AMAT

어플라이드 머티리얼즈
APPLIED MATERIALS INC /DE · CIK 6951
AMAT 리스크 변화 알림 받기
이번 보고서
2026.01 분기보고서
10-Q · 기간 말 2026. 1. 25. · 제출 2026. 2. 19.
비교 기준
2025 연차보고서
10-K · 기간 말 2025. 10. 26.
SEC 원문 ↗
0
새 리스크 항목
4
신규 문단
21
수정 문단
14
삭제
-4%
분량 변화
AI 한국어 요약

한 줄 요약

중국 수출통제 조사가 BIS와의 2억 5,300만 달러 합의로 일단락되면서, 합의 이행 실패 시 수출 금지까지 갈 수 있다는 새 리스크가 생겼습니다. 이와 함께 글로벌 최저한세로 인한 세 부담 증가와 데이터센터 투자 변동이 리스크로 새로 명시되었습니다.

주목할 변화

  • 신규BIS 수출통제 합의와 이행 의무2026년 2월 11일 미 상무부 산업안보국(BIS)과 중국 고객 출하 관련 조사를 종결하는 합의를 맺었습니다. 회사는 "agreed to pay BIS $253 million"하고 내부 감사와 수출 준수 교육·보고 체계를 유지하기로 했습니다. 합의를 지키지 못하면 "loss of the suspension of the denial order"로 일부 제품의 미국 밖 수출이 금지될 수 있다고 적었습니다.
  • 완화정부 조사 관련 서술 축소직전에는 법무부(DOJ)·상무부·증권거래위원회(SEC) 등에서 소환장을 여러 차례 받았고 계속 받고 있다고 서술했습니다. 이번에는 "previously received subpoenas... relating to export controls compliance"로 줄였습니다. 연방 보조금 신청 관련 문구도 빠졌습니다. 다만 다른 기관의 조사가 종결됐다고 명시한 것은 아닙니다.
  • 강화글로벌 최저한세의 실제 영향 명시직전에는 각국이 도입 중이라는 수준의 일반론이었습니다. 이번에는 "materially increase our foreign taxes beginning in the first quarter of fiscal 2026"라고 구체적 영향을 밝혔습니다. OBBBA(미국 세법 개정)가 이연법인세자산(CAMT 공제) 활용에 미친 악영향도 "have had and may in the future have"로 계속 언급했습니다.
  • 신규데이터센터 투자 변동에 따른 수요 리스크산업 리스크 목록에 데이터센터 구축의 시기, 투자 규모, 사용 기술 변화로 반도체 수요가 달라질 수 있다는 항목이 새로 들어갔습니다. 원문 표현은 "the buildout of data centers"입니다.
  • 신규신규·인접 시장 진출 리스크 별도 항목화직전에는 경쟁 리스크 안에서 인접 시장 확장을 한 줄로 언급했습니다. 이번에는 독립 항목으로 떼어냈고, 상당한 자원을 투입해도 "no assurance that our products and services will achieve market acceptance or be profitable"이라고 경고했습니다.
  • 강화법적 절차 리스크가 이미 현실화했음을 반영소송·정부조사가 시간과 비용을 소모할 수 있다는 문장이 "have been and in the future may be"로 바뀌었습니다. 과거에 실제로 부담이 발생했다는 점을 인정한 표현입니다.
  • 완화중국 희토류 수출 제한 서술 일반화직전에는 "restrictions... implemented in 2025, which could be expanded"로 특정 시점과 확대 가능성을 적었습니다. 이번에는 "any Chinese government restrictions"라는 일반적 표현으로 바뀌었습니다.

읽는 법

가장 큰 변화는 오랫동안 불확실성으로 남아 있던 중국 출하 관련 BIS 조사가 금액이 확정된 합의로 바뀌었다는 점입니다. 대신 앞으로는 합의 조건 준수가 수출 자격과 직결되는 관리 과제가 됩니다. 세금 측면에서는 글로벌 최저한세 영향이 '가능성'에서 '실제 발생'으로 표현이 바뀌어, 향후 실효세율 추이를 확인할 필요가 있습니다. 데이터센터 투자와 신규 시장 진출이 별도 리스크로 명시된 것은 회사가 AI 인프라 수요의 변동성과 사업 다각화의 불확실성을 더 비중 있게 보고 있다는 신호로 읽을 수 있습니다.

