Applied Materials Inc (AMAT)

Shares of Applied Materials (AMAT) dropped by 4.02% from $154.81 to $148.59 in the trading on Friday, Novemeber 17, 2023. The reason why AMAT is down today is due to the DOJ criminal probe. Despite the positive quarterly results, reports emerged of a new criminal investigation by the U.S. Department of Justice (DOJ) involving Applied Materials. The DOJ is reportedly investigating Applied Materials for potentially evading export restrictions related to its dealings with China-based chipmaker SMIC. Specifically, it is suspected that Applied Materials may have sent millions of dollars worth of equipment to SMIC through South Korea without the required export licenses. Such actions, if proven, would be in violation of U.S. sanctions implemented to restrict the transfer of U.S. technology that could be used for China's military and intelligence purposes.

Shares of Applied Materials (AMAT) dropped by 4.02% from $154.81 to $148.59 in the trading on Friday, Novemeber 17, 2023. The reason why AMAT is down today is due to the DOJ criminal probe. Despite the positive quarterly results, reports emerged of a new criminal investigation by the U.S. Department of Justice (DOJ) involving Applied Materials. The DOJ is reportedly investigating Applied Materials for potentially evading export restrictions related to its dealings with China-based chipmaker SMIC. Specifically, it is suspected that Applied Materials may have sent millions of dollars worth of equipment to SMIC through South Korea without the required export licenses. Such actions, if proven, would be in violation of U.S. sanctions implemented to restrict the transfer of U.S. technology that could be used for China's military and intelligence purposes.