Taiwan Semi Supplier Applied Materials Under Scrutiny, Gets Subpoenas For Potential Violation Of Export Restrictions to China

Benzinga05-24

The U.S.-China geopolitical tensions gained traction, with Applied Materials Inc (NASDAQ:AMAT) receiving another subpoena from the U.S. Department of Commerce in May seeking more information on China ...

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on China’s top chipmaker, Semiconductor Manufacturing International Corporation , Reuters cited familiar sources in November.According to reports, China accounted for 43% of Applied Materials’ second-quarter revenue.The Justice Department is investigating Applied Materials for shipping hundreds of millions of dollars worth of equipment to SMIC via South Korea without export licenses.Some Analysts recently hailed Applied Materials as along-term share gainer, citing the recovery in the Logic/Foundry and DRAM markets, which is backed by the","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU2491050154.USD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (USD) ACC","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 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relating to specific China customer shipments.\nApplied Materials is under U.S. criminal investigation for potentially evading export restrictions on China’s top chipmaker, Semiconductor Manufacturing International Corporation (SMIC), Reuters cited familiar sources in November.\nAccording to reports, China accounted for 43% of Applied Materials’ second-quarter revenue.\nThe Justice Department is investigating Applied Materials for shipping hundreds of millions of dollars worth of equipment to SMIC via South Korea without export licenses. \nSome Analysts recently hailed Applied Materials as a long-term share gainer, citing the recovery in the Logic/Foundry and DRAM markets, which is backed by the data center market. TSMC just projected a 10% annual revenue growth in the global semiconductor industry, excluding memory chips. It is expected that second-quarter sales will grow by up to 30%.\nApplied Materials’ second-quarter revenue was $6.646 billion, flat year over year, beating the analyst consensus of $6.537 billion. The company reported adjusted EPS of $2.09, beating analyst consensus of $1.99.\nApplied Materials stock gained over 79% in the last 12 months. Investors can gain exposure to the stock via First Trust Nasdaq Semiconductor ETF  (NASDAQ:FTXL) and Pacer BlueStar Engineering The Future ETF (NASDAQ:BULD).\nPrice Action: AMAT shares were trading higher by 0.45% at $218.93 premarket at the last check on Friday. \n\"ACTIVE INVESTORS' SECRET WEAPON\" Supercharge Your Stock Market Game with the #1 \"news & everything else\" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!\nGet the latest stock analysis from Benzinga?\n\nAPPLIED MAT (AMAT): Free Stock Analysis Report\n\nThis article Taiwan Semi Supplier Applied Materials Under Scrutiny, Gets Subpoenas For Potential Violation Of Export Restrictions to China originally appeared on Benzinga.com\n© 2024 Benzinga.com. Benzinga does not provide investment advice. 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