Applied Materials provides semiconductor manufacturing equipment and services to major chipmakers, including Intel. This equipment is critical for producing advanced semiconductors, which are essential for Intel's processors and other products. The relationship between AMAT and Intel is significant because Intel relies on AMAT's technology to stay competitive in the semiconductor industry. Despite Intel's recent cuts in capital expenditures (CapEx), Applied Materials remains optimistic about demand for its equipment, particularly for advanced technologies like gate-all-around nodes.