🔴 Applied Materials is trading at 8.3% down amid a broader chip and AI-stock selloff

Applied Materials is trading 8.3% lower at $89.30 on October 15 as a broader chip and AI-stock selloff weighs on shares.

• Pressure follows the October 13 investor day, which disappointed investors by not providing a wafer-fabrication-equipment spending forecast.
• Reuters reported that hotter-than-expected U.S. inflation revived expectations of Fed rate hikes; financing risks and AI-infrastructure concerns also weighed on technology shares.
• Available reporting does not establish a new company announcement on October 15.