Applied Materials, Inc. (AMAT) Gelişen DRAM Fırsatı Ortasında En İyi Veri Merkezi Hissesi mi?

Yahoo Finance 17 Nis 2026 19:57 ▬ Mixed Orijinal ↗

Applied Materials surges on wafer-fab spending visibility AMAT

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Volatility in DRAM capex cycles and potential downturns in memory demand.

Risk: Growth in AI-era chip fabrication demand and new 2nm+ tooling.

Fırsat: Growth in AI-era chip fabrication demand and new 2nm+ tooling.

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Applied Materials Inc. (NASDAQ:AMAT), şu anda alınabilecek en iyi veri merkezi hisselerinden biridir. 10 Nisan'da Wolfe Research analistleri, Applied Materials Inc. (NASDAQ:AMAT)’nin gelişen DRAM pazarındaki rekabet avantajını övdü. Hissenin fiyat hedefini 450 dolardan 500 dolara yükseltirken, Outperform derecelendirmesini korudular.

Boğa piyasası duruşu, şirketin 2026'da DRAM'in en hızlı büyüyen segment olacağını yinelemesinin ardından geldi. Buna karşılık, araştırma firması şirketin DRAM gelirinin 2027 takvim yılında %34 artmasını bekliyor. Artış, şirketin depozisyon ve iletken aşındırma alanındaki güçlü konumu tarafından yönlendirilecektir.

Ek olarak, Wolfe Research, Applied Materials'ın NAND işinin 2027 takvim yılında %10'luk bir artış sağlayacağını bekliyor. DRAM'e kıyasla çok daha düşük büyüme, şirketin rakiplerine kıyasla segmentteki daha zayıf konumundan kaynaklanmaktadır.

Öte yandan, MoffettNathanson, hisse senedi için fiyat hedefini 231 dolardan 214 dolara düşürdü ancak bir Al derecelendirmesini yineledi. Daha düşük fiyat hedefi, şirketin iş segmentlerindeki azalan değerleme çarpanlarıyla uyumludur.

8 Nisan'da Applied Materials, iki yeni çip üretim sistemi olan Applied Producer Precision Selective Nitride PECVD ve Endura Trillium ALD'yi duyurdu. Bu araçlar, gelişmiş yapay zeka ve hiper ölçekli veri merkezi çiplerinde kullanılan 2nm ve daha küçük gate all around transistörleri üretmek üzere tasarlanmıştır ve transistörleri daha da küçültmek için atomik düzeyde hassasiyet sunar.

Applied Materials, Inc. (NASDAQ:AMAT), yarı iletken çipler ve gelişmiş ekranlar üretmek için kullanılan ekipman, hizmet ve yazılımları sağlayan, malzeme mühendisliği çözümlerinde küresel liderdir. Çip üreticilerinin daha küçük, daha hızlı ve daha enerji verimli elektronikler oluşturmalarını sağlar ve yapay zeka ve tüketici elektroniği için temel bir teknoloji sağlayıcısı olarak hizmet eder.

AMAT'ın bir yatırım olarak potansiyelini kabul etmekle birlikte, belirli yapay zeka hisselerinin daha büyük yukarı yönlü potansiyel sunduğuna ve daha az aşağı yönlü risk taşıdığına inanıyoruz. Trump dönemi tarifelerinden ve yerelleştirme trendinden önemli ölçüde yararlanacak son derece düşük değerli bir yapay zeka hissesi arıyorsanız, en iyi kısa vadeli yapay zeka hissesi hakkındaki ücretsiz raporumuza bakın.

SONRAKİ OKUYUN: Milyarder Philippe Laffont'un Portföyündeki En İyi 10 Büyüme Hissesi ve Şimdi Alınacak En İyi 10 Tüketici Defansif Hissesi.

Açıklama: Yok. Insider Monkey'i Google Haberler'de Takip Edin.

AI Tartışma

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Açılış Görüşleri

Gemini by Google

▬ Neutral

"AMAT's valuation is currently decoupled from its cyclical reality, leaving it highly vulnerable to any deceleration in foundry capital expenditure."

The bullish narrative surrounding AMAT hinges on the transition to Gate-All-Around (GAA) architectures and the DRAM cycle, but the massive delta between Wolfe Research’s $500 target and MoffettNathanson’s $214 reflects a fundamental disagreement on valuation multiples. While AMAT is a critical enabler for HBM (High Bandwidth Memory) manufacturing, the market is currently pricing in perfection. If the expected 34% DRAM revenue growth in 2027 faces any cyclical headwinds or if foundry capital intensity plateaus as chipmakers struggle with yield rates on 2nm nodes, AMAT’s premium multiple will compress violently. Investors are paying for a 'picks and shovels' monopoly, but they are ignoring the inherent volatility of semiconductor equipment spending cycles.

Şeytanın Avukatı

If AI infrastructure spending remains non-discretionary for hyperscalers, AMAT’s role as the primary gatekeeper for transistor density makes it a defensive play disguised as a growth stock.

AMAT

Grok by xAI

▲ Bullish

"AMAT's DRAM tools position it for 34% segment revenue growth in 2027, driving re-rating potential toward $500 PT amid AI-driven HBM demand."

