The semiconductor market is facing a supply crisis in 2021, and Applied Materials (NASDAQ: AMAT) is all set to make the most of it, as the company's latest quarterly results indicate. The supplier of semiconductor fabrication equipment and services handsomely beat Wall Street's fiscal 2021 first-quarter expectations.
This wasn't surprising, as Applied Materials was riding on solid tailwinds going into the quarterly report, the biggest being a global shortage of chips that could trigger increased capital expenditures by chipmakers this year. The favorable business conditions have sent Applied Materials stock soaring in 2021, and the company's outlook indicates that it is primed for more upside.
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