The analysis discusses Applied Materials (AMAT) and the impact of tariffs and macroeconomic conditions on the company. Applied Materials' management delivered record performance in the most recently completed quarter, which has been fueled by strong broad-based demand for semiconductor systems and services.Due to uncertainties from the China business, the management team expects revenue and earnings to be sequentially lower in their fourth quarter, where some additional trade restrictions such as export license requirements for certain companies are included. However, the Q4 forecast remains on track to achieve a mid-single-digit growth rate in fiscal twenty-five, which will be their sixth consecutive year of revenue growth.According to a DCF valuation the intrinsic value per share is calculated to be $140.30 when the current market price is $223.91 which indicates it as overvalued. As of today, AMAT remains as a 'Hold' rating.