Is Applied Materials Stock a Buy With Chip Companies Stumbling Into 2023?

Share prices of Applied Materials (NASDAQ: AMAT) are down over 30% this year, roughly in line with the average return for semiconductor stocks in 2022. Investors are fretting over a possible recession in 2023, and some parts of the chip industry (specifically, the parts that rely on consumer purchases of smartphones and PCs) are already in a cyclical downturn. With this as a backdrop, Applied Materials' business is doing just fine.