Technicians work on machinery at the Applied Materials facility in Santa Clara, California.

Applied Materials is going to ride the wave of growth from almost every major technology trend in the coming years, according to a top Wall Street firm.

JPMorgan reiterated its overweight rating for the semiconductor capital equipment maker, predicting Applied Materials will report earnings above Wall Street expectations next year.

The company's shares are up 51 percent year to date through Wednesday compared with the S&P 500's 12 percent return.

"We believe a combination of market share gain (a few percentage points share gain in silicon business over the next few years), incremental revenue opportunity, broader product portfolio, increased penetration with existing customers, increased wafer capital intensity at foundry/logic/memory, and exposure to the fast-growing display market will drive growth for AMAT over the next two to three years," analyst Harlan Sur wrote in a note to clients Thursday.