Applied Materials at Goldman Sachs Conference: Strategic Growth in AI and Packaging

On Tuesday, 09 September 2025, Applied Materials (NASDAQ:AMAT) presented at the Goldman Sachs Communicopia + Technology Conference 2025. CEO Gary Dickerson outlined the company’s strategic position in the semiconductor industry, highlighting opportunities in AI-driven demand and advanced packaging. While the company anticipates a near-term slowdown in the iCAPS market due to previous overspending, Dickerson expressed confidence in continued growth, driven by innovation and co-innovation with customers.

Key Takeaways

• Applied Materials is positioned for its sixth consecutive year of revenue growth.
• The company plans to double its advanced packaging business to $3 billion.
• AI is seen as a major growth driver, with significant potential in data center wafer starts.
• Investments in U.S. facilities, such as the EPIC Center, aim to boost co-innovation.
• Export controls present challenges, but the company remains optimistic about its competitive edge.

Financial Results

• Revenue growth is expected to continue for a sixth consecutive year.
• The service business is growing at a double-digit compound annual growth rate, with a run rate over $6 billion.
• Display operating profit reached the mid-20% range last quarter.
• The advanced packaging business is projected to expand from over $1.5 billion to $3 billion in the coming years.

Operational Updates

• AI is identified as a significant growth inflection, increasing demand for compute innovation.
• The iCAPS market faces a digestion period after previous overspending.
• The EPIC Center in Silicon Valley is set to launch in spring next year, enhancing technology inflections.
• Applied Materials is investing a few hundred million dollars in Arizona manufacturing facilities.
• The company boasts a unique packaging R&D facility, enabling full-flow packaging.

Future Outlook

• The iCAPS segment is expected to achieve mid to high single-digit growth in the long term.
• Advanced packaging business is set to double to $3 billion.
• A rise in OLED for IT display presents new opportunities.
• Leading-edge foundry logic is projected to have a strong compound annual growth rate.
• The company is exploring material innovation in adjacent markets.

Q&A Highlights

• Export controls limit competition in certain markets, but the company remains focused on areas without restrictions.
• AI is expected to drive data center wafer starts beyond PCs and smartphones.
• DRAM customer spending has increased by around 50% this year.
• The company has consistently grown its services business for 24 quarters.

In conclusion, Applied Materials remains optimistic about its strategic position and growth prospects in the semiconductor industry. For more detailed insights, refer to the full transcript below.

Full transcript - Goldman Sachs Communicopia + Technology Conference 2025:

Jim Schneider, Semiconductor Analyst, Goldman Sachs: Okay, let’s go. Good morning, everybody. Welcome to the Goldman Sachs Community Co-PA Technology Conference. My name is Jim Schneider. I’m a semiconductor analyst here at Goldman Sachs. It’s my pleasure to welcome Applied Materials and CEO Gary Dickerson to the stage today. Welcome, Gary.

Gary Dickerson, CEO, Applied Materials: Oh, thank you, Jim. Happy to be here.

Jim Schneider, Semiconductor Analyst, Goldman Sachs: Thanks for being here. Maybe just kind of, you know, given your long-standing experience in this industry, you’ve seen many industry cycles. You’ve been the Chair of the home of Applied since 2013. Seems to me over the last five years, there’s been some real confluence of secular and cyclical dynamics in the industry for Semicap, a series of onshoring initiatives globally, U.S., Europe, Japan, China. At the same time, we’ve seen a number of technology changes from gate-all-around logic to 3D memory structures and the like. During the earnings call last month, you guided your October core revenue below the Street. I’ve gotten an increasing number of investor questions asking whether this could be or signal the top of a down cycle. I’d love to get your perspective on whether you believe that’s the case or not.

Gary Dickerson, CEO, Applied Materials: Yeah, I would say that, you know, for Applied Materials, we’ve grown revenue. This will be the sixth year in a row. We’re on track for the sixth consecutive year of revenue growth. In terms of the industry, AI is the biggest inflection of our lifetimes. AI and robotics, I think, are the biggest productivity accelerators of our lifetimes. That is driving an increase in demand for compute and also for compute innovation. If you think about AI as the key driver for the industry, the segments that will grow the fastest are also the segments where Applied Materials has clear leadership: leading edge foundry logic, compute memory with DRAM and high-bandwidth memory, and also advanced packaging.

