Why Applied Materials Stock Hit A New 52-Week High Today

Applied Materials, Inc. AMAT shares are trading higher by 4.63% to $152.90 Friday afternoon. Shares of semiconductor and chip stocks are trading higher after Intel Corporation and KLA Corp reported strong quarterly results.

See Also: Intel's Q2 Results Get Mixed Reactions From 4 Analysts: 'AI Contribution Remains Modest'

What Happened With Intel?

Intel announced its second-quarter revenue of $12.9 billion, representing a 15% year-over-year decrease. The reported revenue exceeded the analyst consensus estimate of $10.97 billion. The company achieved earnings per share of 13 cents, outperforming the Street consensus estimate of a loss of 3 cents per share.

Intel CEO Pat Gelsinger expressed satisfaction with the second-quarter results, stating that they surpassed the high end of their guidance. He highlighted the successful execution of their strategic priorities, which includes gaining traction with their foundry business and delivering on their product and process roadmaps...Read More

According to data from Benzinga Pro, AMAT has a 52-week high of $153.28 and a 52-week low of $71.12.