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Applied Materials jumps on earnings strength and bullish forecast tied to AI chip boom
Applied Materials Inc. stock soared over 12% in after-hours trading following a strong fiscal first-quarter report that surpassed analyst expectations for both earnings and revenue. The semiconductor equipment maker’s positive outlook for the coming quarter, driven by the increasing demand for AI chips, also contributed to the bullish sentiment. CEO Gary Dickerson anticipates over 20% growth in their semiconductor equipment business this calendar year, focusing on high-performance and energy-efficient chips.