If you think about what we see going forward, I think the industry going to a trillion dollars by 2030, being driven by the biggest inflections of our lifetimes that touch every single industry, that’s really what our customers are focused on. Really, if you look at that, two-thirds of the market, there are just a handful of customers that are racing for leadership. You have three companies in leading edge foundry logic, three companies in DRAM and compute memory. For those companies, what is absolutely crucial is being first to market for the architecture inflections. That’s really everything. Design wins for those companies are based on performance, yield, and reliability around those inflections. Applied Materials is in by far the best position to enable, strategically enable design wins for our customers. Our portfolio is unique. We have a very broad portfolio of materials innovation technologies.

We have about 30% of our revenue coming from integrated platforms that are absolutely crucial for those inflections. We have integration innovators uniquely in the industry. We’re driving high-velocity co-innovation with all of those different companies, many technology nodes out in the future, four technology nodes a decade out in the future. For our customers, we’ve never had deeper or broader relationships. From an Applied Materials perspective, our focus is really to be the most enabling company for those inflections because that’s really life and death for our customers. We are much larger than our next closest competitors relative to our market share in those big markets, the amount of enabling technologies we have. For every one of these architecture inflections, there are a few tipping points that determine who wins and loses.

When the customers are racing for gate all-around or backside power or new DRAM architectures or new packaging architectures, we have incredibly unique capabilities, unique innovators, and very deep connectivity with all of those different companies. There are just a few of those companies where Applied Materials is by far the leader, and I have very high confidence that we are going to continue to lead and gain share through these architecture inflections. Regarding your question about downturn, I just don’t see that. Certainly, another part of the market is iCAPS: IoT, communication, auto, power, sensors. There is a period of digestion now. If you look at 2023 and 2024, the two previous years, there was tremendous investment in iCAPS. iCAPS is down this year. We formed our iCAPS group actually April 12, 2019. I still remember when we pulled that group together.

Applied Materials has a very unique capability in this segment of the market. I feel really good. We can talk about that later, about our ability to perform really well going forward in the iCAPS market. The near term is really part of it being driven by this digestion in iCAPS, where you had just tremendous spending the previous two years.

Jim Schneider, Semiconductor Analyst, Goldman Sachs: Yeah, yeah, that makes sense. We can get to.

Gary Dickerson, CEO, Applied Materials: I think a year from now, this whole thing on downturn, we won’t be talking about that. It’ll be very clear.

Jim Schneider, Semiconductor Analyst, Goldman Sachs: Excellent, excellent. Very good. Maybe if we can kind of unpack some of the different moving pieces there, let’s talk about leading edge foundry logic. Clearly, you’ve had a lot of market share strength with Gate-All-Around, backside power. Those seem very relevant. Maybe talk about your position at the top customers in the industry. As you mentioned, very concentrated, especially in the leading edge foundry logic space.

I get a lot of investor questions wondering why you see a bit of an air pocket in that segment when others are guiding for relative strength. Maybe you can help investors contextualize.

Gary Dickerson, CEO, Applied Materials: I think leading edge foundry logic, we’re still performing incredibly well. As I said, we have deep visibility. I mean, we really are co-innovating with all of those different companies. We have a really good understanding of performance, yield across that whole landscape. I think it’s also lumpy so that really the revenue is dependent on the timing of fab ramps. You don’t have many customers there. There’s been even more market concentration. Really the revenue timing is more dependent on the ramp timing. Again, from a standpoint of Applied’s position, as you go through these architecture inflections, every single inflection, our customers are focused on energy-efficient computing. 10 to 15% improvement in power, 20 to 30% improvement in performance. They also are focused on 10, 20% improvement in area scaling. Now more of the area scaling and really all of the power and performance is enabled by materials innovation.

The areas where Applied has tremendous strength, far stronger than any of our competitors.

Jim Schneider, Semiconductor Analyst, Goldman Sachs: Yeah. You talked about iCAPS a moment ago. You talked about some potential digestion given all the capacity that’s been built. Can you specifically address China? What do you see as a forward demand outlook from your Chinese customer set, Chinese WFE spending writ large? Do you think there’s a digestion in China as well as broader iCAPS?

Gary Dickerson, CEO, Applied Materials: Yeah, so I would say again, iCAPS, we are in this period of digestion, as I talked about earlier. The previous two years, you had very strong spending in iCAPS, including in China. In 2025, the spending is less. There is going to be a period of time where we go through this digestion. Longer term, I would say that iCAPS we see is kind of mid to high single-digit growth rate. If you think about robotics, edge AI feeding into, you know, all of the large language models in so many different kinds of applications, power electronics for the grid, for, you know, the automotive industry, image sensors, again, in so many different kinds of applications. We think that’s going to grow kind of a mid to high single-digit growth rate.