원문 비교
  1. 신규We are exposed to various factors that impact the industries in which we operate, including factors specific to the semiconductor industry.
    •changes in demand for semiconductor chips due to changes in the timing of, level of investment in, or technologies used in the buildout of data centers;
  2. 신규We are exposed to various factors that impact the industries in which we operate, including factors specific to the semiconductor industry.
    •customers’ ability to reconfigure or reuse existing equipment, reducing demand for new equipment and services and increasing challenges in parts availability;
  3. 신규The industries in which we operate are highly competitive and subject to rapid technological and market changes.
    If we fail to anticipate or respond effectively to technology inflections or competitive or market developments, or if we are unable to successfully develop and commercialize new products, our business performance and operating results may be materially and adversely impacted.
  4. 신규We are exposed to risks associated with expanding into new and related markets and industries.
    We may invest significant resources towards expanding into related or new markets and industries, and there can be no assurance that our products and services will achieve market acceptance or be profitable. Demand for our products and services depends on the success of the markets and industries we seek to expand into, and the failure of any of those markets and industries could have an adverse effect on our business, financial condition and results of operations.
  5. 수정
    The risk factors set forth below include any material changes to, and supersede the description of, the risk factors disclosed in Part I, Item 1A of our most recent Form 10-K. The following risk These factors could materially and adversely affect our business, financial condition or results of operations and cause reputational harm, and should be carefully considered in evaluating our business, in addition to other information presented elsewhere in this report.
  6. 수정We are exposed to risks associated with an uncertain global economy.
    Our business and the industries in which we operate can be impacted by serve are subject to uncertain or and adverse economic and business conditions, including uncertainties and volatility in the financial markets, national debt, fiscal or monetary concerns, inflation and inflation, changes in interest rates, bank failures, tariffs and trade policies policies, and economic recession. These conditions have caused, and may in the future cause, our customers to delay, cancel or refrain from purchasing reduce purchases of our equipment or services, which could negatively impact demand for our products and services, reduce our backlog and increase our inventory. services. Customers may also scale back operations, exit businesses, consolidate, or file for bankruptcy. Consolidation or strategic alliances among other equipment manufacturers could also intensify competition and adversely affect our market position. These conditions make it more difficult to accurately forecast operating and financial results and make business and investment decisions. We may be required to implement additional cost reduction efforts, including restructuring activities, which may adversely impact could impair our ability to capitalize on opportunities. Even during periods of economic uncertainty or lower demand, we must continue to invest in research and development and maintain a global business infrastructure to compete effectively and support our customers. The consequences of these conditions could have an adverse effect on our business, financial condition and results of operations.
  7. 수정We are exposed to risks associated with an uncertain global economy.
    Our investment portfolio is subject to general credit, liquidity, market and interest rate risks, which may be exacerbated by rising inflation, rising interest rates, bank failures or economic recession and the value and liquidity of our portfolio and returns on pension assets could be negatively impacted and lead to impairment charges. recession. These factors could reduce the value or liquidity of our investments or pension assets and result in impairment charges. We also maintain cash balances at financial institutions worldwide, and the insolvency of any such institution could restrict access to our cash and adversely affect our ability to manage operations.
  8. 수정We are exposed to the risks of operating a global business.
