Stock Track | Applied Materials Plummets 8.79% Intraday as 'Big Short' Investor Burry Announces Short Position and Executive Plans Share Sale

Stock Track07-02

Applied Materials Inc. (AMAT) saw its stock price plummet 8.79% during intraday trading on Wednesday. The sharp decline placed significant pressure on the semiconductor equipment leader.

The sell-off was triggered by famed hedge fund manager Michael Burry publicly disclosing new short positions against the stock. Burry, known for predicting the 2008 financial crisis, argued that the AI-driven market rally has become excessively overextended, specifically pointing to extreme valuations in the semiconductor sector. He noted the Philadelphia Semiconductor Index is trading approximately 65% above its 200-day moving average, a level reminiscent of the 2000 dot-com bubble.

Adding to the bearish sentiment, news emerged that Applied Materials executive Gary Dickerson filed plans to sell 100,000 company shares, worth approximately $70 million. The combination of a high-profile short call from a prominent investor and significant potential insider selling intensified selling pressure across the semiconductor equipment sector.

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