You do have a period of digestion that we’re working through that will take, you know, some more time. Once you get through that, we do think that, again, that market’s going to grow kind of mid to high single digits. From an Applied Materials standpoint, I mentioned we formed that group in 2019. We’ve performed really well in iCAPS, bringing many new products to market. I think our strategy is different than some of our peers. We’re not focused on just incremental modifications to existing architectures. We are definitely focused on, we have integration innovators in iCAPS just like we do on the leading edge. On power, image sensors, any of those different device verticals, we’re co-innovating with customers in iCAPS also.

We have a very robust pipeline of new products, products that will expand our total available market in iCAPS that are significant innovations that are important for design wins for our customers in those verticals. Another thing we’re focused on through a large part of our portfolio is cost innovation. For Applied Materials, our main focus is to be the most enabling company for our customers in every one of those segments because that’s strategically critical to their competitiveness and their design wins. That enables us also to win ties in the areas that are cost competitive. We can’t win the ties if we don’t have those cost competitive products. I would say more so than ever that pipeline of innovations that we’re driving in iCAPS, both in areas that expand our total available market and improve our cost competitiveness, those are key strategies that we’re driving in Applied Materials.

I feel very positive that we will do well where we can compete. There are export controls that have limited our ability to compete in certain customers. That is something that certainly has impacted our near term. I feel really good about competing where we can compete. There is going to be, again, this digestion period in iCAPS as also the customers, new customers are ramping yields. That’s also going to create some type of digestion period. Over time, again, all of this edge AI, robotics, these are areas that we feel the market opportunities are good over the longer term, kind of mid to high single-digit growth rate.

Jim Schneider, Semiconductor Analyst, Goldman Sachs: Fair enough. I know another one relative to China. Recently, a couple of weeks ago, we got an announcement out of the U.S. government that the license exemption for multinationals in China, Samsung, SK hynix, Intel, and TSMC had been rescinded starting early 2026. I’m just wondering if that is the same or different issue than you noted on your last conference call relative to license and maybe serve in the medium term. You know, what impact do you expect from that change?

Gary Dickerson, CEO, Applied Materials: I’m not going to speculate on, you know, trade policies or, you know, the geopolitical policies, those types of things. Obviously, there’s a lot of dynamics that are happening there. What we talked about on the licenses were products where we’re not restricted, where we’re just not seeing anything flow. I think that’s been something over the past several months that many people have seen, that same type of situation. I know some of the other tech companies have commented on that. I think that, and then on the multinationals that are in China, that’s really a different issue.

Jim Schneider, Semiconductor Analyst, Goldman Sachs: Yeah.

Gary Dickerson, CEO, Applied Materials: I can’t really speculate on, you know, how that will play out over time.

Jim Schneider, Semiconductor Analyst, Goldman Sachs: Okay, very good. Maybe you don’t want to talk about this, but I’m just kind of curious, given the preliminary tariff regime on semiconductors that’s out there from the administration, curious as to whether you think structurally that’s going to drive a sort of an increase in the U.S. fab spending domestically.

Gary Dickerson, CEO, Applied Materials: I think for sure the Trump administration is very focused on bringing more semiconductor manufacturing into the U.S. There’s no question about that. You see what’s happening with TSMC in Arizona and many different companies, both in the leading edge, also in the iCAPS space. That’s good for us for sure. We’re making investments in the U.S. We’re making investments in manufacturing. We talked about a few hundred million dollars investment that we made in Arizona. We have our EPIC Center, Equipment Process Innovation Commercialization Center, that will come online next year in Silicon Valley. That’s going to be a real accelerator for Applied Materials and the entire industry. I talk about everybody racing, racing for leadership in those architecture inflections.

Being able to have our customer innovators co-located with our innovators where Applied is, again, the clear leader in materials innovation is a really important strategy so that we can drive those innovations in parallel versus a slower serial type of an approach. We’re making big investments in the U.S. and also bringing those fabs to the U.S. where they don’t have an existing infrastructure in place also helps our service business. Our service business is over a $6 billion run rate, growing at a double-digit compound annual growth rate in the past and also going forward. As those companies are moving to new locations with very complex architecture innovations, again, we’re seeing more traction for our services. About two-thirds of our services today are long-term subscription agreements, so it’s very sticky. We’ve grown our service business 24 quarters in a row.

