As of Q1'26, AMAT's P/E ratio stands at 31.26, marking a significant increase from the previous quarter's 29.37. This latest data point represents the highest P/E ratio observed in the period covered, which spans from Q2'23 to Q1'26. Throughout this timeframe, the P/E ratio exhibited a generally upward trend with periods of volatility. After a steady rise from 17.61 in Q2'23 to 24.70 in Q2'24, the ratio fluctuated, dipping to 18.64 in Q3'25 before surging sharply in Q4'25 and Q1'26. The recent spike suggests heightened investor expectations or valuation expansion, with the P/E ratio nearly doubling from its early 2023 levels.