• Applied Materials Inc. stock surged 6.0% to $602.50 after Citi raised its price target for AMAT from $550 to $710.
  • The upgrade reflects a bullish outlook on the semiconductor sector, driven by anticipated substantial growth in wafer fabrication equipment (WFE) spending for 2026-2028 and a structural increase in NAND demand fueled by AI infrastructure.
  • This renewed confidence in semiconductor equipment demand highlights AMAT's critical role in the expanding AI chip supply chain.