🔴 Applied Materials is trading 5.9% down today on AI spending and China competition worries

Applied Materials is trading 5.9% down at $486.43 as chipmakers broadly slide on renewed AI spending and China competition worries.

• The decline is part of a broader semiconductor sector sell-off, with the SOXX ETF dropping sharply amid macro jitters.
• The move comes despite HSBC recently raising its price target for the stock to $683 with a Buy rating.
• Today’s price action appears driven by industry-wide sentiment rather than any new negative, company-specific headlines.