KLA Corp. Surpasses Revenue Estimates in Q1 Amid AI Boom

Chip-making tools maker KLA Corp expects first-quarter revenue and profit to surpass Wall Street estimates, driven by increased investments in artificial intelligence (AI). The company is benefiting from the growing demand for AI tools and the need for chipmakers to diversify their supply chains. KLA Corp shipped additional manufacturing tools to a Chinese memory customer due to export rule clarifications. The company's forecasted adjusted profit for the first quarter is $5.35 per share, higher than analysts' expectations of $4.75 per share. In the June quarter, 30% of KLA's revenue came from China and 21% from Taiwan.