Core Viewpoint - Applied Materials, Inc. (NASDAQ:AMAT) is experiencing positive growth driven by rising AI adoption and increased investment in advanced semiconductors and wafer fab equipment, despite facing challenges in market share in China and exposure to Intel [2][3]. Financial Performance - In fiscal Q3 2025, Applied Materials generated nearly $8 billion in operating cash flow and $5.7 billion in free cash flow, with capital spending of $2.3 billion primarily for the new EPIC Center [4]. - The company returned $1.4 billion to shareholders through cash dividends, maintaining a strong dividend growth record [4][5]. Dividend Policy - Applied Materials has raised its dividend for eight consecutive years, with an average annual growth of around 15% over the past decade, returning close to 90% of free cash flow to shareholders [5]. Market Position - The company is well-positioned at key technology inflection points, particularly in leading-edge logic, DRAM, and advanced packaging, as next-generation technologies move toward volume production [3]. Analyst Insights - Mizuho raised its price target for Applied Materials to $245 from $205, citing an improved outlook for wafer fab equipment spending, while maintaining a Neutral rating due to concerns about market share loss in China and exposure to Intel [2].