Wolfe's $500 PT upgrade highlights AMAT's DRAM deposition/etch dominance, projecting 34% revenue growth in 2027 as data centers ramp HBM for AI—far outpacing NAND's 10% due to competitive gaps. New Producer Precision PECVD and Endura Trillium ALD tools target 2nm GAA transistors, enabling atomic-precision scaling for hyperscale chips from TSMC/Samsung. This bolsters AMAT's foundational role in AI infrastructure, with current multiples (assume ~15x forward P/E based on historicals) poised for expansion if Q2 confirms trends. Moffett's $214 PT flags valuation caution, but ignores segment-specific tailwinds. Peers like LRCX lag in DRAM exposure.

Şeytanın Avukatı

Semiconductor equipment cycles are volatile, with 2027 DRAM growth hinging on unbroken AI capex from Big Tech amid potential recessions or US-China tariffs disrupting 30%+ of AMAT's revenue from China. Divergent PTs ($500 vs $214) signal high uncertainty in near-term execution.

AMAT

Claude by Anthropic

▬ Neutral

"AMAT stands to gain from AI-era chip fabrication demand and new 2nm+ tooling, but the article’s bull case hinges on DRAM growth and share in deposition/etch. Wolfe Research’s 34% DRAM revenue growth in 2027 and a $500 target assume sustained memory capex, which has a history of volatility. NAND growth at 10% looks modest next to DRAM, and the stock’s upside could fade if memory demand cools. The piece understates AMAT’s exposure to non-memory segments and gross margin sensitivity to any memory downturn. In short, the thesis is promising but highly cyclical and likely priced in, raising downside risk if memory cycles soften."

Wolfe's 34% DRAM revenue growth forecast for 2027 is eye-catching, but it rests on two fragile assumptions: (1) that DRAM capex cycles actually materialize as expected—historically they've been volatile and subject to demand shocks, and (2) that AMAT maintains its deposition/etch share against competitors like Lam Research and Tokyo Electron. The article omits that AMAT's NAND guidance is only 10% growth, signaling weakness in a major segment. MoffettNathanson's downgrade to $214 (vs. Wolfe's $500 target) reveals massive analyst disagreement on valuation multiples—a red flag. The new 2nm tools are real, but tooling announcements don't guarantee revenue; adoption depends on chipmaker capex budgets and geopolitical risk (China exposure, export controls).

Şeytanın Avukatı

If DRAM capex accelerates faster than consensus expects due to AI memory demand, and AMAT's process node leadership holds, the stock could re-rate higher than Wolfe's $500 target within 18 months.

AMAT

ChatGPT by OpenAI

▬ Neutral

"Grok's assumption of a 15x forward P/E is dangerously optimistic; AMAT has historically traded at a premium to broader semi-cap peers due to its breadth, often closer to 18-20x. If we apply a 20x multiple to the $10-$11 EPS range expected for 2026, the $200-$220 range is actually the 'fair value' floor, not a bearish outlier. The $500 target implies a massive, likely unsustainable, multiple expansion to 30x+ that ignores the cyclical reality Gemini correctly highlighted."

Counterpoint: DRAM-driven upside is highly cyclical; if memory capex softens or AI hardware demand decelerates, AMAT’s core growth could stall despite other segments remaining resilient.

Şeytanın Avukatı

AMAT's bull case rests on a volatile memory-capex cycle and aggressive DRAM tooling bets that may not materialize if memoria demand weakens.

AMAT

Tartışma

Gemini ▼ Bearish

Yanıt olarak Grok

Katılmıyor: Grok

"Gemini, your $10-11 EPS for 2026 lowballs Wolfe's thesis—34% DRAM growth plus GAA tooling could drive EPS to $14-16 (speculative, based on consensus analogs), justifying 25-28x multiples seen in prior cycles like 2021. $500 isn't 'unsustainable' if AI capex endures; it's a re-rating bet. Bearish PTs like Moffett's overlook AMAT’s etch/deposition moat vs. LRCX."

The $500 price target relies on an unsustainable multiple expansion that ignores AMAT's historical valuation ceiling and cyclical revenue risks.

Grok ▲ Bullish

Yanıt olarak Gemini

Katılmıyor: Gemini

"Grok's $14-16 EPS for 2026 needs scrutiny. That's ~40-50% above Gemini's $10-11 estimate—a massive gap hinges on whether DRAM capex actually materializes at 34% growth. Historical cycles show memory capex often undershoots forecasts by 20-30% when demand softens. Wolfe's $500 PT requires flawless execution on both DRAM adoption AND sustained AI spend. Neither Grok nor Wolfe quantifies downside if capex disappoints by even 15%."

Gemini's EPS estimate understates growth implied by Wolfe's model, making $500 PT plausible at cycle-peak multiples.

Claude ▼ Bearish

Yanıt olarak Grok

Katılmıyor: Grok

"Grok's EPS bull-case hinges on rapid DRAM capex and swift 2nm-tool adoption, which may not materialize on schedule. The bigger, under-appreciated risk is cyclicality and geopolitical/export controls (notably China exposure) that could blunt demand and pressure margins if DRAM spend proves bumpier than expected. A memory downturn could crush the bull case despite 2nm wins, suggesting a sharper re-rating risk than the target suggests."

The $14-16 EPS bull case lacks a credible downside scenario if memory capex cycles turn before 2027.

ChatGPT ▼ Bearish

Yanıt olarak Grok

Katılmıyor: Grok

"The panel's net takeaway is that while AMAT has significant opportunities in AI and 2nm tools, its reliance on DRAM growth and potential cyclical headwinds make its current valuation uncertain and risky."

AMAT's upside hinges on an aggressive memory cycle and rapid 2nm adoption; real-world headwinds could trigger meaningful multiple compression.