Applied Materials, Inc. (NASDAQ: AMAT) ended the holiday-shortened Christmas Eve session modestly higher, then eased slightly in post-close trading as liquidity thinned across U.S. markets.
AMAT closed at $260.78 on Wednesday, Dec. 24, 2025 (the regular session ended early at 1:00 p.m. ET). The stock finished up roughly 0.21% on the day, with a tight intraday range and notably light volume. [1]
In after-hours, AMAT dipped to about $260.21 as of 4:59 p.m. ET, according to widely followed consolidated quote feeds—down roughly 0.22% versus the regular-session close. [2]
One key “tomorrow” note: U.S. markets are closed on Thursday, Dec. 25, 2025 for Christmas, and the next full session is Friday, Dec. 26. [3]
AMAT stock price today: close, after-hours, range, and volume
Here are the essential numbers investors are digesting after the bell:
- Close (Dec. 24): $260.78 [4]
- After-hours (as of 4:59 p.m. ET): ~$260.21 [5]
- Day range: roughly $259.33 – $261.48 [6]
- Volume: about 1.2 million shares, a fraction of typical trading activity for AMAT [7]
That low volume isn’t just an AMAT story. U.S. markets broadly saw “extremely light” holiday trading ahead of Christmas, with many institutional desks already in year-end mode. [8]
Before “tomorrow’s open”: the schedule matters more than usual
Because today (Dec. 24) was an early close and tomorrow (Dec. 25) is a full market holiday, it’s easy to misread “after-hours” moves.
- Nasdaq and NYSE closed the regular session at 1:00 p.m. ET on Dec. 24. [9]
- Markets are closed on Dec. 25 and reopen Friday, Dec. 26. [10]
- Extended-hours trading can be less liquid and more volatile, with wider spreads—especially around holidays. Nasdaq’s own investor guidance emphasizes those risks in “Extended Markets.” [11]
Bottom line: treat small after-hours ticks—up or down—with caution when liquidity is this thin.
Market backdrop: why semiconductor equipment stocks had a supportive tape
AMAT traded against a broadly constructive macro backdrop on Christmas Eve. Major indexes closed higher in the shortened session, with the S&P 500 and Dow finishing at record closing highs, supported by resilient economic data and continued enthusiasm around AI-linked names. [12]
Investors are also still calibrating the interest-rate outlook into 2026. Reuters reported that traders continue to price in rate cuts over 2026 (while a January move appears unlikely), a backdrop that can be supportive for longer-duration growth equities—especially large-cap tech and “picks-and-shovels” AI plays like semiconductor equipment. [13]
Today’s Applied Materials headlines: what actually changed on Dec. 24
AMAT didn’t drop a major press release today, but there was notable same-day analysis focused on the company’s exposure to the memory upcycle—especially DRAM and high-bandwidth memory (HBM), which are increasingly tied to AI infrastructure spending.
1) DRAM and HBM are back in the spotlight (and AMAT is positioned)
A widely circulated Zacks analysis, published on Nasdaq.com this morning, argued that improving DRAM conditions could support AMAT’s next phase of growth. Key points from that write-up:
- AMAT has improved its position in DRAM, particularly with leading-edge customers. [14]
- Management has said revenue from those leading-edge DRAM customers grew more than 50% over the past four fiscal quarters. [15]
- The note links DRAM demand more directly to AI workloads—especially the “memory per server” effect and the push toward HBM—and says management expects DRAM and HBM to be among the fastest-growing areas of semiconductor equipment spending in 2026. [16]
Why that matters right now: the market is increasingly treating semiconductor equipment makers as leveraged plays on AI capex—and in 2026, memory capex is shaping up as a central part of that story (not just logic and foundry).
2) Institutional ownership and filings: routine, but worth noting in thin markets
A MarketBeat item dated Dec. 24 highlighted that Swedbank AB trimmed its AMAT position in its latest disclosed filing period, while reiterating that institutional ownership remains high. [17]
This kind of “who bought/trimmed” coverage doesn’t usually move the stock by itself, but in holiday weeks it can surface prominently in news feeds. The actionable takeaway is less about one manager trimming and more about the reminder that AMAT remains heavily institutionally held, which can amplify moves when sentiment shifts. [18]
“Is AMAT expensive?” Today’s valuation debate in one paragraph
A Yahoo Finance commentary published today framed AMAT as roughly ~5% over a narrative fair value estimate, while noting that its P/E multiple appears lower than some peers in its coverage set. [19]
It’s a useful snapshot of the current tug-of-war:
- Bull case: AI and advanced packaging drive structurally higher tool demand; memory capex returns with HBM; AMAT gains share in key process steps.
- Bear case: valuation has re-rated; China-related policy and competition risks linger; growth rates may not justify multiples if the cycle cools.
Analyst forecasts today: why price targets differ depending on where you look
If you scan financial sites tonight, you’ll see different “consensus” targets for AMAT. That’s not necessarily a red flag; it usually reflects different analyst sets, update timing, and methodology.
Here’s what several widely referenced trackers show:
- Investing.com: “Buy” consensus; average 12‑month target around $259.53 (high $360, low $180) based on its tracked analyst set. [20]
- MarketBeat: “Moderate Buy”; average target around $246.78 (high $360, low $150), implying downside versus today’s price. [21]
- Benzinga: consensus target around $235.69; it also lists recent target changes including a Jefferies $360 target (Dec. 15, 2025) and B. Riley $305 (Dec. 18, 2025) among the latest updates it tracks. [22]
How to interpret this before markets reopen:
- Don’t anchor to one target number; treat them as a range of scenarios.
