Applied Materials Hosts Bullish Analyst Day; But We Continue to View Shares as Frothy
We came away from Applied Materials’ analyst day with renewed confidence in our positive thesis for the firm. Management highlighted the company’s progress in multiyear inflections (such as 3D NAND and multiple patterning), while providing an updated financial model and expectations for future equipment spending. 2017 is shaping up to be a stellar year for the wafer fabrication equipment industry, set to surpass $40 billion after averaging $32 billion from 2010 to 2016, per Gartner. Greater capi...Applied Materials provides manufacturing equipment, services and software to the semiconductor, display and related industries. The company's segments are: Semiconductor Systems, which develops, manufactures and sells a range of manufacturing equipment used to fabricate semiconductor chips; Applied Global Services, which provides integrated solutions to support equipment and fab performance and productivity; and Display and Adjacent Markets, which is comprised of products for manufacturing liquid crystal displays, organic light-emitting diodes and other display technologies for TVs, monitors, laptops, personal computers, electronic tablets, smart phones, and other consumer-oriented devices.
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