That gives us a tailwind to continue that double-digit growth rate in that large service business for Applied Materials.

Jim Schneider, Semiconductor Analyst, Goldman Sachs: Very good. I want to turn to the end markets for a moment. I know you don’t like to give a quantitative market estimate or outlook for WFE spending, but I’d love to get your perspective on directionally whether you think 2026 will be a growth year for the industry in light of the fact that you don’t think we’re entering a downturn. Within that envelope, do you think which of the end markets that you serve is going to perform best versus lag a little bit?

Gary Dickerson, CEO, Applied Materials: Yeah, as you said, I’m not going to guide on 2026, but what I would say, I’m highly confident, again, connecting with CEOs constantly, all the top companies, that the AI is going to drive. Our customers are telling us that data center wafer starts will pass PCs and smartphones. The growth in leading edge foundry logic, we feel very confident and very positive that the compound annual growth rate over time is going to be very strong. In compute memory for DRAM and high-bandwidth memory for AI, those are critical technologies. We talked about in our leading DRAM customers, that spending is up around 50% this year. We are restricted in China, so we can’t serve the China memory companies. That is something that’s offsetting this tremendous growth in DRAM. We’ve gained 10 points of share in a little over a decade in DRAM.

We can talk about the architecture inflections there later. We’re very positive on the growth rate in compute memory going forward. Packaging is another one where Applied, that’s really our strongest overall share position. There’s going to be tremendous innovation in how you connect all the computing components together. If you look at AI server architectures, the way they look three, four years from now will be very different than what they look like today. There are critical architecture inflections there. Everybody wants to go to larger body sizes where you can connect more computing components together. Obviously, power and performance is absolutely crucial. How you move data between all those computing components will be completely different in a few years versus what it looks like today. Applied really has deep connectivity into those markets.

iCAPS already talked about kind of a mid to high single-digit growth rate once we get past this period of digestion. NAND is up a fair amount this year off of a very low base. If we look at the overall WFE mix going forward, we would say that the foundry logic, leading edge foundry logic is a third, iCAPS is a third, memory is a third, more weighted towards DRAM, compute memory, then storage memory, NAND. That’s kind of the way we see it going forward. I’m actually extremely positive. We have high visibility relative to all of the fab investments. There’s over 100 fabs that are being built by customers today. The business is not linear because it depends on the timing of when those fabs are being built. You have a period of time now where you have digestion in iCAPS.

We’re very positive relative to a trillion-dollar semiconductor industry, kind of mid-teens capital intensity, and Applied, more of the spending going to materials innovation to enable power and performance architecture inflections over the next several years.

Jim Schneider, Semiconductor Analyst, Goldman Sachs: Great. Sounds like you got high conviction in the advanced leading-edge foundry logic business. Maybe talk, let’s unpack the advanced packaging segment for a second.

Maybe just give us a sense, or can you contextualize roughly what scale business is that for you today?

Gary Dickerson, CEO, Applied Materials: Yeah.

Jim Schneider, Semiconductor Analyst, Goldman Sachs: Going forward, you know, what growth rate you expect that to go at and how has that changed from maybe your expectations a year ago?

Gary Dickerson, CEO, Applied Materials: Yeah, so it’s over $1.5 billion. We’ve said that in the next few years, we can double that business again to around $3 billion. We’re in a very strong position with a broad portfolio of technologies. We’re working with customers innovating many nodes out in the future to new packaging architectures. I would say here you’re going to see tremendous architecture inflections over the next two or three years. People want to connect more of these computing components together, especially for AI servers. A lot of the innovation around those packaging architectures is really being driven by that inflection. Applied Materials not only has the broadest and most unique portfolio of technologies, we have new products that are in the pipeline that are really critical. Hybrid bonding is one that is going to be important for high-bandwidth memory, future architectures, and important for chiplets for logic.

Applied Materials also has a unique packaging R&D facility where we have full-flow packaging. We’re the only company that has that in the industry. Our customers, just like we’re talking about EPIC co-innovating for those advanced chip technologies as a game changer for Applied Materials and for our customers, we’re doing the same thing in packaging. We’re working with all of these companies, innovating on these new architectures. We’re even working with companies across the ecosystem on new packaging architectures. Very strong position, over $1.5 billion, growing to $3 billion, and it’s going to keep going from there. This is how you connect all these computing components together, which is really important to drive energy-efficient computing in the industry.

