El caso de la exposición a largo plazo a materiales aplicados en medio de un ciclo de semiconductores de alto crecimiento

The semiconductor industry is undergoing a transformative phase, driven by artificial intelligence (AI), advanced packaging, and the relentless push toward miniaturization. At the heart of this evolution sits Applied Materials, a company that has consistently demonstrated its ability to compound value while aligning with the most critical trends in the sector. With a 10-year compound annual growth rate (CAGR) of 11.3% in revenue according to Macrotrends, a dominant market position, and a strategic focus on high-growth areas like Gate-All-Around (GAA) transistors and High-Bandwidth Memory (HBM) stacking, Applied Materials is uniquely positioned to deliver long-term returns for investors.

A Decade of Compounding: The Financial Foundation

Applied Materials' financial performance over the past decade underscores its resilience and growth potential. From $9.66 billion in 2015 revenue, the company has grown to a reported $28.37 billion in 2025, achieving a CAGR of 11.3% according to Macrotrends. This compounding trajectory has been fueled by consistent reinvestment in R&D- a $3.6 billion investment in fiscal 2025-and a diversified product portfolio that spans deposition, etching, metrology, and advanced packaging.

Recent quarterly results highlight this momentum. For Q3 FY2025, Applied Materials reported $7.3 billion in revenue, an 8% year-over-year increase, with GAAP and non-GAAP gross margins expanding by 1.5 percentage points to 48.8% and 48.9%, respectively according to earnings reports. While Q4 guidance suggests a temporary dip to $6.7 billion due to capacity digestion in China and non-linear demand from leading-edge customers according to management, the full-year 2025 revenue of $28.37 billion still reflects a 4% year-over-year gain according to financial disclosures. This resilience, even amid macroeconomic headwinds, underscores the company's structural strength.

Strategic Positioning: Leading the Semiconductor Revolution

Applied Materials' dominance in the semiconductor equipment sector is not accidental. It holds the second-largest market share globally, trailing only ASML, the EUV lithography leader. Its Semiconductor Systems segment, which accounts for 73% of total revenue according to industry analysis, is a powerhouse in foundry, logic, and DRAM markets. For instance, DRAM revenue surged by 50% year-over-year in Q3 2025, driven by AI and cloud computing demand.

The company's R&D focus on AI-driven device architecture and advanced packaging is particularly compelling. Products like the SEMVision H20 defect-review system which combines electron-beam technology with AI-based image recognition, exemplify its ability to innovate at the nanoscale. Moreover, Applied Materials has secured critical positions in high-margin areas such as GAA transistors and HBM stacking- technologies central to the next wave of AI computing.

Long-Term Tailwinds: AI and the Semiconductor Equipment Boom

The semiconductor equipment market is projected to grow from $166.35 billion in 2025 to $344.36 billion by 2032 according to Markets and Markets, driven by AI infrastructure, advanced-node adoption, and the need for energy-efficient chips. Applied Materials is not just riding this wave-it is shaping it. The company's leadership in advanced packaging, a $12.5 billion market in 2025 according to research, positions it to benefit from the shift toward heterogeneous integration, where multiple chips are combined to enhance performance.

Furthermore, Applied Materials' long-term confidence is rooted in its ability to navigate geopolitical risks. While China's capacity digestion and policy pressures have caused short-term volatility, the company's global customer base and focus on leading-edge technologies provide a buffer. As stated in its Q3 2025 earnings report, the firm remains optimistic about AI-driven inflections in device architecture and the sustained momentum in DRAM and HBM markets.

Risks and Realities

No investment is without risk. Applied Materials' Q4 guidance highlights near-term challenges, including cyclical demand fluctuations and geopolitical tensions. However, its strong balance sheet, recurring revenue model, and first-mover advantages in critical technologies mitigate these risks. The company's ability to maintain 30%+ operating margins according to Q3 earnings even during downturns further underscores its durability.

Conclusion: A Compelling Case for Long-Term Exposure

For investors seeking exposure to the semiconductor equipment sector, Applied Materials offers a rare combination of compounding returns, strategic foresight, and operational excellence. Its 11.3% CAGR over the past decade according to financial data is a testament to its ability to reinvent itself, while its focus on AI, GAA, and advanced packaging aligns with the industry's most lucrative trends. As the semiconductor equipment market enters a high-growth phase, Applied Materials is not just a participant-it is a driver of the next technological revolution.