Applied Materials' (NASDAQ: AMAT) stock price soared to an all-time high of $167 back in January. At the time, investors were convinced the semiconductor equipment maker would be a great long-term play on the ongoing chip shortage. But today, Applied Materials' stock only trades at about $110 a share.

Let's dig deeper into Applied Materials' business model, growth rates, and valuation to see if it's worth buying again after that steep pullback.

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Source Fool.com