According to Applied Materials’ CEO Mike Splinter, solar equipment could make up 25% of the company’s business in 2009, up from 10% this year. Even with the current economic crisis, the US is ready to expand into solar power, and Applied Materials stands to benefit. Splinter stated that

"The United States is poised for strong solar adoption," he said, noting the U.S. Congress’ approval last week of an 8-year extension of tax credits for solar power. "Now we just need to see the follow-through and how much emphasis the new president puts on clean and renewable energy."

He also pointed to the company’s $3.5 billion in cash as evidence that they are strong enough to wait out an economic downturn. Applied Material’s shares also rose 2.7% to close at $12.80 yesterday.