Applied Materials
AMATQ1 2024Estimated10% AI
AI Revenue %
10%
AI Fair Value
$11.1B
AI Revenue (Q)
$670.7M
Total Revenue (Q)
$6.7B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Semiconductor Systems = $4,909M of $6,707M total. DRAM surged to 34% of Sem Systems (from 13% YoY), largely driven by HBM investment for AI GPUs. DRAM revenue = $4,909M x 34% = ~$1,669M. Estimated HBM portion of DRAM: ~30-40% (HBM was the primary driver of DRAM technology transitions at this point), so ~$500-$667M HBM. Foundry/logic dropped to 62% as leading-edge spending was DOWN ('lower customer investments in leading-edge manufacturing technologies'). Some portion of foundry/logic serves AI (maybe 5-10% of that 62%). Conservative math: HBM ~$550M + leading-edge AI logic ~$120M = ~$670M AI-related of $6,707M total = ~10%. Math: $6,707M x 10% = ~$671M estimated AI revenue.
Analyzed by claude-opus-4-6
Quoted Figures
Foundry and logic customers spending decreased in the three months ended January 28, 2024 compared to the same period in the prior year driven primarily by lower customer investments in leading-edge manufacturing technologies, partially offset by increased customer investments in mature manufacturing technologies.
MD&A, 10-Q ended Jan 28, 2024
Memory customers spending in the three months ended January 28, 2024 was higher as compared to the same period in the prior year due to increased investments in technology transitions.
MD&A, 10-Q ended Jan 28, 2024
Semiconductor Systems $4,909M; Foundry, logic and other 62%, DRAM 34%, Flash memory 4%
Segment Data, 10-Q ended Jan 28, 2024
AI Products Identified (Ring 1)
HBM manufacturing equipmentLeading-edge depositionAdvanced packaging (CoWoS-type)Etch systems for AI accelerator chips
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Mature node foundry equipment (ICAPS)Flash memory equipmentNon-HBM DRAM equipmentDisplay equipmentApplied Global Services
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix