Beijing E-Town Semiconductor Technology sued Applied Materials, accusing the U.S. chip-equipment supplier of stealing trade secrets, according to Benzinga. E-Town alleged that Applied Materials illegally obtained, used, and disclosed proprietary plasma-source wafer treatment technologies after hiring two former employees from E-Town’s U.S. unit with access to the information. The company seeks to block Applied Materials from using the technology, destroy related materials, and recover $13.9 million in damages. China accounted for 37% of Applied Materials’ fiscal 2024 revenue, but analysts expect tariffs to cut that share to about 25% this quarter. Shares are up 17% year-to-date but slipped 0.12% in Wednesday’s premarket.
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