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00:02Applied Materials shares fell more than 2% in Tuesday's pre-market trading amid broader
00:07weakness in semiconductor equipment and technology stocks.
00:11The decline followed Monday's unveiling of the company's $5 billion epic center in Silicon
00:15Valley.
00:16The 600,000-square-foot facility will bring together leading chipmakers and researchers
00:20to accelerate semiconductor innovation for artificial intelligence.
00:24Partners include Taiwan Semiconductor Manufacturing Company, Intel, Samsung Electronics, Micron
00:29Technology, and SK Hynix.
00:32Applied Materials expects the center to shorten development cycles and accelerate production
00:36of advanced AI chips and memory technologies.
00:39The company remains in a longer-term uptrend, although near-term momentum has weakened.
00:43Analysts maintain a consensus buy rating with an average price forecast of nearly $676.
00:49For all things money, visit Benzinga.com.
