BofA is Bullish on Applied Materials, Inc. (AMAT)

Applied Materials, Inc. (NASDAQ:AMAT) is one of the 10 Best Semiconductor Stocks to Buy According to Billionaires.

On June 23, BofA bumped up its price objective on Applied Materials, Inc. (NASDAQ:AMAT) to $720 from $540. The firm maintained a "Buy" rating on the stock.

The firm updated its semiconductor industry models and price objectives to show revised industry estimates. BofA raised its 2030 total semiconductor market forecast to $2.7 trillion from $2.3 trillion. BofA stated that the higher forecast is mainly because of growth in memory and data center markets, with extra support from reviving automotive and industrial demand.

On June 16, Reuters reported that EssilorLuxottica and Applied Materials, Inc. (NASDAQ:AMAT) signed a long-term contract to make augmented reality display technology and artificial intelligence glasses. The companies said they will scale marketing of artificial intelligence glasses and focus research and development on advanced optical technologies.

Reuters reported that EssilorLuxottica already sells Ray-Ban and Oakley smart glasses through its partnership with Meta, while Applied Materials supplies special tools used to produce the ultra-thin semiconductor layers required for AR displays.

Applied Materials, Inc. (NASDAQ:AMAT) is a firm that provides materials engineering solutions used in semiconductor manufacturing. Its segments include Semiconductor Systems and Applied Global Services.

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