Applied Materials reported fiscal Q1 earnings on Feb 12 and beat expectations. Revenue came in at $7.01 billion versus the $6.88 billion expected, and EPS was $2.38. The stock moved up 8% on the news. Management raised guidance for the next quarter and indicated that AI spending is driving demand for their manufacturing tools, particularly for high-bandwidth memory. They mentioned that cleanroom capacity is currently the main bottleneck rather than order volume. Analysts have raised price targets, with some seeing growth continuing through 2027.