Citi raises price target for Applied Materials on AI chip gear demand; stock rises
Applied Materials stock jumped Wednesday, with the chip-equipment maker rising after Citi lifted its price target. Investors also bought into firms linked to AI chip spending. Shares recently traded 6.7% higher at $606.53. The iShares Semiconductor ETF was up 3.3%. The move is getting attention because the rally isn’t tied to a single product launch. Traders are making a wider bet that wafer fab equipment spending will keep going up as cloud players add more AI computing power.