重大利空，半导体巨头，突然暴跌

Core Viewpoint - The stock price of Applied Materials, a major player in the semiconductor equipment manufacturing sector, plummeted over 14% following disappointing sales and earnings forecasts, raising concerns about future demand in the semiconductor industry [1][2]. Financial Performance - For the third fiscal quarter, Applied Materials reported a non-GAAP earnings per share of $2.48, a 17% year-over-year increase, surpassing analyst expectations of $2.36 [3]. - Revenue reached $7.3 billion, an 8% year-over-year growth, also exceeding the forecast of $7.22 billion [3]. - The gross margin improved to 48.9%, up 150 basis points year-over-year, while the operating margin rose to 30.7%, an increase of 190 basis points [3]. Market Impact - Following the earnings report, shares of other U.S. semiconductor equipment manufacturers, KLA Corp and Lam Research, fell by 8.4% and 7.3%, respectively, indicating a broader market reaction to Applied Materials' outlook [1][5]. - Citigroup downgraded Applied Materials from its focus list and lowered the target price to $205 per share, while Stifel reduced its target price from $195 to $180 [2]. Management Commentary - CEO Gary Dickerson highlighted the current dynamic macroeconomic environment, which has introduced uncertainty and lower visibility, particularly regarding business in China [2][3]. - CFO Bryce Hill noted that revenue is expected to decline due to capacity digestion in the Chinese market and non-linear demand characteristics from leading customers [3]. Strategic Initiatives - Applied Materials is investing over $200 million to establish a new parts factory in Arizona to enhance domestic semiconductor manufacturing capabilities [6]. - The company aims to allocate 80% to 100% of its free cash flow to shareholders in the near term [4].