Applied Materials' Stock Plummets on China Demand Concerns

Applied Materials, a big company that makes equipment for making computer chips, had a tough day.

Its stock price dropped a lot because they expect to make less money than people thought.

The boss said that China, a big customer, isn't buying as much right now and that it's harder to sell to them.

They also face delays in getting permission to export technology to China.

Even though things look a little shaky now, the company thinks that over the long term, people will still need a lot of computer chips.

The company is also working with Apple to make more things in the U.S.