    We have product development, engineering, manufacturing, sales and other operations distributed throughout many countries, and some of our business activities are concentrated in certain geographic areas. In fiscal 2025, the three-month period ended January 25, 2026, approximately 89% 91% of our net revenue was to from customers in regions outside the United States. As a result of the global nature of our operations, we are subject to a number of factors that could have an adverse impact on our business, financial condition and results of operations. These factors include global political and social conditions, such as policies or regulations within countries, including in China, the United States and countries in Europe and Asia, that favor domestic companies over non-domestic companies, including efforts to promote the development and growth of local competitors to us, or regarding national, commercial or security issues. Other factors include geopolitical turmoil, acts of war or social unrest; our ability to maintain appropriate business processes, procedures and internal controls in our geographically diverse operations; delays or restrictions on personnel travel and in shipping materials or products; our ability to develop relationships with local customers, suppliers and governments; performance of our geographically diverse third-party providers; impacts of regional or global health epidemics, natural disasters and extreme and chronic weather events; fluctuations in interest rates and currency exchange rates; as well as other factors discussed in this Risk Factors section. Any of these factors may have an adverse impact on our business and manufacturing operations or demand for our products and services, and our performance and results of operations may be adversely affected.
  9. 수정Global trade issues and changes in and uncertainties with respect to trade policies and export regulations, including import and export license requirements, trade sanctions, tariffs and international trade disputes, have adversely impacted and could further adversely impact our business and operations, and reduce the competitiveness of our products and services relative to local and global competitors.
    As a global business with customers, suppliers and operations in many countries around the world, from time to time we may receive inquiries from government authorities about transactions between us and certain foreign entities. For example, we have previously received subpoenas from government authorities requesting information relating to China customer shipments, export controls compliance, certain federal award applications and information submitted to the federal government. compliance. On February 11, 2026, we entered into a settlement agreement with the U.S. Commerce Department Bureau of Industry and Security (BIS) to resolve its inquiry relating to certain China customer shipments and export controls compliance and agreed to pay BIS $253 million, as well as conduct certain internal audits and maintain export compliance training and reporting mechanisms. Our failure to comply with the terms of the settlement agreement could result in significant penalties, including the loss of the suspension of the denial order which would prohibit us from exporting certain of our products outside of the United States. Any such inquiries we may receive are subject to uncertainties, and we cannot predict the outcome of these inquiries, or any other governmental inquires inquiries or proceedings that may occur. Any violation or alleged violation of law or regulations could result in significant legal costs or in legal proceedings in which we or our employees could be subjected to fines and penalties and could result in restrictions on our business and damage to our global brand and reputation, and could have a material and adverse impact on our business operations, financial condition and results of operations.
  10. 수정We are exposed to risks associated with a highly concentrated customer base.
    A relatively limited number of customers account for a substantial portion of our business. As a result, the actions of even a single customer have exposed and can further expose our business and operating results to greater volatility. Our customer base is geographically concentrated, particularly in China, Taiwan and Korea, and export regulations that apply to customers in certain countries, such as those in China, have exposed and can further expose our business and operating results us to greater volatility. The geographic concentration of our customer base could shift over time as a result of changes in technology and competitive landscape, as well as government policy and incentives to develop regional semiconductor industries. Sales to individual customers and the mix and type of customers have varied and may continue to vary significantly, which can materially affect our operating results. Our products are configured to customer specifications, and changing, rescheduling or canceling orders may result in significant, non-recoverable costs. If customers do not place orders, or they substantially reduce, delay or cancel orders, we may not be able unable to replace the business, which may have a material could materially and adverse adversely impact on our results of operations and financial condition. operations. In addition, customer concentration increases our exposure to the financial condition of our customers, and any deterioration in a customer’s financial condition, liquidity, or ability to perform its obligations, or efforts by a customer to obtain pricing, payment, intellectual property-related or other commercial terms that are less favorable to us, could have a material and adverse effect on our results of operations and financial condition.
  11. 수정Supply chain disruptions, manufacturing interruptions or delays, or the failure to accurately forecast customer demand, could affect our ability to meet customer demand, lead to higher costs, or result in excess or obsolete inventory.
    •limited availability of critical materials and minerals, including due to any Chinese government restrictions on the export of certain rare earth minerals implemented in 2025, which could be expanded in the future, minerals, and limited feasible alternatives to materials subject to existing or proposed regulations to limit their use (such as hydrofluorocarbons and per- and polyfluoroalkyl substances), which are found in parts, components, process chemicals and other materials supplied to us or used in the manufacturing or operations of our products; and
  12. 수정We are exposed to various factors that impact the industries in which we operate, including factors specific to the semiconductor industry.
