Benzinga | Aug 23, 2021 03:43PM EDT

Why Applied Materials Shares Are Rising Today

Shares of semiconductor and chip stocks, including Applied Materials, Inc. (NASDAQ:AMAT), are trading higher after Maxim's acquisition by Analog Devices was approved by Chinese anti-trust officials. Overall tech strength also helped lift the sector today as well.

According to Maxim and Analog Devices, the transaction has now received all required regulatory clearances. Analog Devices and Maxim anticipate that the transaction will close on or about August 26, 2021.

Applied Materials is one of the world's largest suppliers of semiconductor manufacturing equipment, providing materials engineering solutions to help make nearly every chip in the world. The firm's systems are used in nearly every major process step with the exception of lithography.

Applied Materials is trading higher by 3.2% at $131.25. Applied Materials has a 52-week high of $146 and a 52-week low of $54.15.