By Kosaku NariokaTokyo Electron Ltd. shares rose sharply after it raised fiscal-year earnings forecasts, citing a recovery in capital expenditures for chip-making equipment. Shares were 10% higher at 32,830 yen in morning Tuesday trade after rising as much as 12% earlier. Tokyo Electron said Friday after market close that capital investment in semiconductor-production equipment showed signs of bottoming out with inquiries about equipment for generative artificial-intelligence applications increasing. Tokyo Electron, which makes semiconductor production equipment, now expects a net profit of Y340.00 billion ($2.28 billion) for the fiscal year ending March, versus its earlier projection of Y307.00 billion. Write to Kosaku Narioka at kosaku.narioka@wsj.com(END) Dow Jones NewswiresFebruary 12, 2024 21:10 ET (02:10 GMT)Copyright (c) 2024 Dow Jones & Company, Inc.

Source: Wall Street Journal February 13, 2024 02:19 UTC