Applied Materials: Solid Results/Guide; Demand Accelerating as Customers Find Incremental Cleanroom Space in CY26; Visibility Into CY27 Suggests Continued Strong WFE Growth; Reit OW-20260814

• Modest F3Q beat driven by record Semi Systems strength, with margins holding above 50%... F3Q revenue of $9.12B (+15% Q/Q, +25% Y/Y) came in modestly ahead of Street expectations ($9.02B), driven primarily by Semi System revenues of $7.04B (+18% Q/Q, +27% Y/Y), with strength concentrated in F/L (GAA and FinFET capacity additions) and DRAM, which Sources for: Style Exposure – J.P. Morgan Global Markets Strategy; all other tables are company data and J.P. Morgan estimates. J P M O R G A N North America Equi ...