Tokyo Electron, a leading provider of semiconductor manufacturing equipment, announced an upward revision to its operating profit forecast for the fiscal year concluding in March 2025. The revised forecast represents an 8.5% increase, bringing the projected operating profit to 680 billion yen (approximately $4.42 billion). 

This adjustment is primarily attributed to the substantial investments being made in the chip industry, driven by the rapid advancements and expanding applications of artificial intelligence.

For the July-September quarter, the company's profit surged by 54% to 148 billion yen compared to the same quarter last year, fueled by investments in AI and traditional chip manufacturing in China.

In this quarter, Tokyo Electron derived 41.3% of its net sales from China, down from 49.9% in the previous quarter, while experiencing growth in sales in North America and Japan.

Additionally, the company announced plans to repurchase up to 3.5 million shares for a total of 70 billion yen.