    The industries in which we operate are characterized by factors that impact demand for and the profitability of our products and services and our operating results. The largest proportion of our net revenue and profitability is derived from our Semiconductor Systems segment’s sale of a wide range of equipment used to fabricate semiconductor chips, and a majority of the revenue of Applied Global Services is from sales to semiconductor manufacturers. The semiconductor industry and other industries in which we operate, including the semiconductor industry, operate are characterized by factors particular to these industries that impact demand for and the profitability of our products and services, including:
  13. 수정We are exposed to various factors that impact the industries in which we operate, including factors specific to the semiconductor industry.
    •changes in demand for semiconductor chips and electronic devices, including those related to fluctuations in consumer buying patterns tied to general economic or geopolitical conditions, seasonality or the introduction of new products; product introductions;
  14. 수정We are exposed to various factors that impact the industries in which we operate, including factors specific to the semiconductor industry.
    •the frequency frequency, complexity and complexity timing of technology transitions and inflections, and our ability to timely and effectively anticipate and adapt to these changes; them;
  15. 수정We are exposed to various factors that impact the industries in which we operate, including factors specific to the semiconductor industry.
    •the cost of •increasing costs and complexity in research and development development, including due to many factors, including shrinking geometries, the use of new materials, new materials and more complex device structures, more applications and process steps, increasing chip design costs, and the cost and complexity of integrated manufacturing processes;
  16. 수정We are exposed to various factors that impact the industries in which we operate, including factors specific to the semiconductor industry.
    •capital •high capital requirements for building and operating new fabrication plants and customers’ ability to raise the necessary capital; obtain funding;
  17. 수정We are exposed to various factors that impact the industries in which we operate, including factors specific to the semiconductor industry.
    •semiconductor •growth rates in the semiconductor industry and variability in semiconductor manufacturers’ levels of capital expenditures and the expenditures, including allocation of capital investment to market segments that we do not serve, such as lithography, or segments where our products have lower relative market presence;
  18. 수정We are exposed to various factors that impact the industries in which we operate, including factors specific to the semiconductor industry.
    •shorter order placement and shipment cycle times between order placements by customers and product shipment require greater that increase reliance on forecasting of customer investment, which may lead to inventory write-offs and manufacturing inefficiencies that decrease gross margin;
  19. 수정We are exposed to various factors that impact the industries in which we operate, including factors specific to the semiconductor industry.
    •consolidation in the semiconductor industry, including among semiconductor manufacturers and among semiconductor equipment suppliers;
  20. 수정We are exposed to various factors that impact the industries in which we operate, including factors specific to the semiconductor industry.
    •the fragmentation •fragmentation of semiconductor markets, leading certain including markets to become too small to support the cost of a new fabrication plant, while others plants or that require less technologically advanced products;
  21. 수정The industries in which we operate are highly competitive and subject to rapid technological and market changes.
    We operate in a highly competitive environment in which innovation is critical, and our future success depends on our ability to anticipate and respond to technology inflections, evolving customer requirements, competitor innovations, and changes in market demand. The development, introduction and support of products in a geographically diverse and competitive environment requires collaboration with customers and other industry participants, which has grown more complex and expensive over time. costly. New or improved products may entail higher costs and longer development cycles, and may have unforeseen product design or manufacturing defects. To compete successfully, we must:
  22. 수정We are exposed to cybersecurity threats and incidents.
