As of Q1'26, Applied Materials (AMAT) reported cash and short-term investments at $8.51B USD, marking a slight decline of $61M from Q4'25's $8.57B, while total debt stood stable at $6.55B USD, resulting in a net cash position of approximately $1.96B. Over the period from Q2'23 to Q1'26, cash and short-term investments exhibited strong overall growth, rising from $5.10B to a peak of $9.47B in Q4'24 before fluctuating downward to $6.75B in Q2'25 and rebounding to $8.51B, reflecting volatile but net positive trends likely tied to operational cash flows and investments. In contrast, debt remained largely stable, hovering around $5.6B through Q2'24 before a gradual increase to $6.55B by Q1'26, with minimal changes quarter-over-quarter, indicating prudent leverage management and a consistently positive net cash trajectory.