Applied Materials Surges 11% Ahead of Fiscal Q4 Earnings Report Due November 12

Applied Materials stock surged roughly 11% on November 9, with shares reaching $370.81 in afternoon trading, as chipmaking equipment stocks rallied broadly ahead of the company's fiscal fourth-quarter earnings report scheduled for after market close on Thursday, November 12. The stock closed up approximately 10.90% on the session, with AMD gaining 13.55% and Broadcom rising 9.28% on the same day. Lam Research also jumped 9% and ASML gained 6%, reflecting sector-wide momentum.

Analysts heading into the report expect Applied Materials to post earnings per share of approximately $2.44 for the quarter. The company has benefited from strong artificial intelligence infrastructure demand and reported solid fiscal third-quarter growth earlier in the year. Shares have returned roughly 127% over the past three years, though some analysts now view the stock as trading above fair value at its current price-to-earnings ratio of about 30 times normalized earnings.

The pre-earnings rally comes against a backdrop of a broader market rebound after the S&P 500 had fallen to around 7,376, its lowest level since late July, representing a roughly 6% decline from its year-to-date high. Applied Materials also announced a cash dividend of $0.53 per share with an ex-date of November 19, 2026. Nvidia was a notable exception to the sector rally, falling 5.09% on the same day the equipment names surged.