Key Highlights

  • APMI fell 16.14% to $8.64 as screened on Friday, October 23, 2026.
  • Applied Materials closed down 8.16% at $375.58 on Thursday, October 22, which doubles to about 16.3%, calculated.
  • Applied Materials reported record fiscal third-quarter revenue of $9.12 billion, up 25%.
  • It guided fiscal fourth-quarter revenue to about $10.25 billion and earnings to about $4.02 per share.
  • Applied Materials reports next on November 12, 2026.

APMI and Applied Materials: Does the Fund Move Match the Stock?

Corgi AMAT 2x Daily ETF (CBOE:APMI) fell 16.14% to $8.64 on Friday, October 23, 2026, as screened. Applied Materials (NASDAQ:AMAT) closed down 8.16% at $375.58 on Thursday, October 22, a market value of $298.06 billion, and twice that is about 16.3%, calculated, so the fund's screened move tracks that session closely.

The screened figure implies the shares fell roughly 8.1%, calculated before fees, from a fund price near $10.30. Early indications on Friday for Lam Research (NASDAQ:LRCX) and KLA (NASDAQ:KLAC) were modestly higher, which is why the timing of the screened move matters.

Equipment Sell-Off: Why Did Record Results Not Hold the Stocks Up?

Lam reported record revenue of $8.22 billion, up 54%, and a record gross margin of 52.4%, then closed down 11.76% on October 22, with KLA down 9.55%. Reports tied the decline to worries over the pace of AI spending, Lam's forecast of $8.6 billion, plus or minus $400 million, and a carmaker's cut to a near-term spending target.

Lam cited 2027 wafer fab equipment demand above $200 billion but said supply constraints may limit near-term shipments. Applied Materials had already fallen about 7% on October 13, its investor day, when it gave long-term growth goals, including a 2-point share gain by 2030, but no equipment forecast.

Applied Materials Results: What Did the Fiscal Third Quarter Show?

For the quarter reported on August 13, revenue was a record $9.12 billion, up 25%, with non-GAAP gross margin of 50.4% and record non-GAAP earnings of $3.50 per share, up 41%. Management attributed demand to AI adoption, raised its 2026 semiconductor systems outlook and pointed to DRAM, leading-edge logic and advanced packaging.

It guided fiscal fourth-quarter revenue to about $10.25 billion, plus or minus $500 million, and earnings to about $4.02 per share, plus or minus $0.20. The revenue midpoint is about 12.4% above the third quarter, calculated. The company returned $860 million in the quarter through buybacks and dividends, with $440 million in repurchases and $420 million in dividends.

Management also pointed to a thirteenth straight quarter of year-over-year gross margin expansion and expects strong second-half growth led by DRAM, leading-edge foundry logic and advanced packaging.

APMI Terms: What Should Holders of a 2x Daily Fund Understand?

APMI began trading on July 6, 2026, on Cboe BZX with a 0.45% expense ratio, swap-based exposure and about $475.26 thousand in net assets. It targets twice one day's stock return and resets daily.

After a 16.14% loss it needs about a 19.2% gain to recover, calculated. Applied Materials reports on Thursday, November 12, 2026, and the Federal Reserve meets on October 28, after raising its target range to 3.75% to 4.00% in September. Leveraged funds can lose value faster than the underlying stock, and this is information, not a recommendation.