Переверните эти две вещи из класса input-field label
.
.input-field label {
-webkit-transform: translateY(0px) !important;
transform: translateY(0px) !important;
}
Используйте новые версии cdnjs.
<!-- Compiled and minified CSS -->
<link rel="stylesheet" href="https://cdnjs.cloudflare.com/ajax/libs/materialize/1.0.0-rc.2/css/materialize.min.css">
<!-- Compiled and minified JavaScript -->
<script src="https://cdnjs.cloudflare.com/ajax/libs/materialize/1.0.0-rc.2/js/materialize.min.js"></script>