Applied Materials Hits Record High After AI Boosts Forecast

Applied Materials Inc. shares surged to a record after the company delivered a surprisingly upbeat sales forecast, signaling that demand for artificial intelligence and memory semiconductors is fueling equipment purchases.

The company, which is the largest US supplier of chipmaking gear, expects revenue of approximately $7.65 billion in the fiscal second quarter. Analysts had estimated $7.03 billion on average for the period, which runs through April.