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

Number of Hedge Fund Holders In Q3 2024: 74

Applied Materials, Inc. (NASDAQ:AMAT) is a diversified semiconductor manufacturing equipment company that caters to the needs of integrated circuits manufacturing, displays, and other industries. As a result, the firm’s shares are up by a modest 13.71% year-to-date since Applied Materials, Inc. (NASDAQ:AMAT) depends on the broader semiconductor industry’s performance. For the nine months ending in September, 73% of the firm’s revenue came from its Semiconductor Systems business division. This means that a broader recovery in industries such as smartphones, personal computers, automotive electronics, and other sectors is key to generating tailwinds for Applied Materials, Inc. (NASDAQ:AMAT). Additionally, the firm also relies on China for its sales, and additional semiconductor industry tensions between the US and China could create trouble for the firm.

Parnassus Investments mentioned Applied Materials, Inc. (NASDAQ:AMAT) in its Q2 2024 investor letter. Here is what the fund said:

“Applied Materials is the world’s largest supplier of wafer fabrication technologies used in semiconductor manufacturing. The company reported solid earnings for the quarter, and investors believe Applied Materials should continue to benefit from accelerated industry spend due to AI and share gains.”