Applied Materials, Inc. AMAT

The business

Applied Materials makes the machines that make chips. Deposition tools that lay down atomically thin films, etch tools that carve them, implanters, polishing systems and the inspection equipment that checks the result. Every semiconductor fabrication plant on earth buys from a handful of suppliers and Applied is the largest by revenue.

The second business, spares and service on the installed base, is 20% of revenue and far steadier, because a tool bought in 2018 needs parts every year regardless of whether anyone is building new plants.