Woofun AI reports that Applied Materials (AMAT) shares climbed 10.8% in regular trading and added 4.8% after hours, surpassing $729. Coinciding with this rally, Hyperliquid introduced perpetual contracts for the stock.

A trader identified as 0x988 established a long position with 3x leverage at an average entry of $699, setting a liquidation threshold at $490. The account, which has generated over 140% returns in six months to exceed $1.2 million, maintains a bullish stance on the semiconductor supply chain, holding positions in SNDK and KIOXIA alongside a short in STRC.

AMAT is a leading semiconductor equipment manufacturer, serving clients such as Micron, Samsung Electronics, SK Hynix, and TSMC. Market focus has shifted to upstream equipment makers as AI storage expansion logic strengthens. After releasing six new-generation devices for AI DRAM and advanced packaging on June 25, institutions like Cantor Fitzgerald raised target prices, driving AMAT's stock to new all-time highs.