2024-05-31 04:11:02 ET
Applied Materials, Inc. (AMAT)
Bernstein's 40th Annual Strategic Decisions Conference
May 30, 2024 2:30 PM ET
Company Participants
Gary Dickerson - President and Chief Executive Officer
Conference Call Participants
Stacy Rasgon - Bernstein
Presentation
Stacy Rasgon
Thank you for coming. Good afternoon, I'm Stacy Rasgon, I cover the U.S. Semiconductor and semi cap equipment space here at Bernstein. And it's been a great honor to introduce our guest, the President and CEO of Applied Materials, Mr. Gary Dickerson.
Before we start, I want to mention you have -- if you want to ask questions, there should be a QR code in your program that you can link to our pigeonhole form where you can put questions in and submit them, and we will have time for our Q&A at the end.
So let's go, I love semi cap just -- it's in my blood, like my former life, I built Plasma Etchers, and so I've been in and around this for a long time. The industry itself, I think, has been enjoying a real renaissance over the last several years, and it's really come into its own. I think it's both the industry growth and it seems the industry capital intensity have been continuing to inflect higher.
I think the contributions from companies like Applied Materials are more important than ever before as materials-driven innovation moves to the forefront of process technology development as physical limits get closer and closer. And to that end, semi cap has really been becoming top of mind for many of my clients. They are the near-term questions of, of course, cycle in China. And I'm sure we'll get into some of those.
But I mean increasingly getting people looking at the longer-term potential of this industry is to start to view it on more secular rather than purely cyclical terms. And -- so to tell us all about that, it gives me great pleasure to welcome, Gary. So thank you so much for coming today. I really appreciate it.
Gary Dickerson
Thank you, Stacy. Really happy to be here.
Question-and-Answer Session
Q - Stacy Rasgon
So let's talk about like maybe how we got here. And it's like 2023, when you here a year ago, we were looking for 2023 to be sort of be like the cycle trough, and we were looking for I think at the beginning of this -- for ‘24, at least we were looking at for $70 billion in industry WFE or something like that. And -- we did mid-90s, right?...
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Applied Materials, Inc. (AMAT) Bernstein's 40th Annual Strategic Decisions Conference