Applied Materials Inc. (AMAT): Billionaire Ken Fisher Remains Positive on Semis

Applied Materials, Inc. (NASDAQ:AMAT) is one of Billionaire Ken Fisher’s 15 Most Notable Moves for 2026.

Applied Materials, Inc. (NASDAQ:AMAT) is a classic example of Fisher’s excellent stock picking acumen. The company featured in the 13F portfolio of his fund between 2010 and 2012, as smartphones and the chips inside them exploded into popularity around the world. However, Fisher closed this position in early 2012. In 2020, even before the AI craze had picked up full steam, Fisher once again opened a sizable position in the semi stock. Since then, Applied has consistently featured in the 13F portfolio of his fund. At the beginning of 2025, Fisher trimmed this stake by close to 90%, further selling shares in the ensuing quarters. During the fourth quarter of 2025, Fisher upped this stake again by close to 64%.

This topsy-turvy relationship of Applied Materials, Inc. (NASDAQ:AMAT) with a top hedge fund perhaps best encapsulates the overall sentiment around semi stocks. Even as AI pushes chip demand to record highs, trade wars between the US and China, and geopolitical tensions in the Middle East, have increased uncertainty around mega AI deals, especially as data centers take center stage in global conflicts. However, semi stocks are still racing each other to cross trillion dollar valuations.

Applied Materials, Inc. (NASDAQ:AMAT) provides materials engineering solutions, equipment, services, and software to the semiconductor and related industries in the United States, China, Korea, Taiwan, Japan, Southeast Asia, Europe, and internationally.

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