Applied Materials Rallies 8% Ahead of Earnings as Chip Stocks Rebound; Lam Research Jumps 9%, KLA Climbs 7%

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Chip equipment stocks are snapping back from a brutal month just as Applied Materials prepares to report. A cautious look at China and AI order strength could decide whether this bounce holds or fades.

Chip equipment stocks are rallying sharply from a rough month, and one equipment leader heads into its earnings report riding that momentum. Applied Materials (NASDAQ:AMAT) stock is at $403.44 in afternoon trading, up 8%. The company is scheduled to report its Q4 FY2026 results on November 12, ending a year in which it has ranked among the sector's biggest winners.

Two close rivals are rallying alongside Applied Materials. Lam Research (NASDAQ:LRCX) stock is at $241.43, up 9%. At the same time, KLA (NASDAQ:KLAC) stock is trading at $163.49, up 7%.

The broad chip rebound traces back to CoreWeave (NASDAQ:CRWV), which reported a beat-and-raise quarter after the close on November 10. CoreWeave's results revived the AI trade. They also relieved fears about how AI data center buildouts get funded (we highlighted seven suppliers supporting that expansion, from power to cooling, in a free report you can grab here). Equipment makers such as Applied Materials benefit because chipmakers buy their tools to add capacity for AI chips and high-bandwidth memory (HBM).

Rates remain a drag in the background, and that makes the move in Applied Materials stand out. Austan Goolsbee called the latest inflation report "borderline disturbing" as the Federal Reserve weighs more rate hikes. That background hasn't slowed buyers returning to AI hardware names.

Many successful investors eventually reach the same moment. The saving is done, the portfolio is built, and the question quietly changes from how much can I grow this to how much can I take out? Get that second question wrong and decades of good investing can come apart in a handful of years.

Applied Materials stock had dropped 20% over the past month before this rebound, part of a steep pullback across semiconductor names. Lam Research fell harder, sliding 24% over the same stretch, and its gain is the largest of the group even though it isn't the one reporting.

Both Lam Research and KLA said on their October earnings calls that they expect…

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