- Watch for clustered upward revisions (multiple firms raising targets around the same time). That tends to matter more than the absolute “average.”
- In AMAT’s case, the bullish revisions are often linked to the same themes: DRAM/HBM capex visibility and AI-driven leading-edge investment.
The two big AMAT fundamentals that still matter heading into 2026
Even on a quiet Christmas Eve tape, investors are ultimately pricing AMAT on the next 6–18 months of earnings power. Two fundamentals continue to dominate that debate:
1) The AI-driven memory buildout (DRAM/HBM)
Today’s Zacks/Nasdaq analysis is consistent with a broader industry narrative: AI servers require substantially more and faster memory, pushing demand toward HBM and advanced DRAM, which can pull forward wafer fab equipment (WFE) spending. [23]
For AMAT, this is critical because memory tools can become a durable growth engine when the memory cycle is not purely consumer-driven.
2) China-related policy risk and revenue sensitivity
China remains a major market for U.S. semiconductor equipment, and policy changes can hit guidance fast. Recent reporting has highlighted export-control impacts and the risk of reduced China-related spending going forward. [24]
This is the “headline risk” investors should remember over holiday weeks: even when volumes are light, a single policy headline can move semicap stocks disproportionately.
Key dates to know before the next trading session
These aren’t “tomorrow morning” catalysts—because tomorrow is a holiday—but they’re the next items many investors keep on their dashboard:
- Next earnings window: multiple trackers estimate AMAT’s next report around Feb. 12, 2026 (company confirmation may vary by source). [25]
- Dividend: AMAT’s next quarterly dividend is shown as $0.46, with an ex‑dividend date of Feb. 19, 2026 and payment date of Mar. 12, 2026 on commonly used dividend calendars. [26]
What to watch before markets reopen on Friday, Dec. 26
With the schedule clarified, here are the practical “next session” watch items for AMAT holders and watchers:
1) Expect thin liquidity and exaggerated moves
Reuters and AP both emphasized how light participation was today—and that light conditions can persist into the end of the week. [27]
For AMAT specifically, that means:
- breakouts/breakdowns can appear “cleaner” than they really are,
- spreads can widen,
- and a modest order imbalance can look like a real trend.
2) Track semicap sympathy moves (LRCX, KLAC, ASML) and memory read-throughs
Even without AMAT-specific news, semiconductor equipment stocks tend to trade as a basket when the market is focused on capex cycles and AI infrastructure buildouts. Today’s “DRAM/HBM growth” narrative is being echoed across the group. [28]
3) Keep an eye on the China headline tape
The market remains sensitive to incremental updates on export controls, licensing, and competitive dynamics in China’s domestic equipment ecosystem. Recent coverage suggests the policy overhang is still a material part of the AMAT thesis. [29]
4) Watch the “reference levels” investors are likely to cite
Without turning this into a chart-based technical piece, a few price points are naturally on traders’ radar based on recent trading history:
- ~$261–$262: near the top of today’s range [30]
- ~$248–$250: the area around last week’s sharp dip and rebound [31]
- $276.10 (52‑week high on Dec. 10, 2025): a widely cited milestone level for sentiment [32]
5) Macro “tone” still matters—even when the calendar is quiet
Today’s record closes in the major indexes keep the risk-on tone intact, and investors are still weighing the 2026 path for rates. If the broader market stays bid into year-end, AMAT can remain supported even without fresh company news. [33]
The takeaway after the Dec. 24 close
Applied Materials stock is ending Christmas Eve in a familiar place for late 2025: supported by AI- and memory-linked optimism, but still shadowed by valuation questions and China-policy uncertainty.
The most important “before the open tomorrow” point is simple: there is no U.S. open tomorrow—markets are closed for Christmas and reopen Friday, Dec. 26. [34]
When trading resumes, the near-term direction for AMAT is likely to hinge less on today’s tiny after-hours dip and more on whether investors keep leaning into the 2026 DRAM/HBM spending narrative—the same theme dominating today’s fresh analysis. [35]
References
1. stockanalysis.com, 2. stockanalysis.com, 3. www.nasdaqtrader.com, 4. stockanalysis.com, 5. stockanalysis.com, 6. stockanalysis.com, 7. stockanalysis.com, 8. apnews.com, 9. www.nasdaqtrader.com, 10. www.nasdaqtrader.com, 11. www.nasdaq.com, 12. www.reuters.com, 13. www.reuters.com, 14. www.nasdaq.com, 15. www.nasdaq.com, 16. www.nasdaq.com, 17. www.marketbeat.com, 18. www.marketbeat.com, 19. finance.yahoo.com, 20. www.investing.com, 21. www.marketbeat.com, 22. www.benzinga.com, 23. www.nasdaq.com, 24. www.reuters.com, 25. www.nasdaq.com, 26. stockanalysis.com, 27. www.reuters.com, 28. www.nasdaq.com, 29. www.reuters.com, 30. stockanalysis.com, 31. stockanalysis.com, 32. markets.ft.com, 33. www.reuters.com, 34. www.nasdaqtrader.com, 35. www.nasdaq.com
