Dear Reader,

A few weeks ago, my name appeared in the Epstein files.

I won’t dramatize it. I wasn’t accused of anything. I wasn’t involved.

But I did something most people don’t do when they see something that doesn’t add up.

I spoke up.

Years ago, when I thought a financial tip might help law enforcement understand how Epstein operated, I shared it. Discreetly. Without expecting anything in return.

That instinct… to step forward when something feels wrong… is the same one that led me to warn about the dot‑com bubble… the housing collapse… and several major market dislocations before they became obvious.

And it’s why I’m speaking up again now.

Because something fundamental is shifting in America.

The cost of living no longer matches how much money we make…

We can’t keep our promises to younger generations.

And artificial intelligence is accelerating changes most people are not prepared for.

One Wall Street strategist recently called what’s coming a “violent reset.”

I agree with the direction, if not the language.

There is a line forming between those who understand what’s happening… and those who don’t.

I’ve laid out what I’m seeing and, more important, what you can do about it, in detail.

Click here to read it while you still can.

Regards,

Whitney Tilson
Editor, Stansberry’s Investment Advisory

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Additional Reading from MarketBeat Media

How to Read Applied Materials Earnings: What Signals Move the Stock?

Submitted by Sam Quirke. Originally Published: 2/12/2026. 

What You Need to Know

• Applied Materials is up 26% year to date and roughly 170% since last April, and has been consistently printing new highs since November.
• This week’s earnings are highly anticipated, with expectations elevated amid a broader shift in tech sentiment.
• If the company can deliver, the rally should continue, but if it stumbles, any dip would likely be a buying opportunity.

Having already gained a reputation as one of the strongest performers of the year, Applied Materials Inc (NASDAQ: AMAT) now faces its first big test of the year. Shares are up 26% year to date and have rallied roughly 170% since last April, hitting all-time highs on what feels like a near-weekly basis since November.

The move has been underpinned by consistent earnings outperformance, strong positioning in its semiconductor manufacturing space, and growing confidence on Wall Street in management’s ability to execute. But sentiment in tech has shifted in recent weeks, so its fiscal Q1 earnings report is likely to be scrutinized more closely than usual.

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Investors are once again questioning rising levels of capital expenditure, and company-specific headwinds—like exposure to China—have crept back into the conversation. This means Applied Materials won’t just be one of the most closely watched stocks this week; it will likely remain a hot topic for the rest of the quarter. The question investors are asking is whether the gains can continue beyond the Feb. 12 report and how they should position themselves for the fallout. Here’s a closer look.

Why the Rally Has Room to Run

Regardless of how the fiscal Q1 report lands, the broader backdrop remains supportive. The global semiconductor market is expanding, driven by AI, high-performance computing, and increasing chip complexity. As demand rises, so does the need for advanced manufacturing equipment, placing Applied Materials squarely in the sweet spot of the cycle.

Beyond cyclical demand, a structural factor is at work. As chip fabrication becomes more complex, the recurring service and parts side of Applied Materials’ business has grown in importance. That recurring revenue adds resilience and supports margin stability—dynamics investors have leaned into over the past year.

Recent analyst actions reinforce that confidence. The teams at RBC, B. Riley Financial, Citigroup, and UBS have all reiterated Buy ratings in February, with price targets stretching as high as $405. That implies roughly 20% upside even after this year’s strong run. Notably, those updates came in the days before the report—a potentially risky move that signals unusually high analyst confidence in Applied Materials’ prospects. 

The Bar Is High, But History Favors the Bulls

Expectations are elevated heading into Thursday’s report; Morgan Stanley recently indicated it expects the company to surpass estimates. That optimism, however, also creates risk.

When a stock has rallied this hard and trades near highs, even a solid report can trigger profit-taking if the numbers and forward guidance fall short of spectacular. Combine that with the recent shift in tech sentiment, and volatility increases.

However, Applied Materials has built a track record of outperforming, and consistent execution has underpinned the rally over the past year. Even if earnings merely meet expectations or guidance is slightly soft, the long-term thesis remains intact. A knee-jerk selloff would likely be seen as a buying opportunity rather than a red flag.

How to Play the Fallout

That said, the setup heading into earnings and beyond is clear. If Applied Materials delivers another strong beat and maintains a confident outlook, the stock should be able to build on its multi-month rally. Fresh highs would likely attract momentum buyers and reinforce its status as one of the market’s leadership names.

If the report disappoints and shares pull back, investors should monitor the situation rather than panic. With structural demand intact and analyst support in place, an earnings-driven dip could present a compelling entry point. A sharp reset in expectations—especially absent a meaningful change to long-term guidance—may create a more attractive risk/reward. Either way, keep this stock on your radar.

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