10 Buzzing AI Stocks According to Goldman Sachs

5. Applied Materials, Inc. (NASDAQ:AMAT)

Number of Hedge Fund Holders: 77

Applied Materials, Inc. (NASDAQ:AMAT) provides equipment, services, and software for the semiconductor industry. Gary Dickerson, the chief of Applied Materials, spoke at the Goldman Sachs 2024 Communacopia and Technology Conference earlier this month, noting that the whole industry was focused on energy efficient computing as the biggest global inflections ever were driving the semiconductor growth, like AI, IoT, Industrial Automation, Robotics, EVs, Autonomous Vehicles, and Renewable Energy,. Per Dickerson, these were all just really big multi-trillion dollar inflections.

Dickerson, who worked for KLA Corp before joining Applied Materials, Inc. (NASDAQ:AMAT), predicted that datacenters would pass PCs and smartphones in wafer starts over the next few years. He underlined that everyone was focused on the race for energy efficient computing in the semiconductor industry, with people talking about a 10,000 times improvement in energy efficient computing over the next 15 years.