Applied Materials, Inc. (NASDAQ: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.

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