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ADI or AMAT or FORM
Which Stock Would AI Choose? Analog Devices (ADI) vs. Applied Materials (AMAT) vs. FormFactor (FORM) Stock Comparison
Key Takeaways
- ADI reported record fiscal Q3 2026 revenue of $4.02 billion, up 40% year over year, with strong contributions from data center and industrial segments amid AI demand.
- AMAT posted record fiscal Q3 2026 revenue of $9.12 billion, up 25% year over year, and raised its calendar 2026 semiconductor equipment growth outlook on multi-year AI visibility.
- FORM achieved fiscal Q2 2026 revenue of $258.2 million, up 31.9% year over year, driven by DRAM and advanced packaging test demand, with continued margin expansion.
- Recent market activity shows ADI and AMAT benefiting from broad AI infrastructure spending, while FORM exhibits higher volatility tied to test equipment cycles.
- Relative positioning highlights AMAT’s scale in wafer fabrication equipment versus ADI’s analog and mixed-signal focus and FORM’s specialized probe card niche.
- Sector sentiment remains supported by AI-related capital expenditures, with varying degrees of customer visibility across the three companies in recent weeks.
Introduction
Analog Devices (ADI), Applied Materials (AMAT), and FormFactor (FORM) operate in the semiconductor value chain and face common tailwinds from artificial intelligence infrastructure buildout. This comparison examines their recent performance, business models, and market positioning to assist traders and investors evaluating relative opportunities in the semiconductor equipment and components space. The analysis draws on publicly reported financial results and sector developments from recent weeks, providing context for those monitoring AI-driven demand, valuation sensitivity, and momentum differences among established analog players, wafer fabrication equipment providers, and test specialists.
ADI Overview and Recent Performance
Analog Devices designs analog, mixed-signal, and digital signal processing semiconductors serving industrial, automotive, communications, and consumer markets. In recent weeks, the company reported fiscal third-quarter 2026 results showing revenue of $4.02 billion, a 40% year-over-year increase led by data center and industrial demand. Adjusted earnings per share reached $3.45. Management issued fourth-quarter guidance of approximately $4.3 billion in revenue. The stock has reflected broader semiconductor sector movements, with periods of strength tied to AI content growth offset by market-wide volatility. On September 9, 2026, the company announced an agreement to acquire Alif Semiconductor for $1.35 billion to expand its AI-native processing capabilities. Sentiment has been supported by record bookings and margin expansion in recent market activity.
AMAT Overview and Recent Performance
Applied Materials supplies materials engineering solutions for semiconductor and display manufacturing. Fiscal third-quarter 2026 results, released in mid-August, showed record revenue of $9.12 billion, up 25% year over year, with non-GAAP earnings per share of $3.50. The company raised its calendar 2026 semiconductor systems revenue expectations and cited multi-year visibility from AI compute demand. Recent market activity includes a dividend declaration and participation in industry events. The stock has experienced fluctuations aligned with equipment spending cycles and broader technology sector moves, maintaining a larger market capitalization relative to peers. Management highlighted rolling eight-quarter customer forecasts and capacity investments to support projected growth through the end of the decade.
FORM Overview and Recent Performance
FormFactor provides probe cards, engineering systems, and test solutions primarily for semiconductor wafer testing. Fiscal second-quarter 2026 results showed revenue of $258.2 million, up 31.9% year over year, with non-GAAP gross margin expansion and adjusted earnings per share of $0.82. Growth was driven by DRAM, foundry and logic, and systems segments. The company provided third-quarter outlook of $270 million plus or minus $10 million in revenue. In recent weeks, the stock has shown volatility consistent with smaller-cap test equipment names, influenced by high-bandwidth memory demand and capacity expansion initiatives. Management noted progress toward a multi-year revenue target supported by advanced packaging and chiplet testing trends.
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Head-to-Head Comparison
Business models differ markedly: ADI focuses on analog and mixed-signal components with exposure across multiple end markets, AMAT provides capital equipment for wafer fabrication and advanced packaging, and FORM specializes in probe cards and test solutions. Growth drivers center on AI infrastructure for all three, though AMAT benefits from direct equipment spending visibility while ADI and FORM capture content growth in chips and testing complexity. Recent momentum has favored larger players with broad AI exposure, while FORM displays greater price sensitivity to quarterly test demand fluctuations. Risk factors include customer concentration for FORM, geopolitical and cyclical equipment spending for AMAT, and integration execution for ADI’s acquisition. Valuation sensitivity appears higher for smaller names amid sector rotations, with market sentiment remaining constructive on AI capital expenditures across the group in recent weeks.
