Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTYiannis ZourmpanosFri, July 3, 2026 at 9:30 PM GMT+2 4 min readA concept image of space_ Image by Canities via Shutterstock_AI infrastructure construction fever is turning semiconductor equipment companies into the market's most successful players, and few have benefited from that trend as much as Applied Materials (AMAT). AMAT stock hit new highs after the investment bank KeyBanc Capital Markets hiked its price target to $750, and then Sesquania followed up with a $900 price target—the highest among all Wall Street analysts. These price hikes are based on AMAT's strong potential for long-term earnings and undervaluation compared to rivals.But just a few weeks ago, Applied Materials reported another record earnings period while raising its forecast for the semiconductor equipment market as hyperscalers, memory manufacturers, and foundries increase their spending on AI infrastructure construction. This has made many wonder whether the stock run has already peaked or if there is room left for further growth.More News from BarchartCisco Is Up 46% and Oracle Is Down 25% in 2026. The Better Dividend Buy Might Surprise You.