Applied Materials just reported record revenue, up 25%, with earnings up 41%. Everything is great. Except China. Revenue from that region dropped from 35% of sales to 28%, and they're warning about a $600 million hit from export controls. The stock dropped 4% after earnings. The AI bo-m is real and the numbers look incredible, but they're losing a huge chunk of their business, and competitors in Japan and the Netherlands are stepping in. How much can AI really offset if China keeps shrinking?
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