AMAT is trading 4.2% down at $692.45 in pre-market as investors take profits following a sharp multi-day AI-driven rally and several recent analyst price target hikes.
- The decline appears to be part of a broader cooling trend across semiconductor and AI infrastructure stocks rather than a reaction to fresh company-specific news.
- Sentiment is further pressured by weaker Nasdaq futures, suggesting a sector-wide pullback after recent gains.