Applied Materials is trading 4.0% down at $496.00 following reports that a state-backed Chinese firm has successfully mass-produced advanced chipmaking equipment, pressuring semiconductor tool makers.
- The decline marks the second consecutive sharp sell-off for the stock as investors weigh the impact of increased competition in the high-end equipment market.
- The move appears to be company and industry-specific, as the broader semiconductor complex has not confirmed the downside move in pre-market trading.