Applied Materials, Inc. (NASDAQ: AMAT) ended Friday, December 19, 2025 higher and continued to trade modestly in the green after the closing bell—capping a week where semiconductor and AI-linked names reclaimed momentum amid a volatile options-expiration session.
At a glance (after the bell, Dec. 19):
- Regular-session close:$256.41 (up from $253.50 prior close) [1]
- After-hours price:$257.33 (about +0.36% after hours) [2]
- Day’s range:$253.58 – $261.32 [3]
- 52-week range:$123.74 – $276.08 [4]
- Notable tape feature:very elevated volume versus recent averages [5]
- Important calendar note: because Dec. 19 is a Friday, U.S. exchanges are closed Saturday (Dec. 20) and Sunday (Dec. 21); the next regular open is Monday, Dec. 22. (Also: early close is scheduled for Wednesday, Dec. 24 ahead of Christmas.) [6]
Below is what moved AMAT today, what fresh analyst updates hit the tape, and the key variables to track before the next opening bell.
AMAT after-hours: where Applied Materials stock stands right now
Applied Materials shares finished the regular session at $256.41, and as of the post-close update shown by Google Finance, the stock traded up to $257.33 in after-hours. [7]
Friday’s session saw a relatively wide intraday band—$253.58 to $261.32—with AMAT still sitting below its recent high-water mark ($276 area). [8]
One number worth highlighting: trading volume surged well above typical levels. MarketWatch flagged about 25.3 million shares changing hands versus a much lower recent average, a pattern that often shows up on major derivatives expiration days. [9]
Why Applied Materials stock moved today: analysts, AI sentiment, and “quadruple witching” effects
1) A tech/semiconductor rebound helped lift the group
AMAT’s move came in a broader “risk-on” session for tech and semiconductors. Reuters tied Friday’s gains to improved AI/semiconductor sentiment—helped by Micron’s upbeat commentary/forecasts—and noted strength in the Philadelphia Semiconductor Index. [10]
That backdrop matters for Applied Materials because semiconductor equipment tends to trade as a cycle + capex proxy: when investors lean back into AI servers, memory, and leading-edge logic buildouts, equipment names (AMAT, Lam, KLA, ASML peers) often get pulled along.
2) Options expiration likely amplified volume (and sometimes noise)
Friday was also the final “quadruple witching” day of the year—one of four days when multiple major equity-derivatives contracts expire simultaneously. Investopedia reported estimates that over $7.1 trillion in options exposure was set to expire, a setup that can increase volatility and distort volume patterns. [11]
For AMAT specifically, the “crowded tape” effect can show up in a few ways:
- Unusually high share volume (market makers hedging, rolling positions)
- Intraday swings toward/away from heavily traded strikes (pinning dynamics)
- Moves that fade quickly once expiration-related flows clear
That doesn’t make Friday’s price action meaningless—but it does mean investors often look for confirmation in the next regular session.
3) Fresh analyst target changes added fuel to the bull case narrative
Today’s AMAT conversation in markets also included renewed focus on Wall Street targets—especially as equipment demand debates shift from “AI hype” to “AI-driven capacity math” (HBM, advanced DRAM, advanced packaging, and leading-edge process steps).
Two notable items in the current news cycle:
- Deutsche Bank lifted its price target to $275 from $230 while keeping a Hold rating, per MT Newswires distribution via MarketScreener. [12]
- In the prior day’s research-flow, B. Riley lifted its target to $305 from $270 and reiterated Buy. TheFly’s note emphasized Applied’s breadth across key process categories and its perceived leverage to HBM and advanced DRAM capacity investments. [13]
Even when the exact timing differs by note (some published late Dec. 18, some Dec. 19), traders frequently respond on the next liquid session—especially when the sector is already bid.
The key “today” headlines on Applied Materials stock
Here are the most market-relevant AMAT headlines and signals dated Dec. 19:
- AMAT closed up on the day at $256.41, with MarketWatch describing it as a gain but “underperforming” some chip peers (a reminder that broadcom/AMD-type moves were larger). [14]
- After-hours trade remained slightly positive, with $257.33 indicated post-close. [15]
- Deutsche Bank’s target bump (to $275) surfaced in widely-circulated market news feeds today. [16]
- The broader AI/semiconductor rebound remained a dominant tape driver in U.S. equities. [17]
- Quadruple witching raised the odds that volume/volatility would look “louder” than the underlying fundamental story. [18]
Forecasts and analyst outlook: what the latest targets imply for AMAT
Analyst “forecasts” around AMAT generally fall into three buckets:
Bucket A: “Positive cycle + AI capex = upside”
The constructive thesis is that AI infrastructure is not just boosting GPU shipments—it is pulling through:
- HBM capacity buildouts (and the DRAM process intensity that comes with it)
- Advanced packaging (more steps, more materials engineering complexity)
- More process steps overall as nodes shrink and architectures change
That is the framing behind B. Riley’s $305 target and Buy stance. [19]
Bucket B: “Good company, but valuation and cycle risks justify neutrality”
Deutsche Bank’s move to $275 while staying Hold is a good example of “raising the bar” on valuation while still signaling caution. [20]
Bucket C: “Mixed valuation models”
Some valuation writeups emphasize that even with strong AI-driven tailwinds, the stock’s price may already reflect a lot of good news. For example, a Simply Wall St valuation piece published today presents multiple model outputs (including a “narrative fair value” near the high-$200s and a more conservative DCF output), explicitly framing the debate as whether future growth is already priced in. [21]
How to read this as a trader/investor before the next open:
When targets are being revised upward but ratings remain mixed (Buy vs Hold), it often signals a market that agrees on the long-term direction (AI-driven equipment demand) but disagrees on how much margin of safety remains at current prices.
