On June 2, Applied Materials rose 3.04% in regular trading, trading at $475.2/share, with trading volume of $571 million.

On the news front, Mizuho recently raised its target price on Applied Materials from $500 to $540, maintaining an Outperform rating. This follows Bernstein's upward revision of global wafer fabrication equipment spending forecasts from $141 billion to $148 billion, representing a 21.4% year-over-year increase, with the firm noting Applied Materials has the highest exposure to advanced logic and DRAM among the three major equipment makers, making it a top pick. Wolfe Research, Argus, and multiple other investment banks have also raised target prices in recent weeks, reinforcing a broad bullish consensus.

The semiconductor equipment sector moved higher in tandem, with ASML Holding up 3.06%, Lam Research up 3.63%, KLA-Tencor up 2.36%, and Teradyne up 2.29%, reflecting strong sector-wide momentum driven by rising AI infrastructure demand and elevated capital expenditure expectations.

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