    In the conduct of our business, we use information technology systems, including systems owned and maintained by us or our third-party providers, to collect, transmit, store and otherwise process data, including confidential information and intellectual property belonging to us or our customers or other business partners, and personal information of individuals. These technologies are subject to disruptions, outages, failures and cybersecurity breaches or incidents arising from a variety of factors, and we and our third-party providers expect to continue to experience such incidents. Cybersecurity incidents may range from include physical attacks on our computer system systems or network infrastructure, to infrastructure; employee or contractor error or error, misuse or unauthorized use of information technology systems or confidential information, to individual access; attempts to gain unauthorized access to these information systems, to systems or data; as well as sophisticated cybersecurity attacks, cyberattacks or advanced persistent threats, any of which may target or impact us directly or indirectly through our third-party providers and global supply chain. Threat actors may also attempt seek to influence manipulate our employees, suppliers and other suppliers, third-party providers, providers or customers to disclose sensitive information to gain access to our, our customers’ or business partners’ data. Cybersecurity attacks are increasing in number and the attackers are increasingly organized and well-financed, or at times supported by state actors. Geopolitical tensions or conflicts may further increase cybersecurity risk. Threat actors’ techniques evolve rapidly and may increasingly incorporate new technologies, including AI and quantum computing. AI and deepfake technologies may enable more effective phishing, social engineering or exploitation of electronic security programs utilizing false image or voice recognition. Vulnerabilities, technical errors and other risks may be introduced through the use of AI by us, our customers, suppliers and other business partners and third-party providers, or through the use of third-party hardware and software. Advances in quantum computing have the potential to could undermine current encryption standards and may allow threat actors to circumvent existing protective bypass security measures. Although we are not aware of any cybersecurity incidents impacting our information systems that have been determined to have had a material impact on us to date, we continue to devote significant resources to network security, data encryption and other measures to protect our systems and data from unauthorized access or misuse, and we may be required to expend greater resources in the future. We may be unable to anticipate, prevent or remediate future incidents, and in some instances, we may be unaware of incidents or their magnitude and effects, scope, particularly as attackers are increasingly able to circumvent may evade controls and or remove forensic evidence. Cybersecurity incidents may result in delays in our product development and delivery; disruptions to our manufacturing, communications and reporting of financial results; theft or misappropriation of intellectual property or critical data belonging to us or our customers; corruption, loss of, or inability to access (e.g., through ransomware or denial of service) confidential information and critical data; reputational damage; private claims, demands, litigation and regulatory inquiries, enforcement actions or other proceedings; diminution in the value of our investment in research, development and engineering; and increased costs associated with cybersecurity detection, prevention and remediation. We are subject to changing laws, regulations and contractual and other obligations concerning privacy, cybersecurity and data protection, including restrictions on cross-border data transfers and data localization as well as increasingly rigorous contractual provisions demanded by our customers and third-party providers. Compliance with these obligations may require significant expenditures, and any actual or alleged failure to comply could result in inquiries, enforcement actions and other proceedings by regulators or other third parties.
  23. 수정We operate in jurisdictions with complex and changing tax laws.
    There have been a number of enacted and proposed changes in the tax laws that could have a material impact on our provision for income taxes and effective tax rate. An increase in our provision for income taxes and effective tax rate could, in turn, have a material and adverse impact on our results of operations and financial condition. For example, various countries where we do business have enacted or plan to enact new tax laws to implement the global minimum tax regimes based on the Organization for Economic Cooperation and Development Base Erosion and Profit Shifting Project, and where enacted, the rules began to be effective in fiscal 2025. Project. The currently enacted global minimum tax laws materially increase our foreign taxes beginning in the first quarter of fiscal 2026. Additionally, the One Big Beautiful Bill Act enacted in the U.S. contains provisions that are designed to accelerate tax deductions, but that have had and may in the future have a detrimental impact on our ability to use certain deferred tax assets, including our corporate alternative minimum tax credit deferred tax asset. We continue to monitor developments and evaluate the impact, if any, of enacted and proposed changes in the tax laws on our results of operations and cash flows. The adoption and effective dates of changes in the tax laws vary by country and could increase tax complexity and uncertainty and may adversely affect our provision for income taxes in future years.
  24. 수정Our indebtedness and debt covenants could adversely affect our financial condition and business.