Tickeron AI Verdict
Based on observable factors including earnings consistency, raised guidance, and multi-quarter customer visibility, Tickeron’s AI would currently assign the highest relative probability of favorable positioning to AMAT. Its record quarterly results and explicit multi-year AI demand outlook provide measurable trend support compared with the acquisition-related developments at ADI and the higher volatility profile at FORM. This assessment reflects probabilistic weighting of recent performance metrics rather than a definitive ranking.
Disclaimer
The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.
ADI | AMAT | FORM | ||
|---|---|---|---|---|
OUTLOOK RATING 1..100 | 42 | 36 | 14 | |
VALUATION overvalued / fair valued / undervalued 1..100 | 57 Fair valued | 71 Overvalued | 77 Overvalued | |
PROFIT vs RISK RATING 1..100 | 12 | 39 | 37 | |
SMR RATING 1..100 | 63 | 25 | 67 | |
PRICE GROWTH RATING 1..100 | 16 | 38 | 35 | |
P/E GROWTH RATING 1..100 | 70 | 9 | 13 | |
SEASONALITY SCORE 1..100 | 50 | 90 | n/a |
Tickeron ratings are formulated such that a rating of 1 designates the most successful stocks in a given industry, while a rating of 100 points to the least successful stocks for that industry.
ADI's Valuation (57) in the Semiconductors industry is in the same range as AMAT (71) in the Electronic Production Equipment industry, and is in the same range as FORM (77) in the Electronic Production Equipment industry. This means that ADI's stock grew similarly to AMAT’s and similarly to FORM’s over the last 12 months.
ADI's Profit vs Risk Rating (12) in the Semiconductors industry is in the same range as FORM (37) in the Electronic Production Equipment industry, and is in the same range as AMAT (39) in the Electronic Production Equipment industry. This means that ADI's stock grew similarly to FORM’s and similarly to AMAT’s over the last 12 months.
AMAT's SMR Rating (25) in the Electronic Production Equipment industry is somewhat better than the same rating for ADI (63) in the Semiconductors industry, and is somewhat better than the same rating for FORM (67) in the Electronic Production Equipment industry. This means that AMAT's stock grew somewhat faster than ADI’s and somewhat faster than FORM’s over the last 12 months.
ADI's Price Growth Rating (16) in the Semiconductors industry is in the same range as FORM (35) in the Electronic Production Equipment industry, and is in the same range as AMAT (38) in the Electronic Production Equipment industry. This means that ADI's stock grew similarly to FORM’s and similarly to AMAT’s over the last 12 months.
AMAT's P/E Growth Rating (9) in the Electronic Production Equipment industry is in the same range as FORM (13) in the Electronic Production Equipment industry, and is somewhat better than the same rating for ADI (70) in the Semiconductors industry. This means that AMAT's stock grew similarly to FORM’s and somewhat faster than ADI’s over the last 12 months.
| ADI | AMAT | FORM | |
|---|---|---|---|
| RSI ODDS (%) | 1 day ago 50% | 1 day ago 67% | 1 day ago 78% |
| Stochastic ODDS (%) | 1 day ago 58% | 1 day ago 70% | 1 day ago 75% |
| Momentum ODDS (%) | 1 day ago 64% | 1 day ago 73% | 3 days ago 81% |
| MACD ODDS (%) | 1 day ago 69% | 1 day ago 82% | 1 day ago 74% |
| TrendWeek ODDS (%) | 1 day ago 62% | 1 day ago 67% | 1 day ago 72% |
| TrendMonth ODDS (%) | 1 day ago 60% | 1 day ago 79% | 1 day ago 83% |
| Advances ODDS (%) | 5 days ago 63% | 6 days ago 79% | 11 days ago 79% |
| Declines ODDS (%) | 3 days ago 57% | 1 day ago 66% | 3 days ago 70% |
| BollingerBands ODDS (%) | 1 day ago 64% | N/A | 1 day ago 79% |
| Aroon ODDS (%) | 1 day ago 59% | 1 day ago 61% | 1 day ago 83% |
Long-Term Analysis
It is best to consider a long-term outlook for a ticker by using Fundamental Analysis (FA) ratings. The rating of 1 to 100, where 1 is best and 100 is worst, is divided into thirds. The first third (a green rating of 1-33) indicates that the ticker is undervalued; the second third (a grey number between 34 and 66) means that the ticker is valued fairly; and the last third (red number of 67 to 100) reflects that the ticker is overvalued. We use an FA Score to show how many ratings show the ticker to be undervalued (green) or overvalued (red).
ADI’s FA Score shows that 2 FA rating(s) are green while AMAT’s FA Score has 2 green FA rating(s), and FORM’s FA Score reflects 1 green FA rating(s).
- ADI’s FA Score: 2 green, 3 red.
- AMAT’s FA Score: 2 green, 3 red.
- FORM’s FA Score: 1 green, 4 red.
