Thread regarding Applied Materials (AMAT) stock

The recent volatility gives me pause, down 8% in two weeks despite strong AI partnerships. Is this a buying opportunity or a warning sign? My main questions: What are the major risks here? Valuation too high? Customer concentration? Margin pressure? And with the stock off its all-time high, is the $363 price target realistic in this environment? I like the AI memory exposure and dividend hike, but need to understand downside before committing. Would appreciate honest perspective from those following closer.