Dear Applied Materials Stock Fans, Mark Your Calendars for May 14

Applied Materials (AMAT) is one of the biggest suppliers of semiconductor manufacturing equipment, and relentless spending has caused the stock to climb 153.29% in just the past year. When major companies build a new fab, this company's tools are often the ones etching and inspecting the wafers. As hyperscalers keep spending on AI, the higher-margin Applied Materials' sales are expected to be.

Applied Materials is expected to confirm that trend on May 14 when it provides Q2 results after the closing bell. Knowing what to expect on earnings day will give investors an edge, because if Applied Materials keeps growing, another triple-digit move to the upside in the next year is a possibility. Its current valuation is at $342.2 billion, which isn't all that special during the AI rally.