Applied Materials down, sees weaker China spending in 2026 on tighter US curbs

** Chip equipment maker Applied Materials' AMAT shares down 5% premarket

** Co expects spending on chipmaking equipment in China to fall in 2026 as tighter U.S. export controls limit its market access

** Forecasts Q1 revenue of $6.85 billion, plus or minus $500 million, vs analysts' estimate of $6.76 billion, according to data compiled by LSEG

** Last month, AMAT forecast a $600 million hit to fiscal 2026 revenue following the U.S. expansion of export restrictions, complicating shipments of certain products and services to China-based customers

** About $110 million in products were not shipped in Q4 due to an affiliate rule that later got suspended after Trump-Xi talks; the products will ship in the three months to January and are included in the forecast

** AMAT's median PT is $250; the stock was last at $212.46

** YTD, stock up 37.26%, through Thursday