Applied Materials vs. Intel: Examining Revenue Growth Trajectories of These Artificial Intelligence Companies

AMAT and INTC both posted 25% year-over-year revenue growth in Q2 2026, marking a sharp rebound from 2025's AI-infrastructure buildout struggles. AMAT reported record revenue of $9.1 billion with a 34% operating margin, extending its winning streak to three consecutive quarterly gains. INTC matched the top-line growth rate with $16.1 billion in revenue but booked a $10.8 billion net loss driven by a non-cash CHIPS Act accounting charge.

The earnings divergence highlights contrasting momentum paths. AMAT's three-quarter run of sequential gains and industry-leading operating margin signal sustained pricing power in semiconductor manufacturing equipment. INTC's profitability headwinds persist despite revenue recovery, with the CHIPS Act charge masking underlying operational performance.

Both companies are riding increased capital expenditure from chipmakers racing to meet AI demand, but AMAT's margin profile and quarterly trajectory suggest tighter execution. INTC maintains roughly 77% higher absolute revenue but faces investor scrutiny over when losses convert to sustainable profit.