Short-Term Analysis
It is best to consider a short-term outlook for a ticker by using Technical Analysis (TA) indicators. We use Odds of Success as the percentage of outcomes which confirm successful trade signals in the past.
If the Odds of Success (the likelihood of the continuation of a trend) for each indicator are greater than 50%, then the generated signal is confirmed. A green percentage from 90% to 51% indicates that the ticker is in a bullish trend. A red percentage from 90% - 51% indicates that the ticker is in a bearish trend. All grey percentages are below 50% and are considered not to confirm the trend signal.
ADI’s TA Score shows that 6 TA indicator(s) are bullish while AMAT’s TA Score has 5 bullish TA indicator(s), and FORM’s TA Score reflects 6 bullish TA indicator(s).
- ADI’s TA Score: 6 bullish, 4 bearish.
- AMAT’s TA Score: 5 bullish, 4 bearish.
- FORM’s TA Score: 6 bullish, 4 bearish.
Price Growth
ADI (@Semiconductors) experienced а -2.63% price change this week, while AMAT (@Electronic Production Equipment) price change was -6.11% , and FORM (@Electronic Production Equipment) price fluctuated -6.36% for the same time period.
The average weekly price growth across all stocks in the @Semiconductors industry was -7.09%. For the same industry, the average monthly price growth was +2.52%, and the average quarterly price growth was +38.59%.
The average weekly price growth across all stocks in the @Electronic Production Equipment industry was -8.03%. For the same industry, the average monthly price growth was +1.04%, and the average quarterly price growth was +3.25%.
Reported Earning Dates
ADI is expected to report earnings on Dec 01, 2026.
AMAT is expected to report earnings on Nov 12, 2026.
FORM is expected to report earnings on Oct 28, 2026.
Industries' Descriptions
@Semiconductors (-7.09% weekly)The semiconductor industry manufacturers all chip-related products, including research and development. These chips are used in innumerable electronic devices, including computers, cell phones, smartphones, and GPSs. Intel Corporation, NVIDIA Corp., and Broadcomm are some of the prominent players in this industry. Semiconductor companies usually tend to do well during periods of healthy economic growth, thereby inducing further research and development in the industry – which in turn augurs well for productivity and growth in the economy. In the near future, demand for semiconductor products (and possibly innovation within the segment) should only expand further, with the proliferation of 5G, autonomous vehicles, IoT, and various AI-driven electronics set to herald a new, advanced chapter in the technology-driven world as we know it. With burgeoning prospects comes great competition. In 2015, SIA estimated that U.S. semiconductor industry ranks as the second most competitive U.S. industry out of 2882 U.S. industries designated manufacturers by the U.S. Census Bureau.
@Electronic Production Equipment (-8.03% weekly)The electronic production equipment industry makes equipment used to produce semiconductors. Such equipment includes wafer fabrication, plasma etching and photo-resist processing equipment. The industry also makes chemical vapor deposition processing systems and photomasks, which are high-purity quartz plates that contain patterns to define integrated circuits layouts. Applied Materials, Inc., Lam Research Corporation, and KLA-Tencor Corporation are examples of electronic production equipment manufacturing companies.
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ADI and
Correlation & Price change
A.I.dvisor indicates that over the last year, ADI has been closely correlated with TXN. These tickers have moved in lockstep 82% of the time. This A.I.-generated data suggests there is a high statistical probability that if ADI jumps, then TXN could also see price increases.
| Ticker / NAME | Correlation To ADI | 1D Price Change % | ||
|---|---|---|---|---|
| ADI | 100% | +0.06% | ||
| TXN - ADI | 82% Closely correlated | -1.55% | ||
| MCHP - ADI | 81% Closely correlated | +0.04% | ||
| MCHPP - ADI | 81% Closely correlated | -0.31% | ||
| LRCX - ADI | 79% Closely correlated | -0.55% | ||
| KLAC - ADI | 79% Closely correlated | -0.58% | ||
More | ||||
FORM and
Correlation & Price change
A.I.dvisor indicates that over the last year, FORM has been closely correlated with COHU. These tickers have moved in lockstep 76% of the time. This A.I.-generated data suggests there is a high statistical probability that if FORM jumps, then COHU could also see price increases.
| Ticker / NAME | Correlation To FORM | 1D Price Change % | ||
|---|---|---|---|---|
| FORM | 100% | +1.85% | ||
| COHU - FORM | 76% Closely correlated | -0.26% | ||
| AMAT - FORM | 74% Closely correlated | -0.50% | ||
| RMBS - FORM | 74% Closely correlated | -0.92% | ||
| NVMI - FORM | 74% Closely correlated | -0.45% | ||
| SLAB - FORM | 73% Closely correlated | +0.13% | ||
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