Key Highlights

● Applied Materials shares soared on November 9 ahead of Thursday's Earnings report.

● The company reports quarterly results on Thursday, November 12.

● No company-specific news explained the move, which tracked chip-equipment peers.

● Lam Research and Teradyne also rallied in the broad chip rebound.

A big move ahead of a big week

Applied Materials (NASDAQ:AMAT) soared on Monday, November 9, 2026, joining a powerful rebound in semiconductor equipment stocks just days before it reports quarterly results on Thursday, November 12. Market data recorded a hefty gain at the close, and other readings were similar. An earlier estimate captured a smaller advance, showing that the rally built as the day went on.

No company-specific news was found to explain the move. According to news reports, Applied Materials moved with the sector as chip-equipment stocks rebounded. The company was among the strongest performers in a broad chip rally that also lifted Lam Research (NASDAQ:LRCX) and Teradyne (NASDAQ:TER), according to market wraps.

Why the earnings timing matters

Applied Materials is a leading maker of the machines used to manufacture semiconductors, from deposition tools that lay down ultra-thin layers of material to inspection systems that check for defects. Its results and outlook are treated as a bellwether for spending by chipmakers around the world.

That makes Thursday's report one of the most closely watched events on the week's calendar, alongside results from Cisco (NASDAQ:CSCO), Nebius (NASDAQ:NBIS) and CoreWeave (NASDAQ:CRWV). Investors will be looking for clues about whether chipmakers plan to keep expanding factory capacity to meet Demand for AI processors and memory.

A pre-earnings rally can cut both ways. Higher expectations going into a report can raise the bar for the company to impress, but they also reflect growing confidence in the outlook.

Chips shake off the midterm hangover

The prior week was a different story. After Democrats won both chambers of Congress in the November 3 midterms, reports said worries that the outcome could lead to restrictions on data centers. AI-related stocks plunged, and the Philadelphia semiconductor index suffered a steep drop on Thursday, November 5.

Monday reversed much of that pessimism. The PHLX Semiconductor Index closed at 10,033.93, its best session since July 30, according to market coverage. Market data reported that Nvidia (NASDAQ:NVDA) was the only member of the index to fall, as its board conducted an independent review involving CEO Jensen Huang.

The broader market joined in. The S&P 500 rose 173.08 points to 7,549.94, its best day since April 8, and the Nasdaq Composite jumped 673.71 points to 25,253.14. The Dow Jones Industrial Average added 1,104.02 points to 52,389.75. All 11 S&P 500 sectors finished higher, with technology among the leading groups, according to market reports, and the CBOE Volatility Index slid back below 20.

Oil and dip buyers

Falling crude prices helped fuel the rally. Brent fell $5.75 to $92.57 on hopes of a US-Iran peace deal, easing Inflation fears. One strategist said: "Oil prices for sure, if they're down, that's certainly adding fuel to the fire."

Strategists also pointed to cleaned-out positioning after the prior week's heavy selling, according to market data, leaving room for a sharp snapback once sentiment improved.

Thursday Earnings Loom for Applied

Before Applied Materials reports, investors face Tuesday's October consumer price index, the final inflation reading ahead of the Federal Reserve's December 8-9 meeting. Traders see a rate hike as likely, according to Futures Market pricing.

Then comes Thursday. Investors will focus on Applied Materials' Revenue outlook, demand from memory and logic chipmakers, and any commentary on export restrictions and China. Nvidia's results on November 17 will follow, offering another read on AI-driven demand for the chips Applied's machines help produce.