New York, Jan 29, 2026, 20:05 EST — Market closed.
- Applied Materials closed at $341.34, gaining roughly 1.4% from its previous close following a volatile session that swung between $329 and $348.
- ASML’s record new orders and boosted 2026 sales forecast gave chip-tool stocks a noticeable boost, signaling stronger AI-driven fab spending ahead.
- AMAT is set to report fiscal first-quarter results on Feb. 12, with a shareholder meeting scheduled for March 12, as revealed in a recent proxy filing.
Applied Materials (AMAT.O) climbed roughly 1.4% to $341.34 Thursday, after fluctuating between $329.03 and $348.00 earlier in the session. Trading volume hit around 7.3 million shares.
This matters because chip-equipment stocks are behaving like a litmus test for the next phase of AI hardware spending. Orders from chipmakers usually lead the cycle—when they start spending, it shows up first at the toolmakers.
The tape looks jumpy, too. Investors are pushing back on the growing size of AI bills, which can weigh on anything linked to capital spending—even suppliers. That said, a solid order signal from the equipment side can override the noise for now.
On Thursday, U.S. stocks closed mixed amid concerns over rising AI spending hitting some Big Tech names—Microsoft slipped, dragging the Nasdaq down. Chip stocks struggled to maintain gains following a solid midweek rally.
The trigger was ASML (ASML.AS), the largest chipmaking equipment supplier globally, which posted record fourth-quarter “bookings” — meaning new orders — of 13.2 billion euros. It also raised its 2026 sales forecast to between 34 billion and 39 billion euros. ING’s Marc Hesselink described it as a quarterly orders report “going out with a bang,” while Mizuho’s Kevin Wang highlighted “good fourth-quarter orders and 2026 outlook” fueled by AI demand. ASML CEO Christophe Fouquet told analysts the company won’t be a customer “bottleneck” — “certainly not this year.” Reuters
Chipmakers jumped in U.S. trading the previous day after upbeat reports from Texas Instruments and others hinted that AI-driven demand in data centers is reaching beyond Nvidia’s highest-end chips. Louise Dudley, a portfolio manager at Federated Hermes, noted that “conditions are improving” and companies are “expanding their growth plans.” Meanwhile, Hargreaves Lansdown’s Matt Britzman highlighted ASML’s “thumping set of numbers,” signaling a market “gearing up for the next leg of growth.” Reuters
The sector’s valuation is coming under scrutiny. In a Reuters piece focused on ASML, Aureus CIO Han Dieperink noted that “much of the good news is then already priced in.” JPMorgan’s Sandeep Deshpande also weighed in, saying, “We do not see a capacity issue.” Investors are increasingly turning to ASML and its peers — like Applied Materials, Lam Research (LRCX.O), and KLA (KLAC.O) — as a way to tap into rising chip demand without backing one specific chipmaker. Reuters
Applied Materials faces ongoing risk tied to China and export regulations. The firm cautioned that stricter U.S. rules could dampen demand for its tools in China, despite solid AI-driven spending in other regions. This keeps its outlook highly dependent on policy shifts and customer composition.
On Wednesday, Applied Materials filed a proxy setting its 2026 annual meeting for March 12 in Santa Clara, California. Shareholders recorded by Jan. 14 will cast votes on director elections, an advisory say-on-pay proposal, and ratify KPMG as auditor, according to the filing.
Traders on Friday will see if Thursday’s chip-tool rally holds up amid ongoing debate over the returns from AI investments. The next major event for AMAT arrives on Feb. 12, when the company is set to release its fiscal first-quarter results and host an earnings call at 4:30 p.m. ET.
