10 Tech Stocks That Trump’s Fellow Republican Bought Amid Market Rout

7. Applied Materials (NASDAQ:AMAT)

Number of Hedge Fund Holders: 80

Applied Materials is primarily known for providing services, software, and manufacturing equipment for the semiconductor industry. However, the company also offers its products and services to other industries like electronics and displays. The company’s stock is down 16% this year due to the cyclicality of the industry as well as the semiconductor trade war with China.

A few weeks ago, Jeffries upgraded the stock from Hold to Buy, boosting the price target from $185 to $195. The firm expects recovery in both the DRAM and NAND markets. Moreover, AMAT is relatively favorably poised because of its limited exposure to China as compared to its peers.

AMAT also recently acquired a 9% stake in BE Semiconductor Industries, a Netherlands-based firm. The company clarified that the stake does not require regulatory approval and it is also not seeking a position on the board. The two firms have worked together since 2020 and intend to continue working on the hybrid bonding solution, a technology integral to modern chips used in AI.