Applied Materials forecasts quarterly revenue above estimates

:Applied Materials forecast fourth-quarter revenue above Wall Street estimates on Thursday, anticipating a surge in AI-fueled demand for its chip-making equipment.
Booming demand for AI-powered chips has increased the need for sophisticated and expensive wafer fabrication equipment that is essential for chip manufacturing, benefiting companies such as Applied Materials.
The company competes with other major suppliers of WFE including Lam Research, Dutch firm ASML and KLA Corp.
The largest U.S. semiconductor equipment maker, Applied Materials expects fourth-quarter revenue of about $6.93 billion, plus or minus $400 million, compared with analysts’ average estimate of $6.92 billion, according to LSEG data.
It forecast adjusted profit per share between $2.00 and $2.36, compared with an estimate of $2.14 per share.