Applied Materials: Takeaways from DRAM & Advanced Packaging Master Class

研报英文原文证据摘录

Applied Materials: Takeaways from DRAM & Advanced Packaging Master Class

Deutsche Bank

Research

Rating Company Date

Buy Applied Materials 25 June 2026

Company Update

North America

United States

Reuters Bloomberg Exchange Ticker Price at 25 Jun 2026 (USD) 668.00

AMAT.OQ AMAT US NSM AMAT

Price target 550.00

TMT

640.18 -

Semicap Equipment 52-week range 156.25

Takeaways from DRAM & Advanced

Valuation & Risks Packaging Master Class

Melissa Weathers

Earlier today, AMAT hosted a master class diving deep into the DRAM and

Research Analyst

Advanced Packaging markets, two of the fastest-growing parts of the WFE +1-212-250-2134

industry. The event emphasized the critical role these technologies play in the AI era

and how AMAT's inflection-focused innovation strategy is driving growth in these Ross Seymore

areas. Key highlights included a detailed roadmap for emerging DRAM inflections,

+1-415-617-3268

advancements in advanced packaging techniques like panel substrates and hybrid

bonding, and the increasing importance of specialized process control in these

domains. The company also introduced several new products designed to address

specific materials engineering challenges, reinforcing its leadership in these critical

segments of the WFE market.

DRAM Inflections: Scaling, Performance, and Power

AMAT underscored its significant share gains in DRAM, moving from below 15%

in 2013 to the #1 position today. The company outlined five emerging DRAM

inflections in the coming years aimed at improving density, performance, and

power consumption, particularly in the context of AI workloads:

n EUV Patterning: Greater use of EUV to scale DRAM capacitor arrays, word

lines, bit lines, and shallow trench isolation. AMAT's SIM3 Y Magnum