Applied Materials is trading 3.9% down at $98.50 on September 28, 2026, with semiconductor-sector and macro headwinds appearing to be the stronger explanation.
- Semiconductor shares are under pressure amid AI-demand concerns after OpenAI paused work on some advanced models, alongside U.S.-Iran tensions, rising oil prices and higher yields; SOXX is down 2.62%.
- Morgan Stanley cut its price target to $563 from $642 while raising its 2027 revenue forecast, so the news does not clearly explain the decline.