    As of January 25, 2026 we had $6.5 billion of senior unsecured notes outstanding and, pursuant to their terms, we may be required to offer to repurchase the notes at a price equal to 101% of the principal amount, plus accrued and unpaid interest, if we experience a change of control and a contemporaneous downgrade of the notes below investment grade. We also have in place revolving credit facilities that allow us to borrow up to an aggregate amount of approximately $4.1 billion. While no amounts were outstanding under these credit facilities as of October 26, 2025, January 25, 2026, we may borrow amounts in the future under these credit facilities or enter into new financing arrangements. Our ability to satisfy our debt obligations is dependent upon the results of our business operations and subject to other risks discussed in this section. If we fail to satisfy our debt obligations, or comply with financial and other debt covenants, we may be in default and any borrowings may become immediately due and payable, and such default may constitute a default under our other obligations. There can be no assurance that we would have sufficient financial resources or be able to arrange financing to repay any borrowings at such time. Significant changes in our credit rating, disruptions in the global financial markets, or incurrence of new or refinancing of existing indebtedness at higher interest rates could have a material and adverse impact on our access to and cost of capital for future financings and our financial condition.
  25. 수정We are exposed to risks related to legal proceedings, claims and investigations.
    Legal proceedings, claims and government investigations, whether with or without merit, and internal investigations, have been and in the future may be time-consuming and expensive to prosecute, defend or conduct; divert management’s attention and our other resources; constrain our ability to sell our products and services; result in adverse judgments for damages, injunctive relief, penalties and fines; and negatively affect our business. We cannot predict the outcome of current or future legal proceedings, claims or investigations.
  26. 문장 삭제We are exposed to risks associated with an uncertain global economy.
    Customers may also scale back operations, exit businesses, merge with other manufacturers, or file for bankruptcy, which can reduce our revenue and result in additional inventory or bad debt expense. Other equipment manufacturers may also consolidate or form strategic alliances, which could adversely affect our ability to compete.
  27. 문장 삭제We are exposed to risks associated with an uncertain global economy.
    We also maintain cash balances in various bank accounts globally and if any of these financial institutions become insolvent, it could limit our ability to access our cash and affect our ability to manage our operations.
  28. 문장 삭제Global trade issues and changes in and uncertainties with respect to trade policies and export regulations, including import and export license requirements, trade sanctions, tariffs and international trade disputes, have adversely impacted and could further adversely impact our business and operations, and reduce the competitiveness of our products and services relative to local and global competitors.
    For example, since 2022, we have received multiple subpoenas from government authorities requesting information relating to certain China customer shipments and export controls compliance, including from the U.S. Department of Justice, the U.S. Commerce Department Bureau of Industry and Security and the U.S. Securities and Exchange Commission. We are cooperating fully with the U.S. government in these matters. We have continued to receive related subpoenas, as well as requests for information, and may in the future receive additional related subpoenas and requests for information from such or other government authorities.
  29. 문장 삭제We are exposed to risks associated with a highly concentrated customer base.
    The mix and type of customers and sales to any single customer, including as a result of changes in government policy, have varied and may vary significantly over time and may continue to have a significant impact on our operating results. The concentration of our customer base increases our risks related to the financial condition of our customers, and the deterioration in financial condition of a single customer or the failure of a single customer to perform its obligations could have a material and adverse effect on our results of operations and cash flow. To the extent our customers experience liquidity constraints, we may incur bad debt expense, which may have a significant impact on our results of operations. Major customers may seek pricing, payment, intellectual property-related, or other commercial terms that are less favorable to us, which may have a negative impact on our business, cash flow, revenue and gross margins.
  30. 삭제We are exposed to various factors that impact the industries in which we operate, including factors specific to the semiconductor industry.
    •the need to reduce product development time and meet technical challenges;
  31. 삭제We are exposed to various factors that impact the industries in which we operate, including factors specific to the semiconductor industry.
    •changes in growth rates among the semiconductor and other industries in which we operate;
  32. 삭제We are exposed to various factors that impact the industries in which we operate, including factors specific to the semiconductor industry.
    •manufacturers’ ability to reconfigure and re-use equipment, resulting in diminished need to purchase new equipment and services from us, and challenges in providing parts for reused equipment;
  33. 삭제We are exposed to various factors that impact the industries in which we operate, including factors specific to the semiconductor industry.