Jim Schneider, Semiconductor Analyst, Goldman Sachs: Great. DRAM, you touched on it before. I’d like to just explore it a little bit more. Can you maybe talk about, you previously talked about, I believe, 75% of incremental high-bandwidth memory steps for high-bandwidth memory you’re capturing. As this technology evolves, what’s a way to think about kind of how you benefit as we move from high-bandwidth memory 3E 12 high to 4 and 4E? If you want to maybe touch on 4F squared cells, what that means for you.

Gary Dickerson, CEO, Applied Materials: Sure. So yeah, high-bandwidth memory, we have a very high share. As you said, there’s like 19 new steps, 14 new steps. We have a very strong position. There is an architecture inflection where people will go to hybrid bonding for high-bandwidth memory. We have the leading technology to enable that inflection. We have a strong partnership with BESI, and that’s one of our integrated platforms. We have six technologies integrated into a single platform because as you’re driving these bonding technologies, all of that interface engineering and surface preparation is incredibly important for yield for those particular inflections. Very strong position in high-bandwidth memory, very high market share, and a very strong position enabling the key technologies for those future architectures. In DRAM overall, as I said, we’ve gained 10 points of overall DRAM share over a little over a decade.

In the future architecture inflections, you have FinFET for high-speed memory. That’s going to be a big inflection where Applied Materials has clear leadership and is enabling the inflection for our customers. In 4F squared and 3D DRAM, those are very big inflections that are really enabled through materials and architecture innovations. Applied Materials, when we’re working with any of these companies, when I’m meeting the CEOs of our customers, there are a handful of innovations that are the tipping points for any one of these different architectures. One of the CEOs and CTOs I talked to recently, the top three innovations for one of these future DRAM architectures were all from Applied Materials. Basically, the innovation won’t happen unless we can co-innovate around those enabling technologies. We have very deep connectivity. We’re enabling this FinFET inflection. We’re enabling these architecture inflections where you’re going more vertical.

They are really enabled by materials innovations versus lithography. Over time, not only is the wafer fab equipment spending increasing, but more of that is moving to Applied Materials. Last thing on high-bandwidth memory, I don’t know if I mentioned this or not, but you have to start at least three times more wafer starts for high-bandwidth memory because the die sizes are bigger and the yields are lower. That’s another factor that’s driving growth in compute memory.

Jim Schneider, Semiconductor Analyst, Goldman Sachs: Yeah.

Gary Dickerson, CEO, Applied Materials: This is an area where Applied Materials has outperformed with 10% of share gain and is very well positioned to outperform going forward.

Jim Schneider, Semiconductor Analyst, Goldman Sachs: Great. One last one on process, which is deposition edge. You’re clearly the market leader in deposition. Can you maybe talk about the runway you believe you have in edge and where do you have an edge versus your competitors?

Gary Dickerson, CEO, Applied Materials: Yeah, we’ve been gaining share. We had our first $1 billion quarter in edge. We’ve been consistently gaining share in conductor edge, especially in DRAM, but also in foundry logic. We’ve gained share, especially with leading customers in foundry logic, significant market share with technology innovations we have within the edge business unit. The other thing I would say is that not only do we have great technology and great innovations that we’re enabling that have enabled us to gain several points of edge market share, there’s this concept of co-innovation. When you’re creating these new architectures, you’re creating new materials in those structures. You’re shaping those structures, modifying those structures. That’s a multi-billion-dollar business for Applied Materials. You’re analyzing those structures. We have great innovations within our edge business unit that are enabling us to gain share.

Even more important than that is our ability, when we bring a new deposition material to the market, we’re able to co-optimize that for customers so that they can accelerate time to market for those innovations. That’s another aspect that’s enabling us to grow. There’s significant opportunities for us to continue to grow edge share in memory as these new architectures are adopted and also in foundry logic.

Jim Schneider, Semiconductor Analyst, Goldman Sachs: Great. One last couple of questions on initiatives in your overall portfolio of business, if I could. You know, how are you feeling about the overall mix of business that Applied Materials has today? Are you sort of exclusively focused now on continuing to drive market share leadership in the semiconductor equipment space, or can you imagine diversifying in other revenue streams over time?

