | lead2 | · | · | +46.3 | +245.2 | +114.1 | +79.2 |
| Coherent | lead2 | -10 | -48.6 | +24 | +117.6 | +94.8 | +75.8 |
| Realtek | lead2 | +19.6 | -33.8 | +56.2 | +19.1 | -6.4 | +73.7 |
| Global Unichip | lead2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +66.4 |
| Cambricon | lead2 | -48.7 | -21.2 | +77.1 | +420 | +120.1 | +65.9 |
| Cisco | lead2 | +45.8 | -22.5 | +9.3 | +21 | +33.5 | +59.8 |
| Mercury Systems | lead2 | -37.5 | -18.7 | -18.3 | +14.8 | +73.8 | +47.9 |
| Montage Technology | lead2 | -18.2 | -21.8 | -18 | +51.4 | +169 | +47.4 |
| ASUSTeK Computer | lead2 | +35.5 | -12.9 | +72 | +41.1 | -14.1 | +46.7 |
| Analog Devices | lead2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +46.7 |
| Microchip Technology | lead2 | +27.5 | -18 | +30.9 | -35 | +14.6 | +40.6 |
| NXP Semiconductors | lead2 | +44.8 | -29.2 | +48.4 | -8 | +6.4 | +35.8 |
| Alchip Technologies | lead2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +34.7 |
| Hygon | lead2 | · | · | +54.2 | +93.4 | +106.9 | +33.6 |
| Apple | lead2 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +16.2 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| Ambarella | lead2 | +121 | -59.5 | -25.5 | +18.7 | -2.6 | +9.1 |
| Sony Semiconductor Solutions | lead2 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | -2.4 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -6 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -7.8 |
| Mobileye | lead2 | · | · | +23.6 | -54 | -47.6 | -8.5 |
| Will Semiconductor | lead2 | -12.1 | -49.7 | -8.3 | +22.8 | +15.5 | -14.8 |
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| United Microelectronics (UMC) | lead1 | +43.2 | -40.3 | +39.2 | -19 | +28.8 | +215.1 |
| Intel | lead1 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +197.7 |
| ROHM | lead1 | -9 | +10.9 | +1.7 | -40.8 | +86.1 | +109.5 |
| GlobalFoundries | lead1 | · | -17.1 | +12.5 | -29.2 | -18.6 | +97.8 |
| Tower Semiconductor | lead1 | +53.7 | +8.9 | -29.4 | +68.8 | +128 | +89.7 |
| Texas Instruments | lead1 | +17.5 | -9.9 | +6.4 | +13.1 | -4.5 | +81.6 |
| onsemi | lead1 | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +77.2 |
| TSMC | lead1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| Nanya Technology | lead1 | -8.3 | -14.2 | +22.5 | -56.2 | +984.7 | +33.8 |
| SMIC | lead1 | -29.6 | -7.4 | -18.3 | +169.9 | +98.4 | +5.6 |
| Applied Materials | node | +83.6 | -37.5 | +68 | +1.1 | +59.6 | +135 |
| Ichor Holdings | benef1 | +52.7 | -41.7 | +25.4 | -4.2 | -42.8 | +444.2 |
| MKS Instruments | benef1 | +16.4 | -51 | +22.6 | +2.2 | +54.4 | +131 |
| Advanced Energy Industries | benef1 | -5.7 | -5.4 | +27.5 | +6.6 | +81.6 | +47.2 |
| SMC Corporation | benef1 | +0.9 | +4.5 | +28.6 | -28 | +4.2 | +26.6 |
| TCK (Tokai Carbon Korea) | benef1 | -10.1 | -16.9 | +2.8 | -28.7 | +225.7 | -2.5 |
| KC Tech | benef2 | -24.2 | -6.1 | +57.9 | +5.9 | +56.7 | +108.1 |
YTD as of 2026-07-10 · source: Yahoo Finance
The core of Applied Materials is the breadth of exposure of the world's largest semiconductor-equipment maker — spanning deposition, etch, CMP and ion implant — and the cycle amplification it creates. With 89% of revenue outside the US (Taiwan 24%, Korea 20%, China 30%) and its top two customers at ~19% and ~15% (unnamed, likely TSMC and Samsung), its results track the leading-edge/AI capex of TSMC, Samsung, Intel and SK hynix directly. As scaling and stacking (HBM, GAA, backside power) advance, equipment intensity per wafer rises and structural demand grows, but concentration in a few large customers plus China exposure and export controls are a double-edged sword. In graph terms AMAT is a cost hub to component makers (MKS, TCK, Ichor) and a revenue hub to the world's foundry and memory fabs — the deterministic spine whose order signal ripples through the entire front-end equipment and component chain.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 5 · Hold 0 · Sell 0 · Avg. target $768 · Price $602.5 (07-10) · Upside +27%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Cantor Fitzgerald · C.J. Muse | Overweight | $850 | Jun 29, 2026 | Report ↗ |
| B. Riley Securities · Craig Ellis | Buy | $790 | Jun 26, 2026 | Report ↗ |
| Jefferies · Blayne Curtis | Buy | $770 | Jun 26, 2026 | Report ↗ |
| Bank of America · Vivek Arya | Buy | $720 | Jun 23, 2026 | Report ↗ |
| Citi · Atif Malik | Buy | $710 | Jun 17, 2026 | Report ↗ |
Target $650→$850, Overweight kept; stronger AI-infra equipment outlook, naming AMAT a top pick alongside LRCX and KLAC.