Applied Materials (AMAT) is set to report its Q2 2026 earnings after the market close on May 14, with shares having risen by 179.83% over the past 52 weeks versus the S&P 500's gain of 30.73% and the XLK technology ETF's gain of 61.32%. The EPS consensus is estimated at $2.66, representing an 11.3% increase compared to $2.39 in the previous-year quarter. Management's Q2 2026 guidance issued in February projected revenue between $7.15 billion and $8.15 billion, with the midpoint implying a step-up from the $7.01 billion reported in Q1 2026. The street consensus estimate for the July quarter stands at $2.94, up almost 19% YoY, while annual fiscal 2026 EPS is expected at $11.14, an 18% increase relative to $9.42 for FY25. Applied Materials has the highest exposure to DRAM among its semiconductor equipment peers, comprising 31% of calendar 2026 revenue based on Morgan Stanley research, driven by AI demand for high-bandwidth memory (HBM). CFO Brice Hill mentioned the company's plan to achieve more than 20% semiconductor equipment business growth in calendar 2026. Customer capital expenditures for Taiwan Semiconductor are expected to reach $54 billion in 2026, and for Micron to reach $25 billion.