Applied Materials Inc is trading 2.3% up at $599.40, extending a sharp multi-day rally as investors continue to bid up semiconductor equipment names tied to AI-driven chip investment.
- The stock has reached a record price-to-sales ratio above 16, reflecting strong market optimism regarding long-term AI and semiconductor manufacturing demand.
- The move comes despite broader market indices trading mixed, suggesting that stock-specific and sector-wide enthusiasm is the primary driver rather than a new company announcement.