Artificial-intelligence adoption continued to drive demand for Applied Materials' semiconductor solutions, leading to higher profit and revenue in the fiscal third quarter. The company reported net income of $2.54 billion, or $3.17 a share, up from $1.78 billion a year earlier. Adjusted earnings were $3.50 a share, beating analyst estimates of $3.40. Revenue rose to $9.12 billion, up from $7.3 billion a year earlier and above expectations of $8.99 billion.

The semiconductor-equipment maker's results reflect ongoing AI adoption, which continues to boost demand for its products. The company's performance exceeded analyst expectations, highlighting the strength of the AI-driven semiconductor market. Applied Materials remains a key player in supplying tools for chip manufacturing, benefiting from the surge in AI-related investments.