Chip-making tools supplier Lam Research forecast quarterly revenue above Wall Street estimates, as semiconductor makers scramble to meet a surge in demand fueled by rising adoption of artificial intelligence technology.Businesses across sectors have been racing to incorporate AI capabilities after OpenAI's ChatGPT caught the attention of consumers and investors alike, benefiting companies like Lam that are essential to the chip supply chain.
Lam, Applied Materials and Dutch firm ASML are among a few key suppliers of wafer fabrication equipment - sophisticated and expensive machinery used to make semiconductors.
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