Who Is Buying Applied Materials? Hedge Fund Activity in 2026

Applied Materials (AMAT) is at the center of one of the most complex institutional debates in the semiconductor equipment space. The latest 13F filings reveal a closely contested landscape — 7 funds buying versus 8 selling — but the story goes deeper than the headline numbers. While the selling count narrowly exceeds buying, several of the world's top-performing hedge funds are aggressively building positions. Meanwhile, two prominent funds have completely exited.

With AMAT trading around $348.63 and 20 active institutional funds tracked, the semiconductor equipment maker commands enormous institutional attention. Let's break down the battle lines.

Key Stats at a Glance

• 7 funds buying | 8 funds selling | 5 holding steady
• 20 active institutional funds tracked
• Current price: ~$348.63
• Top institutional holders: Vanguard ($26.8B), State Street ($13.2B)

With 20 active funds, AMAT has the broadest institutional coverage of any stock in this batch — a testament to its central role in the semiconductor supply chain.

Who's Buying Applied Materials?

The buying side features an impressive concentration of hedge fund firepower.

Coatue Management leads with a massive $2.1 billion increased position. Philippe Laffont's technology-focused fund has made AMAT one of its largest holdings, reflecting deep conviction in the semiconductor equipment cycle. A $2.1 billion bet from a tech specialist fund is a powerful endorsement.

Citadel built a significant $862.5 million position, making Applied Materials one of Ken Griffin's larger technology bets. Millennium Management increased to $324.7 million, while Bridgewater Associates grew its stake to $166.4 million — notable for Ray Dalio's macro-oriented fund to take such a sizable position in a single equipment maker.

D.E. Shaw added to reach $125.9 million, and Two Sigma increased its smaller $10.8 million position. Vanguard also grew its dominant $26.8 billion holding.

The combined buying amounts to billions of dollars in fresh capital flowing into AMAT from some of the most sophisticated investors in the world.

Who's Selling Applied Materials?

The selling side is broader in number but includes more index-driven mechanical selling alongside some notable active fund reductions.

State Street decreased its $13.2 billion position — likely index-related rebalancing. T. Rowe Price and Fidelity also trimmed their holdings, reflecting portfolio adjustment rather than fundamental conviction changes.

Among active managers, Baker Bros, Canyon Capital, and Appaloosa Management all decreased their positions. These reductions from active funds represent genuine bearish sentiment, contrasting with the mechanical selling from passive managers.

Most dramatically, both Soros Fund Management and Balyasny Asset Management sold their entire positions — complete exits that signal these funds see no near-term upside at current valuations.

Notable Moves

The double exit by Soros and Balyasny is the most bearish signal in the data. When two sophisticated funds independently decide to completely exit a stock, it warrants serious attention. Soros's macro lens may see semiconductor capex cycle risks, while Balyasny's multi-strategy approach may have identified better risk-adjusted opportunities elsewhere.

In stark contrast, Coatue's $2.1 billion position represents one of the largest single-fund bets on semiconductor equipment in the 13F universe. Laffont's fund has an exceptional track record in technology investing, and their willingness to hold a $2.1 billion concentrated position while others exit suggests they see a fundamentally different earnings trajectory than the sellers.

Citadel's $862.5 million increase adds weight to the bull case. Griffin's fund employs both fundamental and quantitative strategies, and a nearly $1 billion commitment to AMAT reflects confidence across multiple analytical approaches.

The Bridgewater increase to $166.4 million is noteworthy from a macro perspective. Dalio's fund typically builds positions based on macroeconomic analysis, and their buying suggests they see semiconductor equipment spending as a structural beneficiary of global trends.

What This Signals

Applied Materials presents the most nuanced institutional picture in this filing cycle. The 7-to-8 buying-to-selling ratio slightly favors sellers numerically, but the dollar concentration heavily favors buyers. Coatue alone is deploying more capital than several sellers combined.

The bull case driving aggressive buying:

1. AI-driven semiconductor capex — The explosion in AI chip demand requires massive expansion of semiconductor fabrication capacity. As the leading equipment supplier, AMAT is a direct beneficiary of every new fab being built worldwide.

