Reduce AMAT exposure by 40-50% through staged tranches over 2-5 sessions rather than at a single price point, retaining a 50-60% core position sized at 60% of normal allocation. Execute trims at ~$539 (one-third), $545-555 zone (one-third), and either above $560 on volume ≥6M shares or down to $510-520 (final third), with hard stop at $495 and re-entry target at $420-470. The 90% FCF collapse, 50x trailing multiple at peak margins, and three stacked binary catalysts within two weeks justify the reduction, while the $8.24B cash balance and accelerating revenue support holding meaningful core exposure.