Gary Dickerson, CEO, Applied Materials: Yeah, so I think the key thing for us, again, two-thirds of the market, there’s a few customers. Being the most enabling company for those customers puts us in a very unique position. If we’re enabling their design wins and their competitiveness, that creates a great opportunity across Applied Materials’ entire portfolio. I’d say that’s our number one focus. Service, as I talked about, that’s a double-digit compound annual growth rate. It’s a very big business. You have these companies ramping these complex new architectures. We have a lot of service innovations. That’s another one that we’re driving. We have made progress in some of these adjacent markets. Display has come off a multi-year bottom with some increase in growth, operating profit, kind of mid-20s %, I think this last quarter. I think that will continue to grow over time.

This inflection in OLED for IT is a good opportunity for us. We have some unique enabling technologies there that can enable new display architectures. Over time, again, that’s not going to happen very quickly, but over time that will get, I think, incrementally better. We are looking at other areas where, I mean, I think what we do is amazing. All of the materials innovations that we enable within Applied Materials, again, in your cell phone, you have 60 miles of wiring in your application processor chip. Think about that, a 60-mile-long wire where you’re moving data lightning fast with no resistance. It is almost like magic what we’re able to do. We are looking at some of those adjacent markets. Display will be incrementally better, I think, as we go forward. There are a few other ones.

I would say still, semi, if you look at, at least, you know, what we see, tremendous opportunities, the industry growing to a trillion dollars, Applied Materials, the material intensity increasing. Our unique position to enable those inflections that are critical for our customers is a great position to be in. That’s still the area that we’re most focused on from an investment perspective.

Jim Schneider, Semiconductor Analyst, Goldman Sachs: Great. Just maybe finishing on a couple more. One is giving you a chance to talk about EPIC Center for a second.

Gary Dickerson, CEO, Applied Materials: Sure.

Jim Schneider, Semiconductor Analyst, Goldman Sachs: Is that still on track to launch in spring of next year? Maybe you can contextualize for people, you know, you talked about co-innovation with your customers, but what does that drive in terms of the financial results down the line?

Gary Dickerson, CEO, Applied Materials: Yeah, so I talked about this concept of high-velocity co-innovation. In every one of these different segments, the companies that win the architecture inflections win big. It’s really the whole ballgame from a competitiveness standpoint. There is a race for those architecture inflections for all of our different customers. It’s very clear to us, again, we have such deep connectivity with every one of those different companies over multiple technology nodes. The companies that are moving at the highest velocity with a culture and leadership focused on co-innovation have been the leaders. What we see with EPIC, and we shaped EPIC with our leading customers to go even higher velocity. The ability to have those innovators next year in 2026 in Silicon Valley with our innovators will accelerate those technology inflections. Our customers are focused certainly on their N plus one, N plus two design wins.

That’s really incredibly critical for them. The earlier you start on those innovations from materials to systems, the ability to bring those architectures to market with high yield is everything for competitiveness. Being able to work on the N plus three and N plus four technology nodes earlier, faster from an innovation standpoint is absolutely critical to our customers. We shape the concept with them. Of course, for Applied Materials, it enables us to be designed in with our equipment and our services as those new architectures are ramping to market. I’m real excited about it. I hope everybody can come. We’ll have a grand opening next year. It’s a great strategy for Applied Materials and a great strategy for the industry.

Jim Schneider, Semiconductor Analyst, Goldman Sachs: Great. Last question. I think you’ve met with a lot of investors since your earnings call and maybe you heard so far at the conference. Curious, you know, as you reflect on investor commentary, what’s the one thing that you think people are missing about the Applied Materials story today?

Gary Dickerson, CEO, Applied Materials: I think Applied Materials is in an incredibly unique position. Our ability to enable these inflections, our strategic enablement position at the top customers, is a significant competitive advantage. That’s really where everything starts with each one of these different customers. For them, it’s critical for their design wins. We are incredibly well positioned going forward to gain share at these architecture inflections. Personally, I’ve never been more excited about the position for Applied Materials. I’d say that our service business that’s growing at a double-digit compound annual growth rate, I feel really positive on that too. I’ve been in the industry for a long time. I’ve been at three different companies where I’ve been incredibly successful. I would say I’ve never been more positive or excited than I am today.

Jim Schneider, Semiconductor Analyst, Goldman Sachs: Fantastic. Thank you, Gary. Thank you for meeting here with us today. We appreciate it.

Gary Dickerson, CEO, Applied Materials: Great. Thank you.

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