As of Q2'26, Applied Materials (AMAT) reported cash and short-term investments at $8.24B, marking a slight quarterly decline from $8.51B in Q1'26, while total debt stood at $6.46B, down marginally from $6.55B in the prior quarter. This results in a net cash position of approximately $1.78B, reflecting continued liquidity strength despite the dip in cash reserves. Over the period from Q3'23 to Q2'26, cash and short-term investments exhibited strong overall growth, rising from $6.54B to a peak of $9.47B in Q4'24 before fluctuating downward to $8.24B amid volatility in later quarters, including a notable drop to $6.75B in Q2'25. In contrast, debt remained relatively stable, increasing modestly from $5.66B to $6.46B with incremental rises tied to specific periods like Q3'24 and Q4'25, underscoring a conservative leverage strategy that supports AMAT's financial resilience in the semiconductor sector.