The latest data point for AMAT shows a P/E Ratio of 39.881 for Q2'26. This represents the highest valuation level observed throughout the analyzed period. From Q3'23 to Q2'26, the P/E Ratio exhibited an overall upward trajectory with significant expansion starting in late FY2025. After maintaining a relatively stable range between 18.5 and 24.7 from Q3'23 to Q3'25, the ratio surged from 29.371 in Q4'25 to nearly 40 in Q2'26, indicating a sharp increase in market valuation relative to earnings during the final three quarters.