Applied Materials jumped 15% in a single trading session but remains more than 30% below its previous highs. The semiconductor equipment maker is scheduled to report fiscal Q3 2026 earnings on August 13, with analysts expecting earnings per share of $3.38. The company posted record revenue of $7.91 billion for Q2 FY2026, reported on May 14, an 11% increase year-over-year. Non-GAAP earnings per share came in at $2.86, up 20% compared to the same period a year earlier. The driving force is explosive demand for semiconductor equipment used in manufacturing AI chips, DRAM, and advanced packaging technologies, leading Applied Materials to raise its full-year outlook. The company makes equipment that chipmakers use to fabricate chips, and it has been identified among top semiconductor names expected to lead a multi-trillion-dollar equipment and chip rally through 2026. Its main competitor, Lam Research, is riding a similar wave, but Applied Materials’ breadth across logic, memory, and packaging gives it a diversified edge. The stock was crushed during the broader semiconductor selloff earlier this year, and investors haven’t fully bought back in. If Applied Materials delivers another beat-and-raise quarter, with EPS clearing the $3.38 consensus, the stock could have significant room to run. The semiconductor supply chain it anchors has implications for crypto mining and blockchain infrastructure, as every Bitcoin miner, ASIC chip, and GPU depends on