$AMAT vs. $ONTO: Weighing Scale Against Growth in Semiconductor Equipment AMAT (Applied Materials) is the world's largest semiconductor equipment maker, while ONTO (Onto Innovation) is a smaller, fast-growing process-control specialist. Both stocks are riding the same AI-driven tailwind in advanced packaging, high-bandwidth memory (HBM), and leading-edge logic, yet their risk profiles differ sharply. ONTO is growing faster on a percentage basis and recently posted record results and a backlog above $1 billion for the first time.