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Core Viewpoint - The article discusses the significant decline in the stock price of Applied Materials, a major player in the semiconductor equipment manufacturing sector, following disappointing sales and earnings forecasts, raising concerns about future demand in the industry [2][4]. Financial Performance - Applied Materials' stock price fell over 14%, resulting in a market value loss of more than $21.2 billion (approximately 152.3 billion RMB) [2]. - The company projected revenue of approximately $6.7 billion for Q4 FY2025, below analysts' expectations of $7.32 billion, and adjusted EPS of $2.11, also below the expected $2.38 [4]. - Despite the forecast, the company reported strong Q3 results with non-GAAP EPS of $2.48, a 17% year-over-year increase, and revenue of $7.3 billion, an 8% increase, surpassing expectations [5]. Market Impact - The disappointing forecast led to significant stock declines for competitors KLA Corp and Lam Research, which fell 8.4% and 7.3%, respectively [2][8]. - Analysts have downgraded Applied Materials' stock rating, with Citigroup removing it from focus lists and lowering the target price to $205 per share, while Stifel reduced its target from $195 to $180 [4]. Management Insights - CEO Gary Dickerson highlighted uncertainties in the macroeconomic environment and reduced demand from certain customers, particularly in China, affecting short-term visibility [4]. - CFO Bryce Hill noted expected revenue declines due to capacity digestion in the Chinese market and non-linear demand characteristics from leading customers [5]. Strategic Initiatives - Applied Materials is investing over $200 million to establish a new parts factory in Arizona to enhance domestic semiconductor manufacturing capabilities [9]. - The company aims to allocate 80% to 100% of its free cash flow to shareholders in the near term [6].