    •system reliability and productivity and the effect on demand for fabrication systems as a result of their increasing productivity, device yield and reliability;
  34. 문장 삭제The industries in which we operate are highly competitive and subject to rapid technological and market changes.
    We operate in a highly competitive environment in which innovation is critical, and our future success depends on many factors, including the development of new technologies, commercialization of our products and services, and our ability to increase our position in our current markets and expand into adjacent and new markets.
  35. 삭제The industries in which we operate are highly competitive and subject to rapid technological and market changes.
    •identify and address technology inflections, market changes, competitor innovations, new applications, customer requirements and end-use demand;
  36. 삭제The industries in which we operate are highly competitive and subject to rapid technological and market changes.
    If we do not successfully anticipate technology inflections, develop and commercialize new products and technologies, and respond to changes in customer requirements and market trends, our business performance and operating results may be materially and adversely impacted.
  37. 문장 삭제We are exposed to cybersecurity threats and incidents.
    In the conduct of our business, we collect, use, transmit, store and otherwise process data using information technology systems, including systems owned and maintained by us or our third-party providers. These data include confidential information and intellectual property belonging to us or our customers or other business partners, and personal information of individuals. All information technology systems are subject to disruptions, outages, failures and security breaches or incidents, which may be caused by a variety of internal and external factors. We and our third-party providers have experienced, and expect to continue to experience, cybersecurity incidents. Geopolitical tensions or conflicts, such as Russia’s invasion of Ukraine, tension with China and conflict in the Middle East may create a heightened risk of cybersecurity attacks. The techniques used by threat actors to identify vulnerabilities and craft cybersecurity attacks change frequently and may increasingly involve the use of new technologies, including AI and quantum computing. AI and deepfake technologies could be used to attack information systems by creating more effective phishing emails or social engineering and by exploiting vulnerabilities in electronic security programs utilizing false image or voice recognition. Cybersecurity incidents, including incidents on third-party provider networks, may result in business disruption; delay in the development and delivery of our products; disruption of our manufacturing processes, internal communications, interactions with customers and suppliers and processing and reporting financial results; the theft or misappropriation of intellectual property; corruption, loss of, or inability to access (e.g., through ransomware or denial of service) confidential information and critical data (i.e., that of our company and our third-party providers and customers); reputational damage; private claims, demands, and litigation or regulatory investigations, enforcement actions, or other proceedings related to contractual or regulatory privacy, cybersecurity, data protection or other confidentiality obligations; diminution in the value of our investment in research, development and engineering; and increased costs associated with the implementation of cybersecurity measures to detect, deter, protect against and recover from these incidents. Our efforts to comply with and changes to laws, regulations and contractual and other actual and asserted obligations concerning privacy, cybersecurity and data protection, including developing restrictions on cross-border data transfer and data localization, could result in significant expense, and any actual or alleged failure to comply could result in inquiries, investigations and other proceedings against us by regulatory authorities or other third parties. Customers and third-party providers increasingly demand rigorous contractual provisions regarding privacy, cybersecurity, data protection, confidentiality and intellectual property, which may increase our overall compliance burden.
  38. 문장 삭제We operate in jurisdictions with complex and changing tax laws.
    Additionally, on July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act (OBBBA). Key tax provisions of the OBBBA are designed to accelerate tax deductions, but that may have a detrimental impact on our ability to use certain deferred tax assets. For example, as a result of the acceleration of certain tax deductions under the OBBBA, we are unable to forecast utilization of our existing corporate alternative minimum tax (CAMT) credit deferred tax asset. We have recorded a full valuation allowance against the CAMT credit deferred tax asset, which increased our effective tax rate and provision for income taxes in fiscal 2025. The amount of the valuation allowance may be adjusted in future quarters if estimates of our future taxable income change.
  39. 삭제Our indebtedness and debt covenants could adversely affect our financial condition and business.
    As of October 26, 2025, we had $6.5 billion in aggregate principal amount of senior unsecured notes outstanding. Under the indenture governing the senior unsecured notes, we may be required to offer to repurchase the notes at a price equal to