Aplicados a materiales: un constructor de infraestructura mal calibrado para la revolución de IA

The semiconductor industry is at a crossroads. As artificial intelligence (AI) transforms global technology demand, companies that supply the foundational materials and equipment for chip manufacturing are poised to benefit. Among them, Applied Materials (AMAT) stands out-not just for its technical leadership but for what appears to be a significant structural valuation dislocation. While the company's financials and strategic positioning suggest robust long-term growth, its current multiples tell a different story.

A Valuation That Doesn't Reflect the Future

Applied Materials reported record revenue of $7.30 billion in Q3 2025, driven by its Semiconductor Systems division, which saw a 10% year-over-year increase to $5.43 billion. Yet, despite this performance, the stock trades at a 26.8x trailing P/E ratio, well below the U.S. semiconductor industry average of 35.4x and its peer group average of 40.2x according to market analysis. This gap is striking, especially when considering AMAT's 4.4% year-over-year revenue growth, which lags behind competitors like Lam Research and KLA, whose growth rates hover between 22% and 26% according to financial data.

The dislocation is even more pronounced when examining forward-looking metrics. Applied Materials' forward P/E of 24x is 27% above its three-year average, hinting at cautious optimism in the market according to financial analysis. However, this optimism is tempered by near-term headwinds, including China's capacity digestion challenges and U.S. export control uncertainties, which have led to Q4 2025 revenue guidance of $6.7 billion-down from Q3's record as reported. The company's operating margin also dipped to 25.2% in Q4 2025, down from 29.0% a year prior according to earnings results. These factors have kept investors at bay, despite AMAT's strong cash flow and profitability.

The AI-Driven Growth Inflection

The disconnect between AMAT's valuation and its long-term prospects lies in the AI revolution.

Applied Materials is not just a supplier of materials; it is a critical enabler of the infrastructure underpinning AI. Its leadership in High-Bandwidth Memory (HBM) and Gate-All-Around (GAA) technologies positions it to capitalize on the surging demand for advanced packaging and logic chips according to industry analysis.

According to industry forecasts, the global Semiconductor Wafer Fab Equipment (WFE) market is projected to grow from $101.57 billion in 2025 to $142.11 billion by 2030, driven by AI, 5G, and advanced packaging according to market research. Applied Materials is already doubling down on its advanced packaging business, which is expected to reach $3 billion in revenue over the next few years according to market analysis. The company's recent investments in U.S. facilities, such as the EPIC Center, and its introduction of systems like the Xtera epitaxy and Kinex hybrid bonder, underscore its commitment to co-innovating with customers in high-growth areas according to analyst reports.

Moreover, AMAT's CEO, Gary Dickerson, has noted that some customers anticipate their AI businesses to grow by over 40% in the coming years according to company statements. This aligns with broader industry trends, as the semiconductor sector as a whole is expected to expand to over $1 trillion by 2030 according to market projections. For Applied Materials, this means a clear path to scaling its market share in AI-related segments, where it already holds a 20.41% share in the semiconductor industry and a 7.35% share in the broader technology sector according to market data.

A Strategic Edge Over Peers

Applied Materials' valuation edge over its peers is further reinforced by its technological breadth and operational discipline. While companies like ASML and Lam Research focus on niche segments, AMAT's portfolio spans leading-edge logic, DRAM, and advanced packaging-segments expected to grow rapidly in 2026 according to industry analysis. Its non-GAAP operating margin of 28.6% in Q4 2025, though slightly below the prior year's 29.3%, remains robust compared to industry averages according to earnings reports.

Analysts project that AMAT's stock could see steady growth by 2030, supported by its leadership in AI-enabled chip production and its ability to navigate near-term challenges according to stock analysis. A discounted cash flow analysis suggests an intrinsic value of $156.75 to $157.50 per share, implying the stock is currently overvalued by 58.4% to 68.5% according to financial modeling. However, this analysis may not fully account for the company's long-term growth inflection, particularly as AI adoption accelerates.

Conclusion: A Mispriced Opportunity

Applied Materials is a case study in valuation dislocation. While its current multiples suggest undervaluation relative to peers, the company's strategic positioning in AI infrastructure and its ability to scale in high-growth segments point to a significant upside. The near-term challenges-China's capacity digestion and export controls-are temporary headwinds in a market that is structurally expanding. For investors with a long-term horizon, AMAT represents a compelling opportunity to participate in the AI revolution at a price that doesn't yet reflect its potential.

As the semiconductor industry braces for a $1 trillion future, Applied Materials is not just a supplier; it is a builder of the infrastructure that will power the next era of technological innovation.