Applied Materials is about to report earnings. How to trade the AI picks-and-shovels play ahead of results

Applied Materials (AMAT) is set to report earnings next Thursday, with the market pricing in an expected earnings move of about 14%. The article highlights AMAT's strong position as a "picks and shovels" play in the AI sector, especially with Elon Musk's recent announcement of Terafab, a massive chip plant project. The author, who is bullish on AMAT, outlines a bullish risk reversal trade to capitalize on the upcoming earnings report while mitigating costs.