Applied Materials
AMATQ4 2025Estimated16% AI
AI Revenue %
16%
AI Fair Value
$24.8B
AI Revenue (Q)
$1.1B
Total Revenue (Q)
$6.8B
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
10-K annual filing. Full year: Semiconductor Systems = $20,798M, AGS = $6,385M, total = $28,368M. Sem Systems end-use: foundry/logic 67%, DRAM 26%, NAND 7%. Two customers ~19% and ~15% of annual revenue. Sem Systems gross margin improved to 54.2% (from 52.9%). Implied Q4 = $28,368M - $21,568M = $6,800M. Full year DRAM = 26% of Sem Systems = ~$5,407M. HBM was a significant portion of DRAM investment throughout FY2025. Leading-edge foundry spending (TSMC advanced nodes for AI) was the primary growth driver. Restructuring charges of $181M suggest some business realignment. Math: $6,800M x 16% = ~$1,088M estimated AI revenue for Q4.
Analyzed by claude-opus-4-6
Quoted Figures
Semiconductor Systems net revenue $20,798M [FY2025]; Foundry, logic and other 67%, DRAM 26%, Flash memory (NAND) 7%
Segment Note, 10-K ended Oct 26, 2025
During fiscal 2025, two customers accounted for approximately 19% and 15%, respectively, of our net revenue.
Segment Note, 10-K ended Oct 26, 2025
Semiconductor Systems gross margin 54.2% [FY2025], 52.9% [FY2024]
Segment Note, 10-K ended Oct 26, 2025
AI Products Identified (Ring 1)
HBM manufacturing equipmentAdvanced packaging (CoWoS)Leading-edge deposition for AI chipsEtch and metrology for AI acceleratorsAdvanced wafer packaging
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)NAND memory equipmentNon-HBM DRAM equipmentDisplay equipmentApplied Global Services (non-AI portion)
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix