Applied Materials targets $5B packaging revenue with >60% HBM SAM share
BenBajarin · x · 2026-10-14
Applied Materials investor deck shows strong positioning in advanced packaging:
- Packaging revenue growing from $0.5B (CY20) to $1.4B (CY25), >$2.4B expected in CY26 (+70%); targeting >$5B annual revenue within a few years
- Applied enables 75% of HBM packaging process steps with >60% SAM share, expecting >$1B CY26 revenue
- Hybrid bonding covers 80% of its process flow; HBM-related SAM roughly doubles per 100K WSPM, from $400-500M to $800M-1B
- Portfolio spans 3D IC and co-packaged optics; expects to outperform the packaging market through 2030
Author Ben Bajarin argues $amat is well positioned if you believe in advanced packaging for logic and memory, plus scale in optics by end of decade.
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