New York, February 27, 2026, 11:39 (EST) — Regular session.
- Applied Materials shares slipped in morning trade, a day after a sharp drop in chip gear names.
- The stock has swung hard this week as investors reassess the AI-linked semiconductor trade.
- Next catalysts include management conference appearances on March 2 and March 10, plus the March 12 annual meeting.
Applied Materials (AMAT.O) shares were down about 0.5% at $373.7 in late morning trade, after swinging between $365.6 and $378.6 earlier in the session, according to Investing.com data. 1
The move matters because Applied has become a high-beta proxy for wafer-fab equipment, or WFE — the expensive tools chipmakers buy to manufacture semiconductors. When investors flinch about the durability of AI-driven spending, equipment stocks often move first and fast. 2
Thursday set the tone. Applied slid 4.87% to close at $375.72 after finishing Wednesday up 4.5% at $394.95, official closing data showed. 3
Other chip-equipment names also took hits on Thursday. Lam Research fell 4.17% to $239.07, in a session that left several semiconductor peers lower, MarketWatch data showed. 4
Applied’s stock is coming off a quick run toward its 52-week high and then a fast reversal. The stock’s high for the past year is $395.95, with Thursday’s close leaving it about 5% below that mark, MarketWatch data showed. 5
Some of the week’s optimism came from Wall Street research. Morgan Stanley raised its price target on Applied to $432 from $420, kept an Overweight rating and named the stock a U.S. semiconductor production equipment “Top Pick,” The Fly reported. 6
Applied has also been leaning into the AI narrative in recent guidance. Earlier this month, the company projected quarterly results above estimates, and CEO Gary Dickerson said “accelerated” investment tied to AI computing was lifting demand for higher-performance chips, Reuters reported. 7
But investors have not forgotten the policy risk sitting behind that demand. Applied agreed this month to pay a $252 million penalty to resolve a U.S. export-control case involving shipments routed to China’s SMIC, and the company said related DOJ and SEC probes were closed without further action, Reuters reported. 8
For traders into next week, the calendar is close enough to matter. Applied said Dr. Prabu Raja, president of its Semiconductor Products Group, will appear at the Morgan Stanley Technology, Media & Telecom Conference on March 2, and CFO Brice Hill will speak at a Cantor Fitzgerald conference on March 10. 9
Shareholders also have a date on the docket. A filing shows Applied’s annual meeting is set for March 12. 10
Beyond that, the next big read-through is earnings. Applied’s investor relations events calendar lists its next results date as May 14. 11
