Applied Materials’ Sales Forecast Gets Boost From AI Demand

Applied Materials Inc., the largest US supplier of semiconductor equipment, gave sales and profit forecasts that far exceeded analysts’ estimates, fueled by soaring demand for AI computing and memory chips.

Revenue will be approximately $8.95 billion in the fiscal third quarter, which runs through July, Applied Materials said in a statement Thursday. Analysts had estimated $8.15 billion on average. Earnings will be about $3.36 a share, excluding some items, compared with a projection of $2.88.