2. Technology leadership — Applied Materials holds dominant market share in deposition, etch, and inspection — the critical process steps in advanced chip manufacturing. Their competitive moat is deep and widening.

3. Reshoring investment — Government subsidies (CHIPS Act and equivalents globally) are driving a once-in-a-generation buildout of domestic semiconductor manufacturing capacity, creating a multi-year order backlog for equipment makers.

4. Advanced packaging — The shift toward chiplet architectures and advanced packaging creates new revenue streams for AMAT beyond traditional wafer processing.

The bear case reflected in selling and exits:

1. Cycle peak concerns — Semiconductor equipment is inherently cyclical, and some funds may believe the current capex super-cycle is approaching its peak.
2. Valuation stretch — At $348.63, AMAT trades at a premium to historical multiples.
3. China exposure risks — Export restrictions on semiconductor equipment to China create ongoing uncertainty for AMAT's revenue mix.

The institutional verdict is split but tilted toward cautious optimism by dollar weight. The quality of the buyers — Coatue, Citadel, Bridgewater — and the size of their bets suggest the smart money sees more upside ahead, even as the double exit by Soros and Balyasny serves as a caution flag.

Navigating the AMAT Institutional Split

Applied Materials' 7-to-8 buying-to-selling ratio is misleading on the surface. While more funds are selling than buying, the buying side is deploying dramatically more capital. Coatue's $2.1 billion alone exceeds the combined reduction from most sellers. In institutional analysis, dollar-weighted flow often matters more than fund-count ratios.

The double exit from Soros and Balyasny deserves monitoring in future quarters. If other funds follow them to the exit, it could signal the beginning of a broader de-risking in semiconductor equipment names. However, if the exits remain isolated while Coatue and Citadel continue building, it would confirm that the departures were idiosyncratic rather than indicative of a broader trend.

With 20 active funds tracking AMAT — the widest institutional coverage in this batch — Applied Materials remains firmly in the institutional spotlight. The breadth of coverage ensures that any significant change in the company's outlook will produce rapid and visible institutional positioning shifts, making 13F data particularly valuable for tracking sentiment on this name.

Track Applied Materials Institutional Activity

Track AMAT institutional moves in real-time with Freenance Smart Money — we track 35 funds with $21.4T total AUM across 77,111 positions. See who's buying and selling at app.freenance.io/smart-money/ticker/AMAT.

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FAQ

Which hedge funds are top holders of Applied Materials (AMAT)?

Vanguard leads institutional holdings at roughly $26.8B, with State Street near $13.2B and other large passive managers also active. On the hedge fund side, Coatue holds one of its largest positions at ~$2.1B, with Citadel, Millennium, Bridgewater, and D.E. Shaw all adding to their AMAT exposure based on recent 13F filings.

What does institutional positioning suggest about AMAT sentiment?

The 7-to-8 buying-to-selling ratio is slightly tilted toward sellers by count, but dollar-weighted flows favor the buy side thanks to Coatue's and Citadel's large commitments. Investors monitoring this split often interpret it as constructive sentiment from concentrated active capital, set against more cautious positioning from a wider group of trimmers.

How does 13F filing timing affect this view of Applied Materials?

Because 13F data lags by up to 45 days after quarter-end, AMAT positions reflect the prior reporting period and may not capture the latest reactions to semiconductor capex updates or export-control headlines. Analysts typically pair 13F flows with current earnings guidance and order-backlog commentary to get a more timely picture.

What are the key risks reflected in AMAT's institutional flows?

Funds trimming or fully exiting — including Soros and Balyasny — appear to be weighing semiconductor cycle peak concerns, valuation expansion at current prices, and ongoing China export-restriction uncertainty. Bulls counter with structural drivers: AI-driven fab buildouts, CHIPS-style reshoring incentives, and the shift to advanced packaging.

How does Applied Materials' institutional activity compare to other semicap peers?

With 20 tracked funds active in AMAT, it has one of the widest institutional coverage profiles in semiconductor equipment, exceeding many peer names. Compared to other semicap firms, AMAT's flows show a more balanced bull-bear split, suggesting the market sees it as a core, broadly tracked proxy for the semiconductor equipment cycle.