Citi raises price target for Applied Materials on AI chip gear demand; stock rises
Applied Materials surged 6.7% to $606.53 after Citi hiked its price target to $710 from $550, citing booming AI-driven chip-equipment demand; the rally reflects rising wafer fab equipment spending as cloud firms expand AI capacity, and follows Applied’s unveiling of new smart-glasses optics and advanced 3D chip production tools.