🔴 Applied Materials is trading 4.5% down today as chip stocks sell off broadly

Applied Materials is trading at $98.60, down 4.50%, as semiconductor stocks sell off broadly following investor disappointment with Samsung’s shareholder-return plan and caution ahead of Nvidia’s August 26 earnings report.

• SOXX is down 3.39%, confirming significant sector-wide pressure.
• Applied Materials is extending its post-August 13 earnings slide after investors judged its strong results and outlook insufficient against elevated expectations.
• Investors are reducing chip exposure ahead of Nvidia’s August 26 earnings.