Key Highlights

● Applied Materials shares jumped to about $512.29 on Tuesday, September 29, 2026, among the stronger performers in the S&P 500.

● Semiconductor stocks bounced back from a rough start to the week as investors leaned into AI chip-equipment demand.

● Applied Materials makes the equipment used to manufacture chips, so its shares often trade on chipmakers' spending expectations.

● Micron traded higher early on Tuesday ahead of its fiscal fourth-quarter results due Wednesday, September 30, 2026.

Applied Materials, Inc. (NASDAQ:AMAT) was one of the stronger performers in the S&P 500 on Tuesday, September 29, 2026. The chip-equipment maker's shares jumped to about $512.29 as semiconductor stocks bounced back from a rough start to the week, with the move tied to the rebound and to Demand for the equipment used to manufacture AI processors.

Picks and Shovels of the AI Boom

Applied Materials makes the equipment used to manufacture chips, rather than the chips themselves, so its shares often trade on expectations for chipmakers' spending plans. ASML (NASDAQ:ASML), the Dutch maker of lithography systems, also traded higher early in the day.

A Sector Snapping Back

Semiconductors were among the session's best-performing groups. The semiconductor exchange-traded fund SMH rose, and the U.S. chip index gained. Arm Holdings (NASDAQ:ARM) and Marvell Technology (NASDAQ:MRVL) climbed as well, though the recovery was uneven. A leaked Anthropic IPO prospectus, as reported, pointed to $518 billion in planned compute and infrastructure obligations, a figure that shows how much hardware the AI industry expects to buy. Advanced Micro Devices (NASDAQ:AMD) agreed to acquire World Labs for $8.2 billion in stock.

Micron in the Spotlight

Micron Technology (NASDAQ:MU) traded higher early ahead of its fiscal fourth-quarter results due Wednesday.

Yields Cap the Wider Market

The Nasdaq-100 edged higher to 30,339.33 on the chip rally, even as the S&P 500 slipped 12.85 points to 7,670.84 and the Dow Jones Industrial Average fell 131.59 points to 51,349.92. The Nasdaq Composite ended nearly flat at 26,797.54. The 30-year Treasury Yield reached its highest level since 2002, and the 10-year touched its highest in roughly two decades. Higher yields tend to pressure richly valued growth stocks, which made the chip rally more notable. August Job Openings slipped to 7.079 million, below forecasts and the lowest since March.

Equipment Makers in an Uneven Rebound

The chip recovery did not lift every name evenly, and equipment makers were among the clearest beneficiaries on the day.