Applied Materials, Inc. (NASDAQ:AMAT) shares are trading lower by 3.7% to $147.55 during Thursday’s session. Semiconductor and chip stocks have dropped amid tech sector weakness, fueled by rate hike concerns post-U.S. jobs data. China’s iPhone crackdown and Huawei’s 5G Kirin 9000s chip-powered smartphone have added pressure to several sector stocks.
Applied Materials supplies equipment and technology to semiconductor manufacturers. If China were to ban iPhones in certain government sectors, it could disrupt the supply chain for companies like Apple and other semiconductor manufacturers operating in China.
This disruption might lead to delays or reductions in orders for semiconductor manufacturing equipment, including those provided by Applied Materials.
What You Need To Know
China’s move against the U.S. to broaden its ban on iPhones in sensitive departments encompassing government-backed agencies and state companies signaled increasing difficulties for Apple Inc in its largest foreign market and global production hub. The ban comes on the heels of Apple’s latest iPhone model launch.
This move comes amid Beijing’s efforts to reduce reliance on American technology, further fueled by the U.S. sanctions on China over semiconductor technology and efforts to reduce supply chain dependence on China…Read More
According to data from Benzinga Pro, AMAT has a 52-week high of $155.26 and a 52-week low of $71.12.
