Applied Materials (AMAT): record quarters, a stock 30% below its June 30 peak, and new funds in the 13F

Applied Materials closed at $507.03 on October 9, 2026, worth $402 billion. Over twelve months the stock is up 130%, but its highest close of that period was $723.00 on June 30, 2026 — and it has fallen 29.9% since. That date matters for one reason: it is the price at which every second-quarter 13F values the stock, so the fund positions below look about 30% bigger than they are today. No 8-K from the company in that period explains the fall.

A record quarter and a higher outlook

In its fiscal third quarter, ended July 26, 2026, Applied reported record revenue of $9.12 billion, up 25% from a year earlier, with a GAAP gross margin of 50.3% and earnings per share of $3.17 (+43%). The company called it “the highest sequential revenue growth in the company’s history.” It returned $860 million to shareholders ($440 million in buybacks and $420 million in dividends) and guided to fourth-quarter revenue of $10.25 billion, plus or minus $500 million. China was 28% of revenue, down from 35% a year earlier, while the United States rose from 9% to 15%.

Annual revenue grew slowly from fiscal 2022 to 2025, and fiscal 2025 profit was slightly below 2024’s; the acceleration is in the 2026 quarters. The quarterly dividend went from $0.46 to $0.53 (+15%) with the May 2026 payment, and by our count the annual total has risen eight years in a row.

Who held it at the end of June

Fourteen of the 38 managers held Applied at the end of June (Baillie Gifford with just 52 shares), up from 10 in March, but they held fewer shares in total: 11.0 million against 13.2 million. The count rose because of new holders — Stephen Mandel’s Lone Pine and Brad Gerstner’s Altimeter, both for the first time in this site’s records, and John Armitage’s Egerton, back after selling out in 2023 — while most existing holders sold. Philippe Laffont’s Coatue, the largest by far, cut 20%; Steve Cohen’s Point72 and Israel Englander’s Millennium cut about two-thirds; Lee Ainslie’s Maverick nearly sold out. A 13F does not say on which day of the quarter shares were traded.

Insiders

In the three months to early October no insider bought shares. Three sold $4.45 million in total, none under a 10b5-1 plan marked on the form: finance chief Brice Hill ($3.59 million), director Judy Bruner ($0.47 million) and controller Adam Sanders ($0.39 million). In August the board added Akash Palkhiwala as a director and audit committee member. Daily data is on the Applied Materials page. Not investment advice.