🔴 Applied Materials is trading 3.1% down today as investors rotate out of AI chip names

Applied Materials is trading 3.1% down at $117.25 as investors rotate out of richly valued AI chip names amid a broader semiconductor sector pullback.

• The move follows ongoing sector weakness, with semiconductor indices under pressure as markets reassess AI-driven growth expectations.
• Despite the sell-off, fundamentals at major chip-equipment makers remain solid, though valuation concerns are currently driving price action.