Applied Materials, Lam Research, KLA Corporation, and Teradyne fell between 4% and 5% Wednesday as investors repriced AI infrastructure spending commitments. The selloff came despite falling Treasury yields, signaling that concerns about the durability of AI capital expenditures outweighed the usual rate-driven boost for high-multiple growth names. The Wall Street Journal reported that nine top tech companies carry roughly $3 trillion of off-balance-sheet commitments mostly tied to AI, while Anthropic's $65 billion annualized revenue run rate and 2028 revenue projection of $190 billion to $200 billion landed below investor expectations. Applied Materials shares were down 4% to $494.82, Lam Research fell 5% to $309.94, KLA Corporation dropped 4% to $187.92, and Teradyne sank 5% to $384.26, with all four stocks still holding large year-to-date gains.
Applied Materials Inc
KLA Corporation
Lam Research Corp
Teradyne Inc
NVIDIA Corporation