Applied Materials posts record Q4 revenue of $10.4B, forecasts WFE growth over 30% in 2027

Applied Materials' record results and its forecast of more than 30% wafer fab equipment growth in 2027 suggest the AI buildout is still translating into physical capacity orders rather than just chip demand, with advanced logic, DRAM and advanced packaging named as the tight spots. That matters for the broader semiconductor supply chain, where customer capacity needs are described as far exceeding supply — a signal that equipment lead times and allocation, not end-market appetite, may be the binding constraint. Whether the company's confidence in outgrowing the market holds as that capacity is absorbed is the open question.