On July 20, Applied Materials rose 3.16% in pre-market trading, trading at approximately $547.67/share, with turnover of $14.54 million, extending upward momentum from the previous session.

On the news front, Micron Technology reported strong quarterly earnings and issued optimistic revenue guidance for the August quarter, sending its stock surging 15.7% in the prior trading day. The positive results lifted the broader chip sector, with Applied Materials already gaining 13.4% in the previous session. The semiconductor equipment sector moved higher in tandem, with peers Teradyne up 3.61%, Lam Research up 3.41%, KLA-Tencor up 3.41%, and ASML up 1.68%.

The rebound follows a period of sharp sector-wide correction in mid-July, when the Philadelphia Semiconductor Index had retreated nearly 19% from its June high. Multiple investment banks, including Citi and UBS, had previously raised their price targets on Applied Materials to $705, while Jefferies upgraded its global wafer fabrication equipment market forecasts citing AI and HBM-driven demand.

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