On July 29, Applied Materials declined 3.02% overnight, trading at $462.05 per share, with turnover of $5.83 million. The stock continues to face selling pressure from multiple bearish catalysts weighing on the broader semiconductor equipment sector.

On the news front, famed investor Michael Burry, known as the Big Short, previously disclosed a short position on Applied Materials and has continued to add to bearish bets across the AI and semiconductor sector, projecting an approximately 30% correction in related chip stocks. This news has continued to ferment, pressuring market sentiment. Additionally, concerns over whether massive AI infrastructure spending can generate adequate returns have intensified, while fears over Chinese lithography machine competition add further headwinds. The Philadelphia Semiconductor Index has now fallen over 20% from its June all-time high, with the semiconductor equipment sector broadly weakening.

Notably, within the Semiconductor Equipment sector, KLA-Tencor fell 10.21%, Lam Research fell 2.36%, Amkor Technology fell 1.44%, and ASML fell 0.82%, while Teradyne rose 9.15%. Multiple institutions including HSBC, Citi, and UBS had previously raised Applied Materials target prices to a range of $683-$705, but short-term bearish sentiment continues to dominate price action.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)