Lam Research forecasts quarterly revenue above estimates on AI chip boom

Lam Research reported quarterly revenue above Wall Street expectations on Wednesday, as chipmakers ordered more of its equipment used to manufacture semiconductors for artificial intelligence applications.

Lam Research supplies equipment to chip manufacturers, whose businesses had taken a hit in 2023 due to a glut of certain semiconductors used in personal computers and smartphones. But a surge in demand for AI chips has kick-started growth in the industry.