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Sam Quirke

Applied Materials Stock Looks Pricey—Can AI Demand Justify the Rally?

Applied Materials Citi

This week's news that Applied Materials Inc (NASDAQ: AMAT) has just crossed the price-to-sales valuation it held at the peak of the dot-com bubble in April 2000 might have been enough to get even the most committed bulls reaching for the Pepto.

That’s because headlines comparing a stock's valuation to its dot-com bubble level usually serve as a flashing red light for investors. When you consider just how big a tear the semiconductor equipment maker has been on, it’s somewhat understandable.

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