The “big picture” forecast that matters: equipment spending into 2026–2027
Beyond single-stock price targets, one of the most important macro inputs for AMAT is the semiconductor equipment spending outlook.
Earlier this week, Reuters reported that industry group SEMI projected equipment sales used to make chip wafers would rise about 9% to $126 billion in 2026, and then 7.3% to $135 billion in 2027, as chipmakers expand capacity for AI-linked logic and memory. [22]
That kind of demand environment is supportive for a broad-based equipment supplier like Applied Materials—especially if:
- Memory spending accelerates (HBM/DRAM intensity)
- Advanced packaging continues scaling from niche to mainstream
- Leading-edge logic investments stay elevated
What to know before the next market open: a practical AMAT checklist
Because tomorrow (Dec. 20) is a weekend day with U.S. exchanges closed, the most useful “before the open” framework is really a before Monday (Dec. 22) framework.
1) Watch whether after-hours strength holds—or fades
AMAT’s after-hours move is currently modest (~0.36%), but weekend headline risk can shift sentiment by Monday. [23]
What matters most is not the absolute number tonight, but whether:
- The stock opens Monday above Friday’s midpoint/range
- The first hour shows “follow-through” buying or immediate selling pressure
2) Keep the options-expiration distortion in mind
With quadruple witching behind the market, Monday’s session can be cleaner—sometimes leading to:
- A continuation move (if Friday’s close reflected real buying)
- A reversal (if Friday’s move was mostly hedging/flows)
The record-sized expiration estimates reported today are a strong reason not to over-interpret a single session’s volume spike. [24]
3) Track chip-sector catalysts that spill over into equipment
Even without AMAT-specific press releases today, Applied Materials trades on sector drivers. Reuters flagged the day’s broader tech rebound and AI-linked strength. [25]
Weekend or Monday-morning drivers that often move AMAT include:
- Major memory/logic capex headlines
- Export-control headlines involving China
- Big customer commentary (foundries, memory makers, hyperscalers)
4) Re-check the most current analyst tape Monday morning
The “why” behind today’s move included target changes (Deutsche Bank) and the still-fresh B. Riley upgrade cycle. [26]
Before Monday’s open, traders often look for:
- Additional target changes from other banks
- Quick-turn quant/rating updates
- Any follow-on commentary that clarifies what’s new versus what’s already priced in
5) Know the holiday-week market schedule
If you’re planning entries/exits around liquidity, holiday week microstructure matters.
- Regular NYSE core hours are 9:30 a.m. to 4:00 p.m. ET. [27]
- Nasdaq’s published holiday schedule shows an early close at 1:00 p.m. ET on Dec. 24 and a full closure on Dec. 25. [28]
- Reuters reported that major U.S. exchanges said they will remain open Dec. 24 and Dec. 26 on their usual schedule (with Dec. 24 still an early close), despite a federal office-closure order. [29]
Bottom line: what today’s action says about AMAT—and what it doesn’t
What today likely says:
- Investors remain willing to pay up for high-quality semiconductor equipment exposure as the AI cycle broadens from chips into manufacturing capacity and materials engineering. [30]
- Analyst targets are still drifting upward in parts of the Street ecosystem (e.g., Deutsche Bank to $275, B. Riley to $305), reinforcing the “AI capex tailwind” narrative. [31]
What today does not prove on its own:
- That AMAT’s next move is guaranteed upward (options expiration can exaggerate signals). [32]
- That the China/export-control overhang has disappeared—Applied has previously highlighted China-related demand pressure from tightening rules, and that theme can re-emerge quickly with new policy headlines. [33]
References
1. www.google.com, 2. www.google.com, 3. www.google.com, 4. www.google.com, 5. www.marketwatch.com, 6. www.nyse.com, 7. www.google.com, 8. www.google.com, 9. www.marketwatch.com, 10. www.reuters.com, 11. www.investopedia.com, 12. www.marketscreener.com, 13. www.tipranks.com, 14. www.marketwatch.com, 15. www.google.com, 16. www.marketscreener.com, 17. www.reuters.com, 18. www.investopedia.com, 19. www.tipranks.com, 20. www.marketscreener.com, 21. simplywall.st, 22. www.reuters.com, 23. www.google.com, 24. www.investopedia.com, 25. www.reuters.com, 26. www.marketscreener.com, 27. www.nyse.com, 28. www.nasdaq.com, 29. www.reuters.com, 30. www.reuters.com, 31. www.marketscreener.com, 32. www.investopedia